Hawaii Investment-Grade Bond with Optional Redemption (with a Par Call) is a financial instrument that allows investors to evaluate investment opportunities in the Hawaiian bond market. These bonds offer an option for redemption to the issuer, which can be exercised alongside a par call provision. The combination of investment-grade rating and the potential for early redemption makes these bonds an attractive choice for risk-averse investors seeking stable income. In Hawaii, there are different types of Investment-Grade Bond Optional Redemption (with a Par Call) available, including: 1. Government Bonds: These are issued by the Hawaii government to fund various projects such as infrastructure development, education, and healthcare. With investment-grade ratings, these bonds offer a low-risk investment opportunity with fixed interest payments and potential optional redemption. 2. Municipal Bonds: Municipalities in Hawaii, such as cities, counties, and local authorities, also issue investment-grade bonds with optional redemption. These bonds finance local projects like schools, hospitals, and public utilities, providing investors with potential tax advantages and stable income. 3. Corporate Bonds: Hawaii-based corporations issue investment-grade bonds to raise capital for expansion, acquisitions, or debt refinancing. These bonds offer investors the opportunity to participate in the growth of Hawaii's private sector while enjoying the benefits of investment-grade ratings and the possibility of optional redemption. Investment-grade bonds provide a higher level of confidence to investors as they are rated by credit rating agencies for their low default risk. They typically carry ratings of BBB or above, indicating a good creditworthiness and a higher likelihood of timely interest and principal repayments. The optional redemption feature allows the issuer to redeem the bonds before their maturity date within specified terms, providing investors with potential liquidity and the opportunity to reinvest in other ventures. The par call provision further enhances these bonds' appeal. It permits the issuer to redeem the bonds at a predetermined price, usually the face value (par value), or a slight premium over it. This provision protects investors from potential interest rate fluctuations and offers the potential for early repayment at a known price, reducing the uncertainty associated with the investment. Hawaii Investment-Grade Bond Optional Redemption (with a Par Call) attracts a wide range of investors seeking stable income, capital preservation, and the potential for optional redemption. These bonds can be a valuable component of a diversified investment portfolio, providing exposure to the Hawaiian market and its various economic sectors.
Hawaii Investment - Grade Bond Optional Redemption (with a Par Call)
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Optional Redemption On or after the Par Call Date, the Company may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date.
Summary. The term ?at par? means at face value. Par values are normally constant, as opposed to market prices, which fluctuate with consumer demand and interest rate movements. Par values are generally fixed at 100, in lieu of 100% of the face value of the $1,000 bond.
If, when a company issues a new bond, it receives the face value of the security, the bond is said to have been issued at par. If the issuer receives less than the face value for the security, it is issued at a discount. If the issuer receives more than the face value for the security, it is issued at a premium.
A par bond refers to a bond that currently trades at its face value. The bond comes with a coupon rate that is identical to the market interest rate.
The par value of a bond, also called the face amount or face value, is the value written on the front of the bond. This is the amount of money that bond issuers promise to repay you at a future date. It is fixed at the time of issuance and, unlike market value, it doesn't change.
Most bonds are redeemable at par (i.e. redeemed at their face value). Some bonds are callable and can be redeemed prior to the maturity date. These types of bonds are redeemable at premium (i.e. value greater than the face value of the bond). The redemption value is stated as a percentage of face value.