Illinois Investment - Grade Bond Optional Redemption (with a Par Call)
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FAQ
Redemption value is the price at which the issuing company may choose to repurchase a security before its maturity date. A bond is purchased "at a discount" if its redemption value exceeds its purchase price. It is purchased "at a premium" if its purchase price exceeds its redemption value.
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.
The redemption definition for mutual funds means the investor is selling some or all of their funds for cash, and their redemption options can be unit-based, amount-based, or redeem all. Redemptions are calculated based on the number of units that an investor holds, by the net asset value prevailing for that day.
A bond redemption is the full repayment of the principal amount (the amount you invested) and any interest owed to date.
The bond valuation formula is presented here: Price = ( Coupon × 1 ? ( 1 + r ) ? n r ) + Par Value ( 1 + r ) n , where: Coupon is the cash flow received for each intermediate payment before the par value.
Redemption Amount i. The amount required to pay off (redeem) the property in full, which is the sum of all prior year taxes, penalties, interest, costs, and fees at the point in time that the payment plan is begun.
The redemption value is stated as a percentage of face value. For example, a $1000 bond redeemable at 105 is redeemed at 105% of $1000 = $1050. Bonds can be freely bought and sold.