Michigan Investment - Grade Bond Optional Redemption (without a Par Call)
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FAQ
Optional redemption lets an issuer redeem its bonds ing to the terms when the bond was issued. However, not all bonds are callable. Treasury bonds and Treasury notes are non-callable, although there are a few exceptions. Most municipal bonds and some corporate bonds are callable.
A right of an investor to require the company to repurchase some or all of an investor's shares at a stated price at a given time in the future. The purchase price is usually the Issue Price, increased by Cumulative Dividends, if any.
Bond redemption is the process by which a bond issuer repays the principal amount of a bond to the bondholder on the bond's maturity date. When a bond is issued, it has a specified term or maturity date, which is the date when the bond issuer is obligated to pay back the principal amount of the bond to the bondholder.
With an optional redemption, the issuer has the option of buying back the bonds from investors on specified call dates listed in the trust indenture. Mandatory redemption is a call provision that requires an issuer to redeem bonds before their stated maturity date.
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.
Optional Redemption. Allows the issuer, at its option, to redeem the bonds. Many municipal bonds, for example, have optional call features that issuers may exercise after a certain number of years, often 10 years. Sinking Fund Redemption.