Franklin Ohio Investment - Grade Bond Optional Redemption (with a Par Call)
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FAQ
Callable or redeemable bonds are bonds that can be redeemed or paid off by the issuer prior to the bonds' maturity date. When an issuer calls its bonds, it pays investors the call price (usually the face value of the bonds) together with accrued interest to date and, at that point, stops making interest payments.
The call date is a day on which the issuer has the right to redeem a callable bond at par, or at a small premium to par, prior to the stated maturity date.
Over the past several years, ?par calls? (at a price of 100% of the principal amount of the debt being redeemed plus accrued and unpaid interest) near the end of maturity have been relatively standard in investment grade utility debt. The duration of the par call varies depending on the tenor of the debt.
The primary circumstance under which a bond issuer redeems a callable bond is a drop in interest rates. When rates fall, it makes no sense for the bond issuer to continue paying higher-than-average interest to investors when a provision in the bond allows for redemption before its maturity.
?Par Call Date? means (1) with respect to the 2030 notes, (the date that is six months prior to the Scheduled Maturity Date) and (2) with respect to the 2050 notes, (the date that is six months prior to the Scheduled Maturity Date).?
In a partial redemption, the issuer elects to exercise or call only a portion of the outstanding par value of the security outstanding. In such a case, some investors may have all or a portion of their position redeemed, while others may not have any portion of their position redeemed.
? Principal (a.k.a. maturity value or redemption value) ? the amount paid by the. issuer to the bondholder when the bond is surrendered. 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.
You can cash in (redeem) your I bond after 12 months. However, if you cash in the bond in less than 5 years, you lose the last 3 months of interest. For example, if you cash in the bond after 18 months, you get the first 15 months of interest. See Cash in (redeem) an EE or I savings bond.
A partial call is when securities are redeemed for cash by the issuer prior to the maturity date of the instrument. Callable securities include bonds and preferred stocks. The issuer will announce the record date of the call at which time holders of settled positions may become subject to the call.
A bond redemption is the full repayment of the principal amount (the amount you invested) and any interest owed to date. The deadline for confirming if you would like to redeem a bond is six months before the redemption date.