It is an agreement between lender and borrower which details specific terms of the bond issuance. Specifies legal obligations of bond issuer and rights of bondholders. There is usually a indenture document spelling out the specific terms of a bond as well as the rights and responsibilities of both the issuer of the security and the holder.
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It is a bond that is callable by the issuer at a certain price. The price and other conditions are disclosed in the bond's indenture.
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Saturday, April 26, 2008
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