Kansas 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.
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.
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.
What is a make-whole call at par? A Make-Whole Call at par refers to a scenario in which an issuer decides to exercise a Make-Whole Call provision to redeem a bond early, and the redemption price is equal to the bond's par value.
Summary of a Make-Whole Call: The call price will never be below par. Although the make-whole spread is fixed, Treasury prices constantly change, thereby the call price is a moving target. The call price will never be below par.
However, a traditional call can only be exercised after a previously determined date, whereas a make-whole call provision can be exercised anytime during the bond's horizon.
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.
Optional redemption callable bonds give issuers the option to redeem the bonds early, but often times this option only becomes available after a certain date. For example, many municipal bonds are only optionally callable 10 years after the bond was issued.
The Securities Industry and Financial Markets Association (SIFMA) is a not-for-profit trade association that represents securities brokerage firms, investment banking institutions, and other investment firms.
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.