Missouri Investment-Grade Bond Optional Redemption (without a Par Call) refers to a specific type of bond offered by the state of Missouri that allows the issuer, Missouri, to redeem the bond before the maturity date without requiring the payment of a predetermined par value (par call). Instead, the redemption may be made at a specified optional redemption price. Missouri offers various types of investment-grade bond optional redemptions that do not have a par call provision. These include: 1. Traditional Optional Redemption: In this type, Missouri has the option to redeem the bond before its maturity at a specific price, usually expressed as a percentage of the face value or at a predetermined call price established when the bond is issued. This option provides flexibility to Missouri in case interest rates decline or the issuer wishes to refinance at a lower cost. 2. Make-Whole Optional Redemption: This type of optional redemption enables Missouri to redeem the bond at a redemption price that reflects the bondholder's lost opportunity to earn the initially promised yield to maturity. The redemption price is determined by calculating the present value of remaining cash flows using a benchmark yield plus a specified spread agreed upon when the bond is issued. 3. Extraordinary Optional Redemption: This redemption occurs when certain extraordinary events take place, such as a merger, consolidation, or change of control. It allows Missouri to redeem the bond at a premium or at a predetermined price as specified in the bond's indenture. 4. Early Optional Redemption: In some cases, Missouri may also provide an option to redeem the bond before maturity without a par call if certain criteria are met, such as predetermined sinking fund provisions or the fulfillment of specific bondholder demand requirements. Overall, the Missouri Investment-Grade Bond Optional Redemption (without a Par Call) offers flexibility to the issuer while providing various options for bondholders as per the specific terms and conditions established at the time of issuance. These types of redemptions cater to different scenarios, ensuring both parties have options aligned with their financial needs and objectives.
Missouri Investment - Grade Bond Optional Redemption (without a Par Call)
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