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Chapter 5. Bonds. Manual for SOA Exam FM/CAS Exam 2.
 

Summary: 1/10
Chapter 5. Bonds.
Manual for SOA Exam FM/CAS Exam 2.
Chapter 5. Bonds.
Section 5.5. Callable bonds.
c 2009. Miguel A. Arcones. All rights reserved.
Extract from:
"Arcones' Manual for the SOA Exam FM/CAS Exam 2,
Financial Mathematics. Fall 2009 Edition",
available at http://www.actexmadriver.com/
c 2009. Miguel A. Arcones. All rights reserved. Manual for SOA Exam FM/CAS Exam 2.
2/10
Chapter 5. Bonds. Section 5.5. Callable bonds.
Callable bonds
A callable bond is a bond which gives the issuer (not the investor)
the right to redeem prior to its maturity date, under certain
conditions. When issued, the call provisions explain when the
bond can be redeemed and what the price will be. In most cases,
there is some period of time during which the bond cannot be
called. This period of time is named the call protection period.

  

Source: Arcones, Miguel A. - Department of Mathematical Sciences, State University of New York at Binghamton

 

Collections: Mathematics