first call date

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First call date

A date stated in an indenture that is the first date on which the issuer may redeem a bond either partially or completely.

First Call Date

The first date on which a callable bond or other fixed income security may be called. A callable bond allows the issuer to redeem the bond before maturity. When the bond is called, the bondholder receives the par value and does not receive any more coupons. Callable bonds are issued to allow the issuers to hedge against interest rate risk. That is, if interest rates lower significantly, they can call the bond and issue a new bond at a lower interest rate, reducing their liabilities. However, to protect the bondholder, most callable bonds also include a first call date, which guarantees the current interest rate for a certain period of time. The first call date is included in the bond agreement. See also: Doomsday call, Yield to first.

first call date

The earliest date on which a security may be redeemed by the issuer. This date is particularly important to an investor who holds a security that is selling above or near its call price. The first call date is likely to be either five years or ten years after the date of issue; however, the timing varies by bond issue. Information regarding the first call date may be found on the bond certificate or it may be obtained from the brokerage firm holding the security. Bonds selling at a premium are often quoted at the yield to first call. See also yield to call.
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ART will roll over or replace its perpetual securities with similar instruments or common equity at its first call dates in October 2019 and June 2020
We consider the proposed hybrid capital securities to have "intermediate" equity content until their first call dates, which are not expected to be before 2018, because they meet our hybrid capital criteria in terms of their subordination, permanence, and optional deferability during this period.
MAF Holding can also redeem them for cash as of the first call date, which is not expected to be before 2018, and on defined dates thereafter.
The first call dates on the 2009-B and 2009-C securities are 15 November 2011 and 17 January 2012, respectively.
The tender for SEB's two USD-denominated capital contribution securities with first call dates in March 2014 and March 2015 is still in the process, the bank added.
Second, the distribution of first call dates exhibits a degree of uniformity that seems inconsistent with the notion that call dates are set close to the date when new information will be revealed, as the asymmetric information and underinvestment theories state.
Our second test focuses on the distribution of first call dates among the callable bonds in the sample.
The issuer aims to refinance the buyback offer announced on 6 November 2014 and expired yesterday - on three series of perpetual fixed/floating notes with first call dates in 2016 and 2017 issued by Generali Finance BV and guaranteed by Assicurazioni Generali S.
The inclusion criteria regarding first call dates and first put dates for the S&P Credit Indices will change on Thursday, Aug.
Currently, to qualify for inclusion in either the S&P Investment Grade Index or the S&P Speculative Grade Index, both the first call date and first put date for that issue must be at least one year away.
The price for the securities, with first call dates in March 2014 and March 2015, will be set during the tender process, which will last for 20 days.

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