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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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Clad in blue silk and bright embroidery At the first call of Spring the fair young bride, On whom as yet Sorrow has laid no scar, Climbs the Kingfisher's Tower.
At the first call of the music, she became irresponsible.
Then Deirdre declared she knew the first call sent forth by Fergus.
She was first called to observe and approve him farther, by a reflection which Elinor chanced one day to make on the difference between him and his sister.
What made you so shy of me, when you first called, and afterwards dined here?
Its course is generally through plains, but is twice crossed by chains of mountains; the first called the Littlehorn; the second, the Bighorn.
Yet, unreasonable as it may appear, I confess that my feelings were not altogether so ecstatic as when I first called Mrs.
The first calls for proposals for EU co-financing of projects for the Trans-European Transport Network (TEN-T) for the period 2007-2013 could be published in the coming days.
Helen Mirren is the mother who sends young Bill out on his first calls, encouraging him to stay the course that will run more than four decades and make him a staple in the houses and apartments where he plies his trade as an award-winning salesman.
The court reporter's office first calls the petitioner's counsel (the petitioner, if pro se); IRS counsel is then notified.
My first calls are to George Stephanopoulos and David Gergen, both senior advisors to Clinton, and to Mark Gearan, the White House director of communications.

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