Non-Callable Bond

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Non-Callable Bond

A bond whose holder is not permitted to exchange it with the issuer in return for its face value. Non-callable bonds may be either traded or held to maturity. A non-callable bond should not be confused with a nonnegotiable security.
References in periodicals archive ?
In this study, the authors test whether callable bonds have lower agency costs of debt than non-callable bonds.
That is, the authors empirically test whether callable bonds have lower agency costs of debt than non-callable bonds.
4i] = 1 for callable bonds and 0 for non-callable bonds (contracting variable).
Average ratings of callable bonds and non-callable bonds (not reported here) are 6.
higher agency costs of debt) than non-callable bonds by about one to two notches on the conversion scale.
They use a theoretical, tax-timed, bond-pricing model and show that a comparison of callable bonds with non-callable bonds that mature on the first call date provides a valuation for an implied put option.
For example, several BABs have been structured as non-callable bonds with a single term or bullet maturity, rather than the serial maturity structure traditionally used in tax-exempt bonds.
2 million of non-callable bonds will remain outstanding after this refunding.
The non-callable bonds are being sold competitively June 18 and are due July 1, 2003-13.
These non-callable bonds will be due July 15, 2004-2011 and will be dated the expected date of delivery which is expected to be April 17, 2003.
The Agency index will include only non-callable bonds from Fannie Mae (FNMA), Freddie Mac (FHLMC), Federal Home Loan Bank (FHLB), Federal Farm Credit Bureau (FFCB) and Tennessee Valley Authority (TVA) government agencies.
The investment grade portion of the fund is invested primarily in non-callable bonds in the cable/media, industrial, bank and finance sectors.

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