Series 52: Make Whole Callable Bond

Taken from our MSRB Municipal Securities Representative Qualification Examination

Definition of the term Make Whole Callable Bond...

a form of callable bond that requires an issuer to provide a bondholder with a lump sum payment that includes not just the principal but also the net present value (NPV) of all future coupon payments that the bondholder would have received if not for the call.

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