Any-Interest-Date Call

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DEFINITION

A municipal bond provision which allows the bond issuer to redeem the bond at any date in which interest is set to be paid. An any-interest-date call provision does not necessarily require the bond issuer to pay a premium, but often does require the issuer to wait until the first call date has passed.

INVESTOPEDIA EXPLAINS

Investors in securities with this provision know that a call can occur and are generally notified in advance of when the call is going to come into effect. When the call is enacted, an investor is paid for accrued interest and a stated price. If the issuer is not calling the entire securities issue, the company may call certain random lots of securities.


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