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The Journal of Derivatives
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The Journal of Derivatives

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Primary Article

Putable/Callable/Reset Bonds

Intermarket Arbitrage with Unpleasant Side Effects

Andrew J. Kalotay and Leslie A . Abreo
The Journal of Derivatives Summer 1999, 6 (4) 88-93; DOI: https://doi.org/10.3905/jod.1999.319132
Andrew J. Kalotay
President of Andrew Kalotay Associates, Inc. in New York.
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Leslie A . Abreo
A senior financial analyst with Andrew Kalotay Associates, Inc.
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Abstract

A callable bond will be paid off before maturity if the issuer finds the interest rate environment favors that strategy. But a putable bond may experience the same fate, at the option of the bondholder. Combining both call and put features in a single bond creates enough contingencies that quite different-seeming instruments may actually be essentially the same. This article examines such a structure and shows both how it behaves and why the ability to take it apart and effectively sell off some of the components as stand-alone options can make it particularly attractive to an issuer.

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The Journal of Derivatives
Vol. 6, Issue 4
Summer 1999
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Putable/Callable/Reset Bonds
Andrew J. Kalotay, Leslie A . Abreo
The Journal of Derivatives May 1999, 6 (4) 88-93; DOI: 10.3905/jod.1999.319132

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Putable/Callable/Reset Bonds
Andrew J. Kalotay, Leslie A . Abreo
The Journal of Derivatives May 1999, 6 (4) 88-93; DOI: 10.3905/jod.1999.319132
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