TY - JOUR T1 - Putable/Callable/Reset Bonds JF - The Journal of Derivatives SP - 88 LP - 93 DO - 10.3905/jod.1999.319132 VL - 6 IS - 4 AU - Andrew J. Kalotay AU - Leslie A . Abreo Y1 - 1999/05/31 UR - https://pm-research.com/content/6/4/88.abstract N2 - 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. ER -