Callable Bond A callable bond may be redeemed, by the issuer, before the maturity date at a price at or above the par value of the issue.  An issuer’s ability to call a bond must be specified in the indenture (or contract terms) for the issue.  If a bond is callable it may be called only at specified times and prices.  Many callable bonds are issued with five or ten-year call protection, during which time, the issue may not be redeemed.  Calls may be for the entire outstanding amount of the issue or a portion of the outstanding amount.  See also Partial Call .