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Callable Securities
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Bonds, preferred issues, and occasionally warrants, which may be retired at the option of the issuer. The right to call an issue is often subject to conditions such as a time delay and/or the payment of a premium over the face value of the security. If a security is called, the holder may lose some of the market value of the position. The terms under which the issue may be called are described in the issuance documentation. See also Prepayment Option.
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