Callable bond is a special bond, which the issuer has the right to redeem prior to its maturity date, under certain conditions.

• 可赎回债券是发行时附有可赎回条款的债券，其赋予发行人在既定条件下，可在期权保护期之后，债券到期日之前按照赎回价格提前赎回债券的权利。