FIRST CALL DATE
\fˈɜːst kˈɔːl dˈe͡ɪt], \fˈɜːst kˈɔːl dˈeɪt], \f_ˈɜː_s_t k_ˈɔː_l d_ˈeɪ_t]\
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The first date on which an issuer can call back a CALLABLE BOND outstanding in the marketplace; a typical bond might have several sequential call opportunities appearing after the first date. The time period between the issuance of the security and the first call date is regarded as HARD CALL PROTECTION and protects the investor against REINVESTMENT RISK. See also YIELD TO CALL.
By Henry Campbell Black
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Snake's-head
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