easy · Debt Capital Markets bond-instruments-structures
A 'make-whole' call differs from a standard 'fixed-price' call because the redemption price of a make-whole call is:
- Lower than the current market price of the bond.
- Always set at par (100%).
- Paid only in the event of a change of control at the issuer.
- Calculated as the present value of remaining cash flows plus a spread.
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