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Finance Dictionary and Glossary of Investment Terms
A bond with a relatively high coupon that is close to the date at which it is callable, meaning that a fall in interest rates will most likely cause early redemption of the bond at a premium.
A callable bond which has a high coupon rate and whose callable date is in the near future. A decrease in interest rates will usually trigger an early redemption, which means that the buyer of such a bond should expect a redemption premium.