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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures
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From: recycled_electron3/24/2008 9:09:30 AM
   of 12410
 
Defeased calls

Folks, while reviewing the details on certain individual municipal bonds, my wife and I noticed a mention of the following terms under "Call/sink/put features":
1. Non-callable calls defeased -OR-
2. Fund Calls defeased

Could anyone please advise as to what these terms refer to?

We understand that this refers somehow to a feature where future calls are cancelled. Is this so? How can "non-callable calls" be defeased - i.e. what is a non-callable call?

Ultimately we wanted to reassure ourselves that funds with either of the above two features are ultimately non-callable.

Cheers,

r.e.
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