canary call


A step-up bond which can not be called after it has completed its first-step period. The bond issuer can reserve the right to call back the bond up until the point where the first-step has been reached. The canary call can only be used on predetermined dates. If the issuer chooses not to call prior to the canary call expiration period, the bond will stay a standard step-up bond and the coupon rate will continue to increase with each step-up period.
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Canadian Securities Administrators (CSA) Canary Island