A call feature or call provision is part of the agreement a bond issuer makes with a buyer, detailing the schedule and price of redemptions before maturity. Most corporate and municipal bonds have ten-year call features, while government securities usually do not.
Noncallable refers to a type of preferred stock or bond that cannot be redeemed at the option of the issuer. These financial instruments provide call protection for a certain period, ensuring stability for the investor.
