Definition of "noncallable" [noncallable]

• Of or relating to a provision of some bond and preferred stock issues that prohibits the issuer from redeeming the security before a certain date or until maturity. (adjective)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "Common terms: Price: par; settlement: Jan. 21, 2011 T+5; call: noncallable for 3 years."
• "That might strike you as tantamount to financial and moral failure, but seen another way the late payers are taking advantage of the fact that mortgages are noncallable and also usually nonrecourse."
• "Terms: Maturity: Nov. 1, 2016; coupon: 10.0%; price: 98.897; yield: 10.25%; spread: 874 basis points more than Treasurys; settlement: Oct. 28, 2010; call: noncallable; expected ratings: Caa1 (Moody's), triple-C-plus (S & P)."