CALLABLE BOND Definition

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CALLABLE BOND is a bond the issuer has the right to pay off at issuers discretion.

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EXTENSION RISK, with mortgage-backed securities, is the risk that rising interest rates will slow the prepayment of underlying mortgages and extend the maturity.

COUNTRY RISK is the risk a depositor takes when placing funds on deposit outside the United States. The host country where the funds are domiciled may decree that no fund may be expatriated, or sent out of that country, until the decree is lifted.

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