Callable bonds give the firm the option to repurchase the bond from the holder at a stipulated call price.

—可赎回债券赋予公司一项权利，可以从持有者手中以特定的赎回价格回购债券。

Callable bonds can be decomposed into bond and bond's call option, while puttable bonds can be decomposed into bond and bond's put option.

可赎回债券可以分解成普通债券和债券看涨期权的组合，可回售债券可以分解成普通债券和债券看跌期权的组合。

For the T-bond contract, any Treasure bond that has at least 15 years to the nearest call date or to maturity (if non-callable) can be used for delivery.

对于国债期货，任何距最近的赎回日或到期日（假如不可赎回）长达至少15年的国债可用于交割。

High Yield bonds are usually non-callable for about half of life of the bond;

高收益债券通常在期限过半时不可赎回；