Extendible bond (or extendable bond[1]) is a complex bond with the embedded option for a holder to extend its maturity date by a number of years.[2][3] Such a bond may be considered as a portfolio of a straight, shorter-term bond and a call option to buy a longer-term bond. This relatively rare type of bond works to the advantage of investors during periods of declining interest rates.[4] Pricing of the extendible bond will be similar to that of a puttable bond.
Sometimes, the bond may be structured so as to give an option to extend to the issuer.[5] In this case, pricing will be similar to that of a callable bond.
^extendable bond
^"Financial Times". www.ft.com.
^"Investment Alternatives". Archived from the original on 2011-07-06. Retrieved 2010-10-18.
^"Extendable bond — Invest Definition". Archived from the original on 2011-07-18. Retrieved 2010-10-18.
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