Series: How to Read a Bond Indenture — A Value Investor’s Framework Introduction Most investors think bonds are simple instruments: You lend money.You collect a coupon.You get par back at maturity. That view is incomplete. Nearly every modern bond contains embedded option contracts that quietly transfer economic value between issuer and investor. These are found … Continue reading Post #4 — Call, Put & Redemption Features: How Issuers and Bondholders Trade Optionality