Callable is positive and significant in all of the models, while Putable is significantly negative.
Putable Binary variable equal to one if the bond is putable.
Fortunately, a small adjustment, changing the interest rate on the putable debt from fixed to floating, allows the risk signal embedded in the credit spread to be sorted out from the changing value of the put option attached to the subordinated debt.
A Plan for Reducing Future Deposit Insurance Losses: Putable Subordinated Debt," Federal Reserve Bank of Atlanta, Economic Review (July/August), pp.
1) We focus on a specific innovative security, putable
convertibles, which are convertible bonds that allow bondholders to "put" or sell the bonds to the issuer at prespecified prices on prespecified dates.
Despite this, PUMH's capital structure remains very aggressive for its rating level and cash to putable
debt is less than 1x.
7 billion in convertible notes putable
in December 2012.
The fund pursues its investment objectives by investing in a portfolio of high quality, short-term municipal obligations, which may have fixed, floating, or variable rates of interest, and typically include variable rate demand notes (VRDNs) putable
to a third party financial institution in seven days or less
15, 2014, at which point they become putable
Unrestricted cash to putable
debt is strong at over 3x.
However, WH has solid unrestricted cash and investments to putable
debt of 1.
Cash to putable
debt of the consolidated entity was 1.
Fitch believes that Scripps Health's balance sheet affords it certain financial flexibility and unrestricted cash and investments to putable
debt is solid at 2.
The VRDBs are supported by a LOC that expires in 2013, and cash to putable
debt is a strong 3.
However, unrestricted cash and investments to putable
debt was 1.