The date on which a callable bond can be redeemed before it has reached maturity.

Interest payments are only guaranteed up to this date. The bond may be called if the issuer feels there is the possibility to benefit from refinancing the issue, at which point it may be redeemed at or at a slight premium to par. For example, a bond that is scheduled to mature in 20 years could have a call date in ten, at which point the issuer could refinance it if it is advantageous. Since the purchaser is only guaranteed to receive on the bond up to that date, it is important to be aware of the call date when purchasing a callable bond.