We analyze a new form of call provision known as a quot;make-wholequot; call which utilizes a floating call price based on the level of current interest rates. As rates drop (rise), the call price increases (decreases). Typically, a floor at par value prevents the call price from dropping below...

With a make-whole call, the call price is calculated as the maximum of par value and the present value of the bond's remaining payments discounted at the prevailing risk-free rate plus a pre-specified spread known as the make-whole premium. The commonly accepted thumb rule in the investment...

The Spanish language creates a communication barrier with English speaking United States. Insular (Puerto Rican) politicians have resisted reform of Spanish (Peninsular) ancient regime business laws and associated colonial economic institutions. Colonial Spanish commercial civil code has allowed...