Glossary of Municipal Securities Terms


The requirement that a bondholder surrender the security to the issuer or its agent (e.g., a tender agent) for purchase. The tender date may be established under the bond contract or may be specified by the issuer upon the occurrence of an event specified in the bond contract. The purchase price typically is at par. This term is sometimes referred to as a “mandatory put.” See: TENDER; TENDER AGENT. Compare: TENDER OPTION.

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