Redeemable share

Callable securities are not very common in the Spanish market. Callable securities can be repurchased or redeemed by the issuing company at the request of the issuing company, the shareholders, or both. The issuance agreements outline the terms and conditions for security redemption. If only the issuer has redemption rights, it may only redeem securities from three years after the initial issue date. Callable securities must be paid in full at the time of subscription.