Any-Interest-Date

In bond investment, the term any-interest-date denotes a clause which can be included in the terms and conditions of a bond. This clause gives the bond holder the right to demand full repayment of the bond principal when a coupon becomes due for payment.

Example: A bond has annual coupons which are redeemed for interest at the end of every calendar year. At the end of a calendar year when the interest is due, the bond holder can choose to have the bond repaid in full.

Investing in bonds governed by the any-interest-date clause allows you to redeem a bond without having to wait until the end of the full bond term. This can be beneficial if you need your capital for other purposes, or if new bonds are issued which have higher interest rates than your current bond.

See also: Callable bond