Putable Bond

See: Put Option. See: Putable Common Stock.

"Ok, ok, I'll buy this 8% coupon bond from you for $1,200, giving me an adjusted return of more like 6.5%...but I reserve the right to put or sell back this bond to you for $1,100 any time in the next 18 months if I wanna. I'll lose $100, but presumably collect 3 interest payments of $40 along the way, or $120 total, so I make 20 bucks worst-case scenario."

Deal? Deal.