Callable bonds can be decomposed into bond and bond's call option, while puttable bonds can be decomposed into bond and bond's put option.

可赎回债券可以分解成普通债券和债券看涨期权的组合，可回售债券可以分解成普通债券和债券看跌期权的组合。

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A bond is described as puttable, or having a put feature, when the holder has the right to sell the bond back to the issuer at a specific date before maturity.

指债券持有人有权在债券到期前的某一约定时点将债券卖还给发行人，这种债券称为可卖回债券。

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