A note that gives the issuer the right to buy back (call) the note at a predetermined price (call price) on a specified date or after a given period of time, prior to maturity date. The call price is usually above the par value. The issuer can take advantage of the call provision in the event of a decline in interest rates, which increases market prices beyond the call price. This provision places a cap on the note price, and as such protects issuers from unfavorable market movements.

Callable notes have many forms including: step-up callable notes, multi-callable notes, callable fixed rate note, auto-callable notes, etc.

A callable note is also known as a redeemable note.