A convertible bond (CB) that can be called by the issuer any time over its life (time to maturity) or any time after a preset lock-up period. The bond is embedded with a call option (known as a hard call) giving the right to the issuer to call it back, without any condition on the part of the issuer, and pay the bondholder an early redemption amount.

It is also referred to an unconditionally callable convertible bond.