The constrained right of an issuer to redeem a convertible from holders before the passage of a specific period of time from issue. Issuers usually add a call feature to convertibles in order to detract from the value of the bond to holders. Therefore, investors willing to avoid losing value may seek such protection when a convertible is first issued by stipulating the addition of a hard call provision that prevents issuers from exercising the embedded call option during a preset period of time.

This is also known as absolute call protection.