The period during which a convertible bond (CB) cannot be called by the issuer at all. In other words, the issuer will not be able to exercise the call associated with the bond during this period. However, elapse of the hard no call period is not a guarantee that exercise is possible. For example, after this period had elapsed, if the number of days the issuer’s stock was trading above the trigger was less than a specific level during the previous consecutive business days, the issuer will not be able to exercise its call.

The hard no call period is the period of unconditional call protection.