The unrestricted or unconditioned right of an issuer to redeem a convertible. More specifically, the bond may be redeemed without precondition or may be callable only if the issuer’s share price trades above a specific level. Typically, the share price trigger ranges between 130% and 150% of the conversion price. A convertible with such a price trigger would be referred to as having a 130% or 150% soft call protection.

It is also known as provisional call protection.