This is the second series on the FCL retail bonds which seems to be a very hot topic these days. For the first part, you can view my previous article here. The prospectus did show a bit more information on what we need to more as a bondholder and one of those is to ascertain whether there are a callable feature which would disadvantage the bondholders. As a fixed income investor, this represents an early redemption risk on top of the reinvestment risk that bondholders need to consider, especially in a low interest rate environment where it goes in favor of the issuer. To account for this particular disadvantage to the bondholder, there is a callable premium that the issuer would have to pay on top of the normal redeemable par value amount. The callable feature would exist in the 4th year of the issued date from 22 May 2019 ......