Callable preferred stock

Also referred as redeemable bond, is a preferred share or stock that can be called back or redeemed by the issuer company at any time before the maturity of that share. In other words the issuer has right to get the share back by paying the price of share called 'call price', however, buying back the share is not the obligation of the issuer

Call price of share
Share or stock call price is price of share at which the issuer can buy back the share before reaching the maturity date. In other words call price is the predetermined price at which the shareholder has to sell the bond. Issuer of bond has right to buy back the bond but not the responsibility.

The call price will usually more than par price of a bond (called call premium) in case of height yield securities