A "Callable" is a type of financial instrument, often associated with bonds or loans, that allows the issuer to redeem it before its maturity date. This means that the issuer can pay back the principal amount to investors earlier than expected, usually at a predetermined price. Callable features are beneficial for issuers when interest rates decline, as they can refinance their debt at lower rates. Investors in callable securities face the risk of having their investment returned early, which can limit potential returns. This is because they may have to reinvest the returned funds at lower interest rates. Understanding the callable feature is essential for making informed investment decisions.