Irrevocable put offer
The issuer's undertaking to buy the bond back on a named date at a stated price, which it cannot withdraw.
How to read the number
For the holder it is a date to plan around: the real investment horizon shortens to it rather than running to maturity.
When the metric lies
The buyback happens only on a submitted demand. A holder who does nothing stays in the bond — the offer does not execute by itself.
Also known as: irrevocable offer, mandatory put