Issuer bond buyback
The issuer purchasing its own bonds in the market or through a targeted offer, without redeeming the issue.
How to read the number
Repurchased bonds may be held and sold back into the market, so the amount outstanding on such an issue changes over time.
When the metric lies
An announced buyback lifts the price but is executed at the issuer's discretion and rarely in full. Counting on an exit at the announced price with the whole position does not work.
Also known as: debt repurchase, bond tender