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              <p>This paper presents an empirical analysis on U.S. callable defaultable bonds whose&lt;br /&gt;contracts include a make-whole call provision. Our first objective is the test of a covenant&lt;br /&gt;effect on bond price. Comparing two samples of 323 make-whole call bonds and&lt;br /&gt;759 non callable bonds from 133 identical firms, we provide evidence that make whole&lt;br /&gt;call bonds offer better returns than their equivalent non callable. Our study also focuses&lt;br /&gt;on the explanatory potential of growth opportunities to indorse the existence of makewhole&lt;br /&gt;callable bonds. A comparision is also displayed with 70 regular callable bonds&lt;br /&gt;extraced from 37 firms. Furthermore, we observe that contrary to traditional call provisions,&lt;br /&gt;make-whole ones are rarely exercised, a behaviour that seems difficult to explain&lt;br /&gt;with call prices, frequently overcome by bond prices.</p>
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