1.   This will occur when the bond is trading above the call price.

2.   If the bond is currently trading below par, its operative life is likely to be the number of years to maturity.

3.   Similarly, the operative yield is either the yield to maturity or the yield to relevant call depending on whether the bond is trading above or below par.

4.   If the bond is trading below par, the issuer is likely to repurchase the bond in the market.

5.   Although analysts see glimmers of a turnaround at the company, the bonds have been trading as if the company were on the brink of bankruptcy.

6.   And high-yield bonds trade even less frequently.

7.   And when Mullin moved on to another assignment, Jett took his place supervising all government bond trading.

8.   And while insured bonds trade more readily than uninsured ones -- a benefit in the thin tax-free market -- the feature causes wide price swings.