I've seen a callable putable bond whose first exercise date is an exercise date both for the holder and the issuer. Moreover both strikes have the same value: 100.
I wonder what does it mean.
I guess this bond is doomed to be redeemed at the first exercise date. Thus it's payoff is deterministic.
I have the impression that those contracts where issuer and holder have options at the same dates with the same strike have been poorly designed.
Am I wrong?