I have below Bond - Issue date : 1/1/2020 Principal 1,000 Coupon : 8% pa Frequency : Semi-annual Tenor: 2 years **This Bond has 2 specific characteristics -** <s> 1. At the maturity NO principal will be paid 2. After 1st year, Bond can be exited on 6/1/2021 (i.e. Put option attached) Without the 2nd condition, this Bond can easily be priced using `discounted CF method`. However given that the 2nd option, how can I price this Bond? Is there any software implementation to price this type of `Putable Bond`?</s> **Modified based on StackG's comment** StackG pointed a lack of clarity on the payment upon premature exit, So I added the payoff profile of this bond as below - 1. At the maturity principal will be paid based on the prevailing one month average of S&P index + last coupon 2. After 1st year, Bond can be exited on 6/1/2021 (i.e. Put option attached). In that case, the prevailing one month average of S&P index as on 6/1/2021 will be paid + accrued coupon How can I price this Putable Bond? Your pointer will be highly appreciated. Thanks for your time.