How to understand Putable？

Putable refers to a financial security or bond that gives the holder the right to sell the security back to the issuer at a predetermined price before the security's maturity date. This means that the holder has the option to sell the security early if they believe that the market conditions have changed and they can get a better return by selling it back to the issuer. The put option is beneficial for the holder as it provides them with a level of protection against potential losses in the market. In summary, putable securities give the holder the option to sell the security back to the issuer before maturity at a predetermined price, providing them with a level of protection against market volatility.