A special redemption this month on $95 million of Battery Park City Authority bonds has raised the ire of some investors who say they bought the bonds unaware that a call threat existed.

The bonds, issued by the authority in 1980 with an 8 5/8 0/0 coupon, were not callable under normal circumstances until 2006. With bonds recently changing hands at prices as high as 130, several investors were clearly not expecting the call at 103 1/2 issued by the authority on Dec. 1.

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