Can the maturity date of a bond be extended or shortened?

Yes, the maturity date of a bond can be extended or shortened under certain circumstances.

In some cases, the issuer of the bond may choose to call the bond, which means they pay back the bondholder before the maturity date. This typically occurs when interest rates have fallen, and the issuer can refinance the bond at a lower interest rate. When a bond is called, the bondholder receives the principal amount plus any accrued interest up to the date of the call.

Alternatively, a bondholder may choose to sell the bond before the maturity date in the secondary market, in which case the new owner will receive the remaining interest payments and principal upon maturity.

In some cases, the terms of a bond may also include an option to extend the maturity date or to retire the bond early. These options are negotiated at the time the bond is issued and are outlined in the bond's prospectus.