The Next call date is the earliest date on which the issuer of a callable bond has the option to redeem or "call" the bond before its scheduled maturity date. Callable bonds typically include a provision allowing the issuer to buy back the bonds from investors at a predetermined price (usually at par) before the maturity date. 

The call next date is the first opportunity for the issuer to exercise this call option, usually occurring after a specified initial period following the bond's issuance. Investors need to assess the likelihood of the bond being called and its impact on their portfolio, considering factors such as prevailing interest rates, the issuer's financial condition, and market conditions.