The Next put price is the amount, stated as a percentage of the bond's par value, that the bondholder can receive from the issuer if they decide to "put" (sell) the bond back to the issuer on the next available put date. This price is set in the bond’s terms and conditions and usually is equal to par value, but in rare cases, it can be greater or lower than it. The Next put price serves as a risk management tool for investors, allowing them to limit potential losses in a rising interest rate environment or adverse market conditions.