A major shortcoming of previous structural models of bonds is that they ignore how the complex terms of a call feature interact with default to determine term structures at issuance. A term structure of par coupon yields is different and superior to a term structure based upon the option adjusted spread and, furthermore, is the most useful term structure for firms issuing bonds because it is the most accurate measure of cost of debt. We present a par coupon structural model that can be used as an aid in timing bond issues because some of parameters of the model have been proven to exhibit predictability. One can use the model to incorporate the impact of alternative future Federal Reserve policies for short-term interest rates upon the optimal timing and maturity of corporate bond issuance. We report that par coupon term structures can have distinctly different shapes than other simultaneous term structures, such as those derived from option adjusted spreads where the difference depends on default risk, alternative call features, and the interaction of default risk and call features. As one finding among many, we find that call option value (at issuance) declines as credit quality declines.