Adjustable-Rate Bonds with Puts (ARBP), frequently issued by the Russian companies, give the issuer the right to arbitrarily change the coupon payments on the bonds at certain moments. But at these moments, the investor has the right to force the issuer to redeem the bonds at a face value. These reciprocal actions of the issuer and investors can be considered as a dynamic game. We suggest a game-theoretic model that allow to determine the optimal decisions of the players. These decisions are compared with empirical data.