【每日一练】CFA 一级（2015年）

Question：

Which of the following bonds is most likely to trade at a lower price relative to an otherwise identical  option-free bond? 
A. Convertible bond 
B. Callable bond 
C. Putable bond 

Answer = B 
A callable bond benefits the issuer because it gives the issuer the right to redeem all (or part) of the  bonds before the maturity date. Thus, the price of a callable bond will typically be lower than the price  of an otherwise identical non-callable bond. 

CFA Level I 
"Fixed-Income Securities: Defining Elements," Moorad Choudhry and Stephen E. Wilcox 
Section 5.1 

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