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CFA Candidates
As compared to an equivalent noncallable bond, a callable bond’s yield should be:
A callable bond favors the issuer. Hence, the value of the bond is discounted by the value of the option, which means the yield will be higher.
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. 2010 Mock Q13 (VAR)
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As compared to an equivalent nonputable bond, a putable bond’s yield should be:
A putable bond favors the buyer (investor). Hence, a premium will be paid for the option, which means the yield will be lower.
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