Contingent claim risk liability, explained, corporate, 2011

DarienHacker

in Curriculum EOC

A non callable corporate bond that hedge the liability of building a hospital. The answer is the investor is exposed to interest rate, cap, and contingent claim risks.

I remember someone here explained non callable corporate bond does have contingent claim risk as it has potential claim on corporate assets.

However, in 2011 CFAI mock #34. The answer says noncallable corporate bond has no contingent claim risk.

WTH?