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3. If IBM were to offer two bond issues with the same maturity dates and the same coupons of 6%, but one was callable, would

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3. If IBM were to offer two bond issues with the same maturity dates and the same coupons of 6%, but one was callable, would the bonds have the same YTM? Why or why not? If IBM offered a convertible bond, would the coupon be more or less than 6%? Why? Conventional mortgage backed securities (MBS) yield as much as a full percentage point more than Treasuries, despite having very low default risk. Why

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