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All else held equal, which of the following would increase a bond's yield to maturity? Choose all that apply. Hint: Anything that makes the bond

All else held equal, which of the following would increase a bond's yield to maturity? Choose all that apply. Hint: Anything that makes the bond riskier to investors would cause investors to pay less for the bond.

a) Rating changes from BBB to B.

b) Liquidity of the bond increases (the number of bonds available to buy or sell increases).

c) Issuing company uses newly-issued equity to pay off a large portion of its debt.

d) Bond is callable.

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