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An issuer issues three bonds including i) a callable bond, ii) a puttable bond, and iii) a non-callable/puttable bond. These three bonds have the same

An issuer issues three bonds including i) a callable bond, ii) a puttable bond, and iii) a non-callable/puttable bond. These three bonds have the same maturity and in the same credit quality group. Which bond has the lowest yield to maturity?

equally risky

the puttable bond

the callable bond

the straight bond

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