Q6 Which of the following is/are true about callable bonds? I. Must always be called at par II. Will normally be called after interest rates drop III. Can be called by either the bondholder or the bond issuer IV. Have higher required returns than non-callable bonds Student Response Value Feedback . I and II only . II and IV only 100% . II and III only . I, II and III only . I, II, III and IV are true