Question 14 Which of the following is/are true about calable bonds? 1. Must always be called at a discount or par II. Wil normally be called after interest rates drop Il Can be called by either the bondholder or the bond issuer IV. Have higher required returns than non-callable bonds V. Exhibits negative convexity II, IV, and V ll and ill only and only il and IV only II, IV, and Vare true