Relative to a non-callable bond with identical features, the price of the callable bond will be Higher, because the issuer of the bond is also short the call option which makes it more valuable to the buyer. O Lower, because the buyer of the bond is also short the call option which makes the bond less valuable for its buyer Equal, because the call option is worthless. Higher, because the issuer of the bond is also "long the call option which makes it more valuable to the buyer. O Lower, because the buyer of the bond is also "long the call option which makes the bond less valuable for its buyer