Which of the following are true about repayment provisions in bonds?

I. Call provisions on bonds are good for creditors because they ensure early repayment, and thus callable bonds are priced above otherwise identical straight bonds.

II$.$ A callable bond will usually be called by the issuer when interest rates are high.

III. Convertible bonds give issuers the option of converting bonds into stock as a way to change their capital structure.

IV$.$ Convertible bonds are generally priced below otherwise identical straight bonds because bond investors view them negatively.

V$.$ Both callable and convertible bonds trade above the price of straight bonds, with the option premium being larger when the market yield is closer to the coupon rate.

Answer choices:

I and II only

II$,$ III, and IV only

I, III, and V only

None