Which statement regarding the characteristic of the bond is NOT correct?

		All else equal, a bond with a convertible provision is more beneficial to investors than a bond without a convertible provision.
		A debenture is unsecured, therefore it is risker than the bond secured by other assets.
		A callable bond gives the issuer the right to retire the bond earlier than the maturity date.
		The subordinated debenture holders have a higher cash flow priority than the senior bondholders.