You work for Titan Boats who will issue $10 million of bonds. Titan Boats can issue one of four different types of bonds. Thus, your supervisor has asked you to evaluate the four options and to recommend the best one. The four types of bonds differ as follows:

(a) Bond A has a call feature, but no conversion feature.

(b) Bond B has a conversion feature, but no call feature.

(c) Bond C has both a call feature and a conversion feature.

(d) Bond D has neither a call feature nor a conversion feature.

All four types of bonds will have the same maturity date, same bond issue price, same coupon rate, same yield to maturity, and same bond rating of A.

Which bond would you recommend to your supervisor or are you indifferent between the bonds? Explain your answer.