Question：
Which of the following is least likely to be a type of embedded option in a bond issue granted to bondholders? The right to:
A. put the issue.
B. call the issue.
C. convert the issue.
Answer = B
The right to call an issue is a type of embedded option granted to issuers, not bondholders. The other two rights are embedded options granted to bondholders.
CFA Level 1
"Fixed-Income Securities: Defining Elements," Moorad Choudhry and Stephen E. Wilcox
Section 5.1
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