When a callable bond sells at a premium, the likelihood of a call is and the yield to worst is the yield to .

Name: When a callable bond sells at a premium, the likelihood of a call is and the yield to worst is the yield to .
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When a callable bond sells at a premium, it is more likely to be called because the issuer can refinance at a lower rate. The yield to worst in this case would be the yield to call, as the bond is likely to be called before maturity.

When a Callable Bond Sells at a Premium, the Likelihood