You notice that when no lockout period is present and for coupons above 5%, the callable bond with strike at par is priced at par. What is hap- pening?

Name: You notice that when no lockout period is present and for coupons above 5%, the callable bond with strike at par is priced at par. What is hap- pening?
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The Answer of You notice that when no lockout period is present and for coupons above 5%, the callable bond with strike at par is priced at par. What is hap- pening?

You Notice That When No Lockout Period Is Present and for Coupons