Which of the following bonds is least likely to have an indenture?

Name: Which of the following bonds is least likely to have an indenture?
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Question

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Private placement bonds are typically issued to a small group of investors and therefore may not require an indenture. The other options, callable bonds, equipment trust certificates, collateral trust bonds, and mortgage bonds, are all typically issued to a larger group of investors and have more complex terms and conditions that are outlined in an indenture.

Which of the Following Bonds Is Least Likely to Have