Bonds that the issuer may pay off at a prearranged price whenever the issuer chooses before the maturity date are:

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Callable bonds are those that the issuer can choose to pay off at a prearranged price before the maturity date. Convertible bonds are those that can be converted into common stock of the issuer, debenture bonds are unsecured bonds, and serial bonds are issued with a series of small maturity dates.

Bonds That the Issuer May Pay Off at a Prearranged