A callable bond will typically have a lower yield than an otherwise identical bond without a call feature because the option to call a bond is valuable.

Name: A callable bond will typically have a lower yield than an otherwise identical bond without a call feature because the option to call a bond is valuable.
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A callable bond typically has a higher yield than a non-callable bond because the issuer has the option to redeem the bond before maturity, which is a disadvantage to the investor.

A Callable Bond Will Typically Have a Lower Yield Than