Which of the following statements concerning the call feature of a bond is not correct?
- If it is freely callable, the issuer may retire the bond at any time.
- If it is noncallable, the issuer may retire the bond prematurely by repurchasing it.
- If the bond carries a deferred call, the issuer may not retire the bond before a specified date.
- Call features are actively sought by investors, since investors usually receive a premium when bonds are called.