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Call Features of Bonds

Which of the following statements concerning the call feature of a bond is not correct?

  1. If it is freely callable, the issuer may retire the bond at any time.
  2. If it is noncallable, the issuer may retire the bond prematurely by repurchasing it.
  3. If the bond carries a deferred call, the issuer may not retire the bond before a specified date.
  4. Call features are actively sought by investors, since investors usually receive a premium when bonds are called.