Callable bonds can be exchanged for a fixed number of shares of the issuing corporation's common stock.

Name: Callable bonds can be exchanged for a fixed number of shares of the issuing corporation's common stock.
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Callable bonds can be redeemed by the issuer before their maturity date, but they do not have the feature to be exchanged for shares. Convertible bonds, on the other hand, can be exchanged for a fixed number of shares of the issuing corporation's common stock.

Callable Bonds Can Be Exchanged for a Fixed Number of Shares