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

Name: Callable bonds can be exchanged for a fixed number of shares of the issuing corporation's stock.
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Callable bonds give the issuer the right to redeem the bond before its maturity date, not the option to exchange it for shares of stock. Convertible bonds are the ones that can be exchanged for a fixed number of shares of the issuing corporation's stock.

Callable Bonds Can Be Exchanged for a Fixed Number of Shares