Consider yields on corporate bonds that differ only with respect to the particular feature mentioned below. For each case, state which bond would be expected to trade at a higher yield, and briefly explain your reasoning. (a). Senior debt (first in line to receive asset liquidation value in the case of default) versus subordinated debt (a secondary claim in the case of default) (b). A callable bond versus a non-callable bond (c). A convertible bond versus a non-convertible bond