Part 1 | Attempt 1/3 for 10 pts. Is a callable bond more valuable to the issuer or the bondholder than a comparable straight bond (which does not include a call option) and why? O More valuable to the issuer, since the issuer can re-fund (pay off and reissue) the bond when interest rates have risen O More valuable to the bondholder, since the bondholder can return the bond when interest rates have fallen O More valuable to the bondholder, since the bondholder can return the bond when interest rates have risen O More valuable to the issuer, since the issuer can re-fund (pay off and reissue) the bond when interest rates have fallen