老师，请问 a straight bond with a make-whole call provision意思

问题如下：

Which of the bonds that Hamilton analyzes is most likely to outperform given Harding’s expectations?

选项：

NexTec

CommCo

StorageTech

解释：

Correct Answer: C

C is correct. StorageTech is most likely to outperform given the put feature, which is valuable to investors during a period of rising interest rates because they can put the bond back to the issuer and reinvest at higher rates. The call feature is of benefit to the issuer and does not provide any protection to investors in a period of rising rates.

A is incorrect. NexTec is a straight bond with a make-whole call provision and would underperform an equivalent putable bond in a period of rising rates.

B is incorrect. CommCo is callable. As rates rise, the bond is less likely to be called, but the investor does not have the ability to redeem the bond and reinvest at higher rates.