解释

问题如下：

An investment in a callable bond can be analyticallydecomposed into a:

选项：

A.

Long position in a non-callable bond and a shortposition in a put option

B.Short position in a non-callable bond and a longposition in a call option

C.Long position in a non-callable bond and a longposition in a call option

D.Long position in a non-callable bond and a shortposition in a call option

解释：

A callable bondincludes an embedded option for the issuer to call the bond at a statedredemption or call price. If the issuer is long the call option, then theholder of a callable bond is short the call option.