# Series 7 Exam Prep 25, Callable, Putable, and Convertible Bonds

Page: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-25-callable-putable-and-convertible-bonds
Text version: https://stenobird.com/podcast/open-exam-prep-7140559/series-7-exam-prep-25-callable-putable-and-convertible-bonds.md
Podcast: [Open Exam Prep](https://stenobird.com/podcast/open-exam-prep-7140559)
Published: 2026-07-02T01:01:53+00:00
Episode link: https://open-exam-prep.captivate.fm/episode/series-7-exam-prep-25-callable-putable-and-convertible-bonds
Audio file: https://episodes.captivate.fm/episode/9700e845-92f1-4baa-ac02-85e5efebb12e.mp3
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Duration seconds: 208

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - That callable bonds benefit the issuer, especially in a falling interest rate environment, and typically come with a higher coupon to compensate investors for call risk. - How to calculate the yield to call (YTC) and why it's the relevant yield to quote for a premium bond, representing the 'yield to worst'. - That puttable bonds benefit the investor, particularly when interest rates are rising, and therefore offer a lower coupon. - How to determine a convertible bond's conversion ratio by dividing the par value by the conversion price. - How to calculate the parity price of both the stock and the bond to identify potential arbitrage opportunities. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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