所以这题里的unlikely to be called/put是没有意义吗

NO.PZ2023032703000061 问题如下 investment manager is consiring creasing portfolio ration versus a benchmark inx given her expectations of upwarparallel shift in the yielcurve. If she ha choibetween a callable bonwhiis unlikely to calle a putable bonwhiis likely to put, or option-free bonwith otherwise comparable characteristics, the most profitable position woulto: A.own the callable bon B.own the putable bon C.own the option-free bon B is correct. The value of a bonwith embeeoption is equto the sum of the value of option-free bonplus the value to the embeeoption. With a putable bon the embeeput option is ownethe boninvestor, who cexercise the option if yiel-to-maturity increase, in this scenario. Unr the embeecall option is ownethe bonissuer, who is more likely to exercise if yiel-to-maturity crease (this, the boninvestor is short the call option). for the option-free bonunrperforms the putable bongiven the rise in value of the embeeput option. 我说一下我的思路，错的和无关的地方请老师说明预期upwarhift，要降低ration来避免损失对于investor来说，putable更有可能行权，到期日降低所以putable的ration更低，能够避免损失获得gain如果对于issuer来说，Vputable=Voption-Vput，upwar情况下反而是亏的？

NO.PZ2023032703000061问题如下 investment manager is consiring creasing portfolio ration versus a benchmark inx given her expectations of upwarparallel shift in the yielcurve. If she ha choibetween a callable bonwhiis unlikely to calle a putable bonwhiis likely to put, or option-free bonwith otherwise comparable characteristics, the most profitable position woulto: A.own the callable bonB.own the putable bonC.own the option-free bon B is correct. The value of a bonwith embeeoption is equto the sum of the value of option-free bonplus the value to the embeeoption. With a putable bon the embeeput option is ownethe boninvestor, who cexercise the option if yiel-to-maturity increase, in this scenario. Unr the embeecall option is ownethe bonissuer, who is more likely to exercise if yiel-to-maturity crease (this, the boninvestor is short the call option). for the option-free bonunrperforms the putable bongiven the rise in value of the embeeput option. 为什么预期收益率曲线向上，要降低ration？

NO.PZ2023032703000061问题如下 investment manager is consiring creasing portfolio ration versus a benchmark inx given her expectations of upwarparallel shift in the yielcurve. If she ha choibetween a callable bonwhiis unlikely to calle a putable bonwhiis likely to put, or option-free bonwith otherwise comparable characteristics, the most profitable position woulto: A.own the callable bonB.own the putable bonC.own the option-free bon B is correct. The value of a bonwith embeeoption is equto the sum of the value of option-free bonplus the value to the embeeoption. With a putable bon the embeeput option is ownethe boninvestor, who cexercise the option if yiel-to-maturity increase, in this scenario. Unr the embeecall option is ownethe bonissuer, who is more likely to exercise if yiel-to-maturity crease (this, the boninvestor is short the call option). for the option-free bonunrperforms the putable bongiven the rise in value of the embeeput option. 这个题是什么意思？用callable 价格不是更低吗？