Callable bond: Primarily beneficial for the lender (bond issuer)
Convertible bond: Beneficial for both, the borrower (bond issuer) and lender (bond investor)
A callable bond (redeemable bond) is a type of bond that provides the issuer of the bond with the right, but not the obligation, to redeem the bond before its maturity date. The callable bond is a bond with an embedded call option. Callable bonds may be beneficial to bond issuers if interest rates are expected to fall.
A convertible bond is a type of debt security that provides an investor with a right or an obligation to exchange the bond for a predetermined number of shares in the issuing company at certain times of a bond's lifetime.
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