Which corporate bond feature allows the issuer to redeem the bonds before maturity, typically when interest rates have fallen?

Giải thích

A call feature gives the issuer the right to redeem bonds early, which it tends to do after rates fall so it can refinance more cheaply. A put favors the investor, a convertible allows conversion to stock, and a sinking fund is a repayment reserve, not an early-redemption right for the issuer's benefit in a rate decline.