Kaplan R22, p53. Secular changes. In all but the high-yield market, intermediate-term and bullet maturity bonds have come to dominate the corporate bond market. Bullet maturities are not callable, putable, or sinkable. Callable issues still dominate the high-yield segment, but this situation is expected to change as credit quality improves with lower interest financing and refinancing. There are at least three implications associated with these product structures: 1. Securities with embedded options may trade at premium prices due to their scarcity value.** 2. Credit managers seeking longer durations will pay a premium price for longer duration securities because of the tendency toward intermediate maturities** Is above the case in the real world? Thanks.