All of the following is true of convertible corporate bonds, except:
a) Convertible bonds are backed only by the reputation of the issuing corporation.
b) Investors of convertible corporate bonds have a lower risk.
c) Interest rates for convertible bonds are usually 1 to 2 percent lower than other bonds issued by the same corporation.
d) Convertible bonds can be exchanged at the owner's option for a specified number of shares of the corporation's common stock.
e) Investors are able to take advantage of the speculative nature of common stock with convertible bonds.