Which of the following is most accurate about a bond with a deferred call provision?
　　A. It can be called at any time during the initial call period, but not later.
　　B. It can be redeemed at any time prior to maturity.
　　C. It cannot be called right after the date of issue.
　　D. Principal repayment can be deferred until it reaches maturity.
　　Answer:C
　　A deferred call provision means the issue is initially (say, for the first 5 to 7 years) non-callable, after which time it becomes freely callable. In other words, there is a deferment period during which time the bond cannot be called, but after that, it becomes freely callable.