Travis recently purchased a callable bond. However, that bond cannot be currently redeemed by the issuer. Thus, the bond must currently be: a. a "fallen angel." b. subject to a sinking fund provision. d. a debenture. e. call protected.

Travis's callable bond is likely call protected, meaning that there are certain periods during which the issuer cannot redeem the bond before its maturity date. This feature is typically included to protect investors from having their bonds called away in a declining interest rate environment, ensuring they can continue to benefit from their investment until the call protection period ends. Callable bonds often offer higher yields than non-callable bonds to compensate investors for the risk of early redemption. However, understanding the terms and conditions, such as the call protection period, is crucial. Investors should always read the bond's prospectus to discern when, if ever, the bond might be callable, maximizing their investment strategy.