Comparative Yield to Maturity of Bonds

When evaluating the characteristics of various types of bonds, investors must focus on several factors that influence their returns and risks. One such characteristic is the bond's callability, which allows the issuer to repurchase the bond before its maturity date. Understanding the implications of callability is crucial when analyzing the yield and duration of a bond.

For a bond with no call provision, the investor can rely on the bond's fixed interest payments until maturity without concern for early redemption. In contrast, callable bonds may face lower prices due to potential early redemption, which can change the expected cash flows significantly.

Given this context, consider the following types of bonds:

- A corporate bond with call provisions

- A municipal bond with insurance

- A treasury bond with a fixed rate

Which of these would most likely have the lowest yield to maturity?