Identifying the Most Advantageous Bond Feature

Understanding the features of bonds is essential for evaluating fixed income securities. Consider the following three bonds with different embedded options:

Bond A is a callable bond with a coupon rate of 6%, redeemable by the issuer after 5 years. Bond B is a puttable bond offering a 5.5% coupon rate, which allows the bondholder to sell it back to the issuer at par after 5 years. Bond C is a convertible bond with a 4.5% coupon rate, which gives the bondholder the right to convert the bond into a specified number of shares of the issuing company's stock.

Given these characteristics, identify which bond feature provides the bondholder with the most advantageous position in a declining interest rate environment.