What is a common feature in most corporate bonds?

A common feature in most corporate bonds is a call provision that allows for early redemption. This feature provides the issuer of the bond the flexibility to repurchase the bonds before their maturity date, typically at a predetermined price. This can be particularly advantageous for companies if interest rates decline after the issuance of the bonds, as they can refinance their debt at lower rates.

The call provision is beneficial for issuers because it allows them to manage their debt more effectively in changing market conditions. It gives them the option to redeem their bonds when they determine that it is financially advantageous, hence making it a prevalent feature in many corporate bonds.

In contrast, features like no provision for early redemption, conversion to stock, or variable interest rates may be found in some, but not all, corporate bonds, making the call provision a more standard aspect across a wide range of corporate bond offerings.