All of the following statements regarding municipal bond put options are true EXCEPT that the put option:
A) protects the holder from a loss of principal when bond prices fall.
B) ensures that the holder will never receive less than par for the bond.
C) is generally exercisable immediately after the bond has been issued.
D) protects the holder from depreciation because of rising interest rates.
Answer: C) is generally exercisable immediately after the bond has been issued.