A bond portfolio manager is considering three bonds-A, B, and C-for his portfolio. Bond A allows the issuer to call the bond before the stated maturity Bond B allows the investor to put the bond back to the issuer before the stated maturity, and Bond C contains no embedded options. The bonds are otherwise identical. The manager tells his assistant, Bond A and Bond B should have larger nominal yield spreads to a US Treasury than Bond C to compensate for their embedded options. Is the manager most likely correct?