Why is a call provision advantageous to a bond issuer? when would the issuer be likely to initiate a refunding call?

On the off chance that an organization sold securities when financing costs were moderately high and the issue is callable, then the organization could offer another issue of low-yielding securities if and when loan costs drop. The returns of the new issue would be utilized to resign the high-rate issue, and in this way lessen its advantage cost. The call benefit is profitable to the firm yet inconvenient to long haul speculators, will's identity compelled to reinvest the sum they get at the new and lower rates.