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Effective convexity of the portable bond when the interest-rate falls is approximately equal to that of a straight bond but when the interest rate rises the The value of the puttable Bond does not fall below a certain level that is it has a floor attached with it so effective convexity when the interest rate rises is less in puttable bonds as compare to the straight bonds because Straight bonds as interest rate rises it falls right it does not stop falling so the effective convexity of straight bonds is higher than that of puttable ones when the interest rate rises that means that the effective convexity of puttable bonds is less then the straight bonds.