Here are the differences in the level of embedded options, such as options for early redemption or conversion:

1. _Callable bonds_: Some bonds have embedded options that allow the issuer to redeem the bond at a specified price (call price) before maturity. This option is beneficial to the issuer, as they can refinance at a lower interest rate if rates decline.

2. _Puttable bonds_: Some bonds have embedded options that allow the investor to sell the bond back to the issuer at a specified price (put price) before maturity. This option is beneficial to the investor, as they can sell the bond if interest rates rise.

3. _Convertible bonds_: Some bonds have embedded options that allow the investor to convert the bond into a predetermined number of shares of the issuer's common stock. This option is beneficial to the investor, as they can participate in potential equity upside.

4. _Extendable bonds_: Some bonds have embedded options that allow the investor to extend the bond's maturity date, typically at a higher interest rate.

5. _Sinking fund bonds_: Some bonds have embedded options that require the issuer to periodically retire a portion of the bond's principal, reducing the bond's duration and interest rate risk.

6. _Putable reset bonds_: Some bonds have embedded options that allow the investor to reset the bond's coupon rate or principal amount if interest rates change.

7. _Drop-in bonds_: Some bonds have embedded options that allow the issuer to substitute the bond with a new bond having different terms, such as a lower coupon rate or extended maturity.

8. _Step-up bonds_: Some bonds have embedded options that increase the coupon rate or principal amount if certain conditions are met, such as a rise in interest rates.

These embedded options can significantly impact the bond's value, risk profile, and investor returns, and should be carefully considered when investing in or issuing bonds.