Is it fair to say zeros are less susceptible to call? Nope, any issuer that sees an advantage in calling will do so at their published scheduled. In the last three years, I've been heavily called on all my bonds, zeros included. One such trade I wrote up in this forum a while ago. My position in KFW's triple-AAA 0's of '37, bought Sept 2011 to yield 6.9%, was called earlier this year.
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