Explanation:

• When a company issues a callable bond, it has the right to call (buy back) the bond, so it is long a call option.
• When a company issues a putable bond, the investor has the right to put (sell) the bond back to the company, so the company is short a put option.

However, the question asks about the company's position when it has issued BOTH types of bonds:

• For callable bonds: Company is long the call option
• For putable bonds: Company is short the put option

Therefore, the company is long the call option and short the put option, which corresponds to option A.