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Protective covenants: OOOOO protect against interest rate fluctuations. ensure that coupon payments to bond holders are protected from default. apply to money market securities but

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Protective covenants: OOOOO protect against interest rate fluctuations. ensure that coupon payments to bond holders are protected from default. apply to money market securities but not to capital market securities. guarantee the issuer an option to buy the bonds back early. are primarily designed to protect bondholders

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