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Some bonds have additional protective covenants attached to the indenture. (An example might be that the bond can be redeemed at the option of the

Some bonds have additional

protective

covenants attached to the indenture.

(An example might

be that the bond can be redeemed at the option of the holder in the event of a merger.)

Would

the presence of

such

additional covenants likely affect the YTM of a bond

(as compared to an

otherwise equivalent bond without the covenants)

? If so how?

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