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The corporations use restrictive covenants and the call features on bond issues to hedge against the loss on the bonds. The restrictive covenants ensures the

The corporations use restrictive covenants and the call features on bond issues to hedge against the loss on the bonds. The restrictive covenants ensures the company operates in a way that reduces the risk to the bondholders whereas the call features protects the bond from the volatile securities market through the underlying assets.

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