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Investments glossary

Negative Covenant


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Quotes of the day:

Truth may be stretched, but cannot be broken, and always gets above falsehood, as does oil above water.

— Miguel Cerbantes

A negative covenant is a bond covenant preventing certain activities unless agreed to by the bondholders. Negative covenants are written directly into the trust indenture creating the bond issue, are legally binding on the issuer, and exist to protect the best interests of the bondholders.

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