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English definition of “bond covenant”

bond covenant

noun [C]
 
 
LAW, FINANCE
a written promise in a bond document stating that the bond issuer (= person borrowing money by selling bonds) will or will not do something, for example borrow more than a particular amount of money: Bond covenants exist to protect bondholders.
(Definition of bond covenant from the Cambridge Business English Dictionary © Cambridge University Press)
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