This feature is important for investors purchasing redeemable or callable bonds. Hard call protection acts as sweetener for the bond itself and disallows the issuer from calling the bond under any circumstances.
Investment dictionary. Academic. 2012.
hard call protection — For convertible bonds, one of two types of call protection. Hard call protection prohibits an issuer from calling an issue within a certain period of time. For convertible bonds, hard call protection is most often set at three years, but can… … Financial and business terms
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