Debt covenants to protect bondholders areleast lik
Debt covenants to protect bondholders areleast likely to:
A.restrict the issuance of new debt.
B.require sinking fund redemptions.
C.prohibit bond repurchases at a premium to par.
参考解答
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2024-10-27 07:56:24
Ans:C.
Covenants protect bondholders from actions the firm may take that would decrease credit quality and reduce the value of the bondholders’ claims to firm assets and earnings.Examples of covenants include restrictions on dividend payments and stock repurchases, mergers and acquisitions, sale, leaseback, and disposal of certain assets; issuance of new debt, and repayment patterns (e.g., sinking fund agreements and priority of claims).Repurchases of bonds in the market do not negatively affect the interests of bondholders.
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