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Fixed costs never decline.
Annual Coupon
The annual interest payment made to bondholders, typically expressed as a percentage of the bond's face value.
Par Value
A nominal value assigned to a share of stock or bond that is typically printed on the face of the certificate.
Market Yield
The return on investment for a security currently traded in the market, often referring to bonds and calculated by considering the annual interest payments and the market price.
Negative Bond Covenant
A condition in a bond agreement that forbids certain activities by the issuer, aimed at protecting the interests of the bondholders.
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