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Covenants are:
ð A type of equity instrument issued by a company to raise capital, giving holders the rights to purchase shares at a predetermined price with a specified timeframe
ð A standardized exchange-traded derivative contract in which the buyer agrees to purchase an underlying asset at a set price on a future date
ð Financial ratios (e.g. maximum gearing) or specific actions (e.g. impossibility to raise new debt) that a company needs to follow as a counterpart for raising debt
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