Hard call protection

A strong form of protection for lenders/investors in securities, against the potentially adverse effects of call risk. Hard call protection is simply a ban on any unilateral early redemption of the security by the borrower/issuer. The agreement of the lender/investor is required before any early redemption, on whatever terms the lender/investor insists on for early redemption.

See also

• Call risk
• Hard
• Soft call protection