[Verse 1] Picture Sarah holds a corporate bond tight Company needs cash before maturity night Call provision strikes, they redeem early Premium price above par, pays out fairly Issuer wins when rates have tumbled down Refinance cheaper debt all around town [Chorus] Call puts sinking - three provisions that matter Call puts sinking - when bond terms can shatter Issuer calls when rates fall below Investor puts when they need to go Sinking fund spreads the payment load Call puts sinking - provisions decoded [Verse 2] Put provision flips the power game Bondholder forces sale, issuer must claim Market crashes hard, your bond price drops Exercise the put, the bleeding stops Sell back at par when trouble brews Investor protection when markets lose [Chorus] Call puts sinking - three provisions that matter Call puts sinking - when bond terms can shatter Issuer calls when rates fall below Investor puts when they need to go Sinking fund spreads the payment load Call puts sinking - provisions decoded [Bridge] Sinking fund builds year by year Systematic payments crystal clear Lottery method picks bonds to retire Random selection, no need to inquire Reduces default risk piece by piece Credit quality gets its release [Verse 3] Call protection shields the early years Premium shrinks as call date nears American style calls anytime European waits for scheduled chime Embedded options change the yield Risk and return forever sealed [Chorus] Call puts sinking - three provisions that matter Call puts sinking - when bond terms can shatter Issuer calls when rates fall below Investor puts when they need to go Sinking fund spreads the payment load Call puts sinking - provisions decoded [Outro] Special features modify the deal Bond provisions make the contract real
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