Usually refers to callable bonds. The period of time when a bond cannot be called, no matter what the interest rate is. That is, if the interest rate falls sharply, most callable bonds will be called (so the bond issuer can reissue at a lower interest rate). Hard call protection ensures that the holder of the bond can benefit when rates fall.
A provision in callable bonds that prevents the bond from being prematurely redeemed for a certain period of time. Interest payments are guaranteed during the hard call protection period, but not afterward. The bond may be redeemed at any point after the call date, which means that the issuer would return the principal to bondholders and interest payments would cease. Hard call protection exists to protect bondholders from the risk that interest rates will fall before the call date. The period of time is often called the cushion. See also: Soft call protection.
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