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The reinvestment scenario
The main advantage of bonds is coupons that arrive regularly. But if the Central Bank rate falls, you cannot reinvest that money at the same rate you had before.
In this scenario, a replenishable deposit wins, where the rate is fixed for a long term. Bonds force you to constantly look for new instruments to reinvest coupons in an environment of falling yields.
Understand this mechanism: bonds require active cash flow management, while a deposit is "set and forget."
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