Explain why the yield spread on corporate bonds versus Treasury bonds must always be positive. How do

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Explain why the yield spread on corporate bonds versus Treasury bonds must always be positive. How do these spreads change (a) as the bond rating declines and (b) as the time to maturity increases?
Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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Introduction to Corporate Finance

ISBN: 978-0324657937

2nd edition

Authors: Scott B. Smart, William L Megginson

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