How does a yield-spread pickup trade differ froma credit-upside trade?
Answer to relevant QuestionsWhat is the motivation for a new-issue swap trade? What has been the observed price performance offallen angels after they have been downgraded? Why is the projected value of the liabilities of adefined benefit plan dependent on the discountrate used in the valuation process? “By hedging a defined benefit pension plan’sinterest-rate risk, a sponsor can eliminate pensionrisk.” Comment on this statement. What is the difference between performance measurement and performance evaluation?
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