What does the empirical evidence suggest about the behavior of corporate credit spreads concerning whether credit spread changes should be measured on an absolute versus relative basis?
Answer to relevant QuestionsWhat is meant by spread duration and contribution to spread duration? What are the different approaches used to estimate the duration of high-yield corporate bonds? Why do analysts investigate the bank lines of credit that a corporation has? What is the purpose of a credit analyst investigating the market structure of an industry (e.g., unregulated monopoly, oligopoly, etc.)? What is meant by default correlation?
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