曹同学回答（1）
Danyi2023-04-29 21:59:22
Danyi同学你好，
对于CDS，short方就是buy CDS, long方就是sell CDS,
所以short five-year CDS就是buy five-year CDS的概念。
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那不对啊，还是用这个例子，预判B的利差缩小，他是sell protection(CDS), 这么看的话，等于他buy CDS?
Apart from hedging with CDSs, Wallace is also contemplating trading ideas using them, and has been examining several companies on her shortlist. Below are her expectations on Brilliance Oil (Brilliance), Colossal Energy (Colossal), and Devotion Inc (Devotion) in the energy sector.
Expectation 1:Brilliance's credit curve will flatten, while Colossal's credit curve will steepen
Expectation 2:Brilliance credit spread will narrow, while Colossal's credit spread will widen
In response to her expectations of Brilliance and Colossal, Wallace is considering the following trade strategies:
Strategy 1:Buying short term credit protection and selling long term credit protection for Colossal
Strategy 2:Selling long term credit protection for Brilliance, while buying long term credit protection for Colossal。
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利差缩小，sell protection没有问题，sell protection就是long方。
buy protection是short方。sell 和buy是相对的，long和short是相对的，这是两组。
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那不是还是回到了之前的逻辑，sell protection就是卖CDS，是看多底层资产不会违约，所以是long方。
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sell protection就是卖CDS,long方，这样理解是正确的
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