大同学2025-02-08 11:17:44

老师，原版书课后有道CDS的题，Which of the following statements best describes how a single-name CDS contract is priced at inception? A. If the reference entity’s credit spread trades below the standard coupon rate, the CDS contract will be priced at a premium above par because the protection buyer pays a “below market” periodic coupon. B. If the reference entity’s credit spread trades above the standard coupon rate, the CDS contract will be priced at a discount to par because the protection seller effectively receives a “below market” periodic premium. C. Similar to fixed-rate bonds, CDS contracts are initially priced at par with a fixed coupon and a price that changes over time as the reference entity’s credit spreads change. 这道题为什么选B？ B是说spread 大于coupon,B选项里“priced at a discount ”这明显错了呀，应该是premium吧？此外，AB选项都有“below market”这具体指什么？