原版书第178 ，我一直想不明白，例题Hedge2， 为平仓即期头寸用bid, The spot leg of the swap—buying back EUR8,000,000 to settle the outstanding forward transaction—is also based on the bid rate of 10.0200. This is because Yang is selling an amount larger than EUR8,000,000 forward, and the all-in forward rate of the swap is already using the bid side of the market (as it would for a matched swap). Hence, to pick up the net increase in forward EUR sales, the dealer Yang is transacting with would price the swap so that Yang also has to use bid side of the spot quote for the spot transaction used to settle the maturing forward contract

请问这句话是什么意思？为什么。If an investor uses a forward contract to fully hedge foreign currency cash flows, he should expect to earn the domestic risk-free rate.讲课老师说在外汇章节讲过，但是我没印象啦

excess spread和excess spread return是不是一个东西？有没有文字定义？实在无法理解这个公式。effsprdurationxΔspread是债券价格变动百分比，spread0是影响分母折现率的东西（Rf+spread0），那么这两个东西怎么能和在一起用？

请问r22课后题第14题的relative value需要show calculation。请问RV直接写出结果行不行？如果写出计算过程，分子分母都需要写很多，还涉及写出10次方。请问建议怎么简要写，才能得分？

老师，这里没有明白收固定支浮动为什么会增加久期？相对于什么增加了久期？支浮动的久期为零指的是修正久期吗？

货币互换上，双方进入互换，是怎么考虑本金规模和利率高低的匹配呢？

你好这个反响求解怎么求，有过程可以看下吗？

请问r22的potential capital gain exposure的分子是不是net gains (or losses)，分子不应该是讲义写的 net gains losses吧？

这里面的正负号怎么理解？请详解 多谢

notional principle前面的负号怎么解释呢？