老师您好！ reading25 P243页例题中计算出的G-spread 1.68%似乎没用？既不用来说明hedge，也不用来计算new price？ 谢谢！

老师您好！ reading24课后题最后一道，这个表该如何理解？能否麻烦讲解一下具体数字的含义？以及如何看出ABC各是什么变动？ 谢谢啦！

Solution to 5: Hedging exposure to GBP and EUR results in a six-month gain of 49 bps and 85 bps, respectively, as shown in the beginning of problem 4. The currency exposure should be hedged unless these currencies are expected to appreciate against the USD by more than these amounts over the next six months. (Institute 188) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 老师您好！ reading24 example5中的最后一问，英德之间的hedge应该怎么理解？谢谢！

In the case of the 10-year this would mean paying fixed at 3% timed to match the 3% annual coupon from the bond and receiving a spread to the 6-month floating rate. (Institute 176) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 老师您好！ 请问reading24第section 5中的example 4中的这句话，paying fixed at 3%，为什么不是10年期的5.91%？ 我看其他题目中都是以题目中给出的表格中的各期的YTM为互换固定方利率呀 谢谢！

By construction, the forward rates are the sequence of future one-period discount rates imbedded in the value of all swap tenors today. At the end of the first period, the current short-term (6-month) rate will drop out of the sequence. If the rest of the series remains the same—which is what it means for the curve to move to the forward rates—then the fixed side of every swap will increase in value by exactly the current short rate. Of course, that is the rate being paid on the floating side of the swaps, so each tenor breaks even. (Institute 140) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 老师您好！ Reading24P140页的案例最后一段， 1、这个break even怎么理解呀？ 2、书中说“then the fixed side of every swap will increase in value by exactly the current short rate”，在上文中increase in value不是33bp吗？难道应该是the current short rate—2.03%？实在不理解！ 谢谢老师的耐心！

Standard arbitrage arguments imply that the futures contract price should equal the cost of buying the bond today and financing it to the futures delivery date less the yield earned before delivery. (Institute 137) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 老师您好！ reading24中关于carry trade 这段话怎么理解？能否麻烦用算式演示一下？ 感谢！

老师您好！ reading24课后题中的第20题，为什么不选portfolio 1 ？ 因为steepen，可以选择一个bullet呀？ portfolio 1 的1、3、30年均比current portfolio降低，5、10年的均增加，不是一个很好的bullet吗？ 谢谢！

This condor is structured so that it benefits from a decline in curvature, where the middle of the yield curve decreases in yield relative to the short and long ends of the yield curve. (Institute 226) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 老师您好！ reading24课后题第19题中提到的这个condor，答案中提到的the middle of the yield curve decreases in yield relative to the short and long ends of the yield curve，这个变化过程，能否麻烦画两张图给看一下？辛苦啦！非常感谢！

Hirji also proposes the following duration-neutral trades for the French institutional client: Long/short trade on 1-year and 3-year Canadian government bonds Short/long trade on 10-year and long-term Canadian government bonds (Institute 214) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file. 老师您好！reading24课后题中这个condor要求duration-neutral，而不是教材中写的“money duration neutral”，后面的2s的allocation计算是依照money duration neutral计算的，不严谨？

老师您好！ reading24课后题第12题提到loses curvature，我画了图应该是指图一、图二，但是我想问的是：图三、图四是不是也是一种可能性呢？这样就增加了curvature呀？ 谢谢老师！ C is correct. Hirji proposes an extreme bullet portfolio focusing on the middle of the yield curve. If the forecast is correct and the yield curve loses curvature, the rates at either end of the curve will rise or the intermediate yields will drop. As a result, bonds at the ends of the yield curve will lose value or the intermediate bonds will increase in value. In either case, the bullet portfolio will outperform relative to a more diverse maturity index portfolio like the benchmark. (Institute 225) Institute, CFA. 2019 CFA Program Curriculum Level III Volume 4. CFA Institute, 5/2018. VitalBook file.