老师您好！ reading25课后题，前一个20bp变化和后一个20bp不是保函的关系？答案显示价格变化为什么要分开计算？不很理解 谢谢！

p26 如果当年的cf是negative，需不需要从tia中扣除？

请问外汇里 A：B =1:2 就是一个A货币换2个B货币吧。 老师PPT教材好像说错了。

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！