FX展期的意思不太懂，在0时点签订了一个用10M的BGP去买12USD的forward,为什么可以在t=6的时刻，签订一个期初-10MGBP，+12M USD的FX Forward的呢？

coupon rate是浮息债券和固定利息债券都能用么？不太理解浮息债券，coupon rate=MRR+QM

DM是来衡量floating-rate bond,YTM是用来衡量fixed-rate bond,为什么会有公式YTM=MRR+DM呢？

在contraction 阶段，长期利率是下降还是上升？在第51页PPT里contraction阶段的格子里写了“short-term and long-term rates declining with bond prices increasing",这意思是长期利率下降。但是在第63页PPT老师讲解的时候说“contraction阶段短期利率下降，长期利率上升，收益率曲线在这时候最陡峭”，这意思是长期利率上升。那到底哪个说法是对的？

为什么这里的spread(t)就等于current OAS呢？

老师好，能否解释一下excess spread return和expected excess spread?看书不是很理解。

Which of the following statements about credit spread measures is most accurate? A、The DM is the yield spread over the MRR established upon issuance to compensate investors for assuming an issuer's creadit risk. B、The Z-DM will be above tne DM if the MRR is expected to remain constant over time. C、The yield spread for a corporate will be equal to the G-spread if the government benchmark yield curve is flat.

课后case：rika bjork：第二问：怎么就得出要建立一个collar？

Q3的答案中强调的out of money是什么含义，为什么要强调这个来着？

(1). Rebalancing and taxes: In the multi-period world, rebalancing triggers the realization of capital gains and losses. Given a specific rebalancing rule, different SAAs will result in different patterns of tax payments.