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credit curve analysis - putables

.... The structure of putable should be favored as an outperformance vehicle only by those investors with a decidely bearish outlook for interest rates.

why???
if interest rates go down, i wont put the security, but at the same time the yield i get from the security is not very good because of the put in it.

good way to remember bearishness means rates rising is to think in terms of price since puts are quoted in currency, not yield

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bearish mean interest rate rises
put ponds perform better when interest rate rises
simple ?

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