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求助:关于fixed income的principal paydown window

老师:

对MBS有个principal pay down window的概念,the time period between the first and last principal payments on a CMO tranche(notes第四本206页),这个与average life的概念是不是等同的呢?因为average life的定义是the weighted averge time until both scheduled principal payments and expected prepayments are received。我觉得这俩概念是不是一个意思?

前者是MBS衍生证券中的tranch的本金归还从开始到结束的时间,后者是整个morgagae中的房贷贷款的平均时间

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