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Either
bull flattener where long ends move down. Really bad. Now PV of liabilities much higher than PV of assets
bear flattener where PV of liabilities stays fixed but PV of assets decreases.
Flattening is bad because in the end liabilities under both circumstances have market value changes greater than assets changes.
Edited 1 time(s). Last edit at Wednesday, June 1, 2011 at 02:49PM by Paraguay. |
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发表于 2011-7-13 14:41
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