studyn

Hi,
Seems some are trying to defend CFAI.
Lets summarize facts in the question.
# The project is fully funded
# ALL are NON-Callable bonds, no other bonds are involved
# Even these bonds are putable, the decision to excercise put option is on portfolio manager’s hand. So it is not a RISK
If anyone say  contingent risk exists here, please show at least ONE CONTINGENT even that can happen to bonds so that ability to meet liability is at a risk?