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Hi David, As we have read that there are 2 type of term structure: 1) Upward sloping term structure 2) Downward sloping term structure Upward sloping term structure is normal what we observe in industry.But I was wondering, in which circumstances a downward sloping term structure will...

Thanks David This has cleared the picture in my mind suhail

Hi David, Can you help me understanding these two terms. "where the relevant obligation becomes due and payable as a result of a default by the reference entity before the time when such obligation would otherwise have been due and payable" can you provide some example of this...

main difference which I see is that ...CLN is an on-balance sheet item where as CDS will be off balance sheet... David can you give some more insight on this

Or in other words you can say that if your population has X% bads then you would expect that perfect model should help you sorting the population in such a manner that your first X% of the population is the total % bads in the population....