1、基础班讲义，Ratchet bond里面有一句”the coupon reset formula of ratchet bonds is designed to assure that the market price at the time of reset is above par, provided that the issuers credit quality does not deteriorate“. 为什么Ratchet bond（用cap保持cp不增长）会使得bond的mkt price大于面值？CP被限制住了，cp越小，理应mkt price越低于面值par呀？
2、CDS的报价：price of CDS in currency per 100 par=100-upfront premium%，也就是说，credit risk越高，price of CDS越小，这要怎么理解，不应该是credit risk越高，CDS price越大吗？
谢谢
