NO.PZ201712110200000509
问题如下：
A profitable equity-versus-credit trade involving Delta and Zega is to:
选项：
A. short Zega shares and short Delta 10-year CDS.
B. go long Zega shares and short Delta 5-year CDS.
C. go long Delta shares and go long Delta 5-year CDS.
解释：
B is correct.
If Delta Corporation issues significantly more debt, it raises the probability that it may default, thereby increasing the CDS spread. The shares of Zega will be bought at a premium resulting from the unsolicited bid in the market. An equity-versus-credit trade would be to go long (buy) the Zega shares and short (buy protection) the Delta five-year CDS.
5 year 和 10 year在这道题目里面有区别吗？
