spread duration and credit risk

嗨，努力学习的PZer你好：

HYB has a lower spread duration. But in my opinion it does mean lower spread duration means higher credit risk. I think lower credit rating is a sufficient condition of lower spread duration.

You knwon lower spread duration means the price is not sensitive to the spread change, this is a phenomenon that often occurs on a low credit rating bond.

----------------------------------------------
努力的时光都是限量版，加油！