1.Use the following statements to answer questions 13-14. Statement W: The buyer of a CDS is making periodic payments absent a credit event. Statement X: Maturities that are spread out during a bonds life is known as a normalized term maturity structure. Statement Y: Second lien debt is usually pari passu with senior unsecured debt. Statement Z: Macaulay duration is an adjustable measure of the bond price risk with changes in interest rates. Which statement is correct?

A. Statement Y B. Statement Z C. Both statement Y and Z D. Neither statement