5. When analysing the risk of corporate bonds, we need to consider the risk of the issuer and also of the issue. (a) Explain, with examples, what is meant by contractual, structural and temporal subordination amongst debt issues of the same issuer. (b) When a bond is issued the issuer will produce a prospectus and an indenture agreement. What are these? (c) Sometimes high-yield debt may have some special contractual features that may have a negative impact on credit risk. These include Coupon Resets and Payment in Kind (PIK) bonds. What are these? (d) A 4-year maturity issue has a probability of default of 1.86%. Its expected recovery rate is 40%, so what would you expect the credit spread to be for this issue