An investor buys $15 million of 5-year CDS protection, and the CDS contract has a duration of 10 years. The companys credit spread was originally 400 bps and then narrows by 200 bps. Which of the following is correct? Group of answer choices

a. None of the other answers are correct.

b. This increase in credit quality of the underlying leads the seller to revise the protection holder's payment to a lower coupon.

c. The CDS buyer gains from the change in spread because she can sell the CDS protection for more than she paid.

d. The upfront premium for the CDS protection will increase to reflect the higher credit quality.

e. The CDS seller gains from the change in credit spread because the expected present value of the payout is now lower than the present value of the premium payments.