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Describe the positions involved in putting on a negative CDS-Bond basis trade. What is the 1-year carry on the trade? What are the two risks

Describe the positions involved in putting on a negative CDS-Bond basis trade. What is the 1-year carry on the trade? What are the two risks that you are exposed to with this trade? (Hint: counterparty risk and interest rate risk, but you need to describe how they will affect your payoff. Think about what would happen if a default happens.)

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