Given a portfolio, explain the reasons behind why the investors invest such like that; is it a good decision? The reasons should be based on the overall strategy, duration, liquidity, convexity credit risk, carrying cost of portfolio, how to make better

\begin{tabular}{|l|l|l|l|} \hline Long/Bought & Amount & Short/Sold & Amount \\ \hline FD CDS USD SR 5Y D14 & $10m & MARKIT CDX.NA.HY.39 12/27 & $10m \\ \hline APD CDS USD SR 10Y D14 & $5m & APD CDS USD SR 5Y D14 & $5m \\ \hline BASF CDS EUR SR 5Y D14 & Euro 15m & MARKIT ITRX EUROPE 12/27 & Euro 15m \\ \hline FNCL 5.5 12/22 15 Year & $25m & FNCL 6 12/22 30 Year & $25m \\ \hline T 3 7/811/30/27 Govt & $50m & T4 1/211/30/24 Govt & $15m \\ \hline & & Payer USSW10 & $35m \\ \hline \end{tabular} Cost to borrow 4.75\% from Prime Broker Thoughts to consider Overal Strategy Duration Liquidity Convexity Credit Risk Carrying cost of portfolio How to make better \begin{tabular}{|l|l|l|l|} \hline Long/Bought & Amount & Short/Sold & Amount \\ \hline FD CDS USD SR 5Y D14 & $10m & MARKIT CDX.NA.HY.39 12/27 & $10m \\ \hline APD CDS USD SR 10Y D14 & $5m & APD CDS USD SR 5Y D14 & $5m \\ \hline BASF CDS EUR SR 5Y D14 & Euro 15m & MARKIT ITRX EUROPE 12/27 & Euro 15m \\ \hline FNCL 5.5 12/22 15 Year & $25m & FNCL 6 12/22 30 Year & $25m \\ \hline T 3 7/811/30/27 Govt & $50m & T4 1/211/30/24 Govt & $15m \\ \hline & & Payer USSW10 & $35m \\ \hline \end{tabular} Cost to borrow 4.75\% from Prime Broker Thoughts to consider Overal Strategy Duration Liquidity Convexity Credit Risk Carrying cost of portfolio How to make better