1. In a market crash the following are usually true?
   1. Fixed-income portfolios hedged with short Treasury bond and futures lose less than those hedged with interest rate swaps given equivalent durations
   2. Bid-offer spreads widen because of lower liquidity
   3. The spread between off-the-run bonds and benchmark issues widen

Choose:

1. a., b. and c.
2. b. and c.
3. a. and c.
4. none of the above