in the battle against Covid-19, governments around the globe were on the cusp of becoming more indebted than at any point in modern history, surpassing even World War II. From Germany to Japan, Canada to China, fiscal authorities spent vast sums protecting their people and defending their economies from the colossal toll of the pandemic. At the same time corporations, emboldened by unprecedented government support for markets, are selling bonds like never before. The borrowing binge has come with a hefty price tag$19.5 trillion in 2020 alone, according to Institute of International Finance estimates. Still, compared to the alternativea deep and lasting depressionthat looked cheap. In a world where rock-bottom interest rates have kept debt costs manageable, its also affordable. But if rates rise faster and higher than expected, the end of the Covid- 19 crisis could mark the beginning of a reckoning. Answer each of the following questions in detail, using the information given above to illustrate your answers. a) Define Deep-discounted, High Yield Junk Bond, Convertible, Redeemable, and Eurobond? b) What is the relationship between interest rates and bond prices? c) What is credit rating and how does it impact the bond market? d) Is the current state of competition on the market affecting accuracy of credit ratings?