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U have a SHORT position in the portfolio of an amount of 200,000,000 ( ur position is -200,000,000 in this particular bet) ur spread duration

U have a SHORT position in the portfolio of an amount of 200,000,000 ( ur position is -200,000,000 in this particular bet) ur spread duration is 3 years. Assuming the spread DROPs by 50 bps what will be ur new approximate MV?

Hint: U are SHORT!!!

		-203,000,000
		-197,000,000
		No change
		-205,000,000

please explain and show work

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