1. You are a portfolio manager. You are attempting to fund a US dollar liability payment in 6 years, where the liability is discounted at a 4% interest rate. Your analyst presents you with the opportunity to buy a 10-year U.S. dollar denominated investment grade (non-US Treasury) corporate bond with a yield of 5.5%, with a maturity in 10 years, with call protection for 2 years, and callable after year 2 for a price of $103. Discuss the risks that you would need to consider. In other words, name the risks and explain why each risk applies to this situation. Hint: There are 3 main risks.