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You think the credit qualtity of MNO will improve from their current 5-year CDS spread of +150. Do you enter into a CDS to pay

  1. You think the credit qualtity of MNO will improve from their current 5-year CDS spread of +150. Do you enter into a CDS to pay the premium or receive? Assume you enter into $20m of CDS and the spread moves to + 170 after 2 years. What is your gain or loss ?

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