NO.PZ2020033002000064
问题如下：
The table shows the bid/ask quotes by MAC for CDS spreads for companies A, B, and C.
Vision Hedge Fund now has excessive credit exposure to company B and wants to reduce it via buying a USD 200 million three-year protection. To compensate partial protection costs, Vision decides to sell USD 300 million five-year protection on company A and to sell USD 100 million one-year protection on company C based on its views. What is the net annual premium payment made by Vision to MAC in the first year?
选项：
A.USD 0.73 million
B.USD 0.20 million
C.USD 0.48 million
D.USD 0.52 million
解释：
A is correct.
考点：CDS
解析：
The payment is , which translates into $0.73 million.
我先梳理一下题目意思：Vision hedge fund因为投资了B公司，但是B公司有一个过高的信用风险，所以想买个3年的200million的保险（如果B违约了保险公司赔B200million）。为了把这个买保险的成本赚回来，所以Vision公司也准备卖两个保险，收波保费cover自己的开销。这个理解应该没问题把？
然后就是，这个bid/ask的报价我怎么理解呢，200*116的含义是啥，每1块的赔付，我要花116来买？
