问题如下图：
选项：
A. 
B. 
C. 
解释：
请问助教，何老师在课上说buy protection是看空的意思，那么和这里的spread缩小是不是就矛盾了呢。请问为什么这种理解不对呢
NO.PZ2019011002000023问题如下TXT is a rivatives trang company. It wants to tra single-name C to a profit over time. The rivatives trang company wants to sell $10 million five-yeC protection on company TXT believes th3 months later, the cret spreon company will narrow from 225bps to 165 bps.Accorng to the information above, if TXT wants to close the position, it shoulSell protection on company a higher premium thit receivefor the C contra3 months before. Buy protection on company a lower premium thit receivefor the C contra3 months before. Buy protection on company a higher premium thit receivefor the C contra3 months before. B is correct.考点对C盈利的理解解析TXT公司预测Company Cret sprea三个月内会降低，因此在期初TXT可以卖出Protection，赚取更高的Premium，三个月后，当Company Cret sprea降时，TXT可以以更低的价格买入C Protection，平掉头寸。TXT公司盈利，因为他们卖出C protection时，赚取的是225bps的Cret sprea而平掉头寸买入C protection时，支付的是165bps的cret spreaTXT赚取中间差价。预期sprea降，一开始要先卖掉protection，对应的不是A吗？
NO.PZ2019011002000023 问题如下 TXT is a rivatives trang company. It wants to tra single-name C to a profit over time. The rivatives trang company wants to sell $10 million five-yeC protection on company TXT believes th3 months later, the cret spreon company will narrow from 225bps to 165 bps.Accorng to the information above, if TXT wants to close the position, it shoul Sell protection on company a higher premium thit receivefor the C contra3 months before. Buy protection on company a lower premium thit receivefor the C contra3 months before. Buy protection on company a higher premium thit receivefor the C contra3 months before. B is correct.考点对C盈利的理解解析TXT公司预测Company Cret sprea三个月内会降低，因此在期初TXT可以卖出Protection，赚取更高的Premium，三个月后，当Company Cret sprea降时，TXT可以以更低的价格买入C Protection，平掉头寸。TXT公司盈利，因为他们卖出C protection时，赚取的是225bps的Cret sprea而平掉头寸买入C protection时，支付的是165bps的cret spreaTXT赚取中间差价。 是不是在0时刻借来c卖掉，获得高价，3个月后c降价的预期落地后，以买该公司的c，归还0时刻借来的c，头寸平调，获得价差？这是也是衍生品自带杠杆的体现？
Buy protection on company a lower premium thit receivefor the C contra3 months before. Buy protection on company a higher premium thit receivefor the C contra3 months before. B is correct. 考点对C盈利的理解 解析 TXT公司预测Company Cret sprea三个月内会降低，因此在期初TXT可以卖出Protection，赚取更高的Premium，三个月后，当Company Cret sprea降时，TXT可以以更低的价格买入C Protection，平掉头寸。TXT公司盈利，因为他们卖出C protection时，赚取的是225bps的Cret sprea而平掉头寸买入C protection时，支付的是165bps的cret spreaTXT赚取中间差价。卖保险，不是sell protection? 那不是A吗
老师请问，cret sprea高到低，高的时候不就应该买保险即buy C做空，低的时候不就应该卖保险sell C做多吗？
老师好， 这里TXT 是不是一开始short C 得一个较高的premium, 然后现在cret spreops, 所以TXT 就long c, 相当于去buy 一个c a lower premium. 赚里面的premium 价差? 谢谢。
