问题如下：
ABC is a French wealth management firm. It entered into a CDS protection on company D to hedge its portfolio position. The relevant credit spread on company D was 650 bps when ABC bought this CDS protection. 6 month later, company D’s credit spread has increased by 150 bps. The credit analyst in ABC suggests their fund to enter into a new offsetting contract.
According to the information above, if ABC entered into a new offsetting contract to close its CDS protection purchased 6 months ago, this action would most likely result in:
选项：
A.A gain on the CDS position.
B.A loss on the CDS position.
C.Neither a gain or a loss on the CDS position.
解释：
A is correct.
考点：对CDS盈利的理解
解析：
ABC基金公司在购买D公司债券的CDS保护时，等于ABC做空了D公司的Credit spread，当D公司信用质量变差时，ABC的CDS保护盈利。当基金公司购买D公司CDS保护时，Credit spread为650 bps；6个月过后，D公司的Credit spread上升200bps，即D公司信用质量变差，因此ABC基金公司盈利。
如果是6个月之后做一个反向头寸，会有profit，这个我可以理解；但是题目不是说如果6个月之前就做反向头寸吗？那6个月之后，虽然前期买了CDS保险现在是挣钱了，可是那个反向头寸现在也亏钱了啊，不是应该最后是不赚也不亏吗？
