问题如下：
If an investor holds a five-year IBM bond, it will give a return very close to the return of the following position:
选项： A
five-year IBM credit default swap on which the investor pays fixed and receives
a payment in the event of default
A five-year IBM credit default swap on which the investor receives fixed and makes a payment in the event of default
C.A five-year U.S. Treasury bond plus a five-year IBM credit default swap on which the investor pays fixed and receives a payment in the event of default
D.A five-year U.S. Treasury bond plus a five-year IBM credit default swap on which the investor receives fixed and makes a payment in the event of default
解释：
ANSWER: D
A long corporate bond position is equivalent to a long Treasury bond position plus a short CDS.
on which the investor pays fixed and receives a payment in the event of default?pay fixed 和receives a payment 怎么理解啊老师
