CME强化课讲义P22中,有关Credit premium有两条不太好理解:
A steep yield curve predicts both a high term premium and a high credit premium.
credit premium虽然是没预期到的补偿,但也毕竟是因为信用问题所给予的补偿吧?经济越好,为何反而越大呢?
The increase in loan defaults reduces the expected return on corporate bonds. Hence, the credit premium should increase less.
同样,违约上升,credit premium为何会下降呢?
看了一些相关的回答,但还是不太理解,请帮忙详细解答下,谢谢。