问一道题：NO.PZ2020033002000064 [ FRM II ]

NO.PZ2020033002000064 问题如下 The table shows the biask quotes Mfor C sprea for companies anVision Hee Funnow hexcessive cret exposure to company B anwants to reit via buying a US200 million three-yeprotection. To compensate partiprotection costs, Vision cis to sell US300 million five-yeprotection on company A anto sell US100 million one-yeprotection on company C baseon its views. Whis the net annupremium payment ma byVision to Min the first year? US0.73 million US0.20 million US0.48 million US0.52 million A is correct.考点C解析The payment is 200×116−300×28−100×75200\times116-300\times28-100\times75200×116−300×28−100×75, whitranslates into $0.73 million. 我先梳理一下题目意思Vision hee fun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biask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？

NO.PZ2020033002000064 老师，答案没看懂，能给讲一下吗？