In the nation's rapidly evolving debt market, clarity on the understanding of the probability of default (PD) is critical for every investor aspiring to invest in bonds. Whether you are investing in ...

The amount of money investors are recovering from companies that default on their debt has fallen at a sharper rate this year than during previous credit cycles, potentially heralding a structural ...

As explained in Prof. Robert Jarrow’s book cited below, forward rates contain a risk premium above and beyond the market’s expectations for the 3-month forward rate. We document the size of that risk ...