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QUESTION
in the following formula to work out the yeild of a bond during a reccession or given situation, i would use: return on debt = Yield - pL i do not
in the following formula to work out the yeild of a bond during a reccession or given situation, i would use:
return on debt = Yield - pL
i do not understand what the pL in the equation stands for? i know it involves an element of the probability of a recession and something else.
