fixed income strategies

1. Shortfall risk: the probability of not meeting required liabilities obligations...
(how to graph it ) ?

2. Credit spread forward: both parties agree on the rate in future, long pays fixed rate (as agreed today), short pays the spread rate in future.

Long benefits from increase in credit spread, short benefits from decrease.

payoff = (credit spread at maturity - credit spread now)* notional amount * risk fator