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See","page_number":4,"box":{"x":48,"y":415,"width":178,"height":9}},{"id":"564fd797-9ea8-4851-85e3-dfd807392940","block_type":"box","text":"Gross exposure, Long/short position, Hedge","page_number":4,"box":{"x":230,"y":415,"width":241,"height":9}},{"id":"d613f86c-e431-458c-9d70-db7478dd9131","block_type":"box","text":".","page_number":4,"box":{"x":472,"y":421,"width":1,"height":1}},{"id":"92e68f4b-f652-4b34-9c71-2e076c7aee23","block_type":"box","text":"Effective duration:","page_number":4,"box":{"x":48,"y":429,"width":103,"height":7}},{"id":"667e4a0e-f11a-404b-aa0e-cc849be267f1","block_type":"box","text":"estimates the sensitivity of a bond’s price to changes in","page_number":4,"box":{"x":159,"y":429,"width":328,"height":9}},{"id":"ba678378-7beb-4b50-b24f-1cc5fbc2a988","block_type":"box","text":"benchmark interest rates. 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See","page_number":4,"box":{"x":512,"y":155,"width":140,"height":9}},{"id":"13bb82b7-c461-4211-aeeb-9eb2f2e6930d","block_type":"box","text":"Gross Exposure, Long/short Position.","page_number":4,"box":{"x":656,"y":155,"width":201,"height":9}},{"id":"137cf899-2ad6-4da2-9e32-204f470047e8","block_type":"box","text":"Non-rated bonds","page_number":4,"box":{"x":512,"y":170,"width":93,"height":7}},{"id":"3221030d-c15b-4a8b-88b3-14945590af48","block_type":"box","text":": bonds that are not rated. 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In","page_number":4,"box":{"x":603,"y":276,"width":348,"height":8}},{"id":"307de45b-8f80-48cd-8942-920ca2deff44","block_type":"box","text":"the event that the issuer cannot repay all its debt, the holders of preferred bonds","page_number":4,"box":{"x":512,"y":285,"width":439,"height":9}},{"id":"553f83c8-78ef-4a10-aafb-81340996031d","block_type":"box","text":"will be further forward in the queue for repayment than holders of other (‘non","page_number":4,"box":{"x":512,"y":295,"width":439,"height":8}},{"id":"922ce124-b7af-4964-a413-0a2b6472e010","block_type":"box","text":"preferred’) bonds.","page_number":4,"box":{"x":512,"y":304,"width":93,"height":9}},{"id":"2e1e7290-c5cf-46e5-8b17-447f0a193494","block_type":"box","text":"Share","page_number":4,"box":{"x":512,"y":319,"width":29,"height":6}},{"id":"0b029a65-96f0-416d-8084-eab9bd2f3deb","block_type":"box","text":": a unit of ownership interest in a company or financial asset. 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