CFA level II 在讲到credit default swap的时候说CDS有flexibility的特征。
原文是： Credit derivatives facilitate credit, maturity, and currency positions not otherwise available in the underlying cash market. For example, if an investor wanted a position with a 4-year maturity, a customized contract could be devised using 3- and 5-year maturity swaps.
不是很懂如何通过3年期和5年期的swap来做出4年期的position？希望大牛帮忙解惑呀。谢谢！