Credit Forwards  CS F defines agreed forward credit spread at time contract written  CS T = actual credit spread at maturity of forward Credit Spread Credit Spread Credit Spread at EndSellerBuyer CS T > CS F ReceivesPays (CS T - CS F )MD(A) (CS T -C S F )MD(A) CS F >CS T PaysReceives (CS F - CS T )MD(A) 22
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