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What is the value of a mark-to-market CDS for the CDS seller later in the swap’s life following inception? A. Always negative because of the probability of default on the CDS. B. Zero, since the CDS is priced so that the present value of expected payments equals the present value of expected payouts in the event of default. C. Always negative because of the mark-to-market value of the CDS. D. May be positive or negative as the value of the CDS changes. |