Years go by.
MCO’s Treasurer was last seen with 2 suitcases of cash and a plane ticket for the Cayman Islands. The company is in serious financial trouble. Moody’s drops the rating from AA to B (Junk). The insurance company sells the bond to a hedge fund with 9 years left to maturity for a YTM of 14%.
Summary: the bond has 9 years to maturity, a coupon of $80, a par value of $1000 and is trading with at YTM of 14%.
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