Business and Personal Finance Dictionary

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• CREDIT OPTION ON BRADY BONDS (COBRA)
  
  A credit spread option (q.v.) with a payoff that depends on the yield spread between a Brady bond and another bond – usually, a comparable maturity Treasury. (Gary L. Gastineau and Mark P. Kritzman, Dictionary of Financial Risk Management, Frank J. Fabozzi Associates, 1996.)
  
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