This paper presents a backtesting framework for a probability of default (PD) model, assuming that the latter is calibrated to both point-in-time (PIT) and through-the-cycle (TTC) levels. We claim ...

Understanding the probability of default in bonds helps investors assess credit risk and make more informed fixed-income investment decisions. (Image: Pixabay) In the nation's rapidly evolving debt ...

In the nation's rapidly evolving debt market, clarity on the understanding of the probability of default (PD) is critical for every investor aspiring to invest in bonds. Whether you are investing in ...