Nordic Risk: You have constructed a new model for valuing long-term liabilities. What made you focus on this topic?
Frederic Ottesen (FO): We started to consider this issue at the end of last year when, for well-known reasons, long-term rates - or at least the screen quotes for these rates - fell by two full percentage points in Sweden. It wasn't just the fall in prices that was shocking; it was the impact that completing trades had on the market.
For example, in Q4 last year, a small trade in lon
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