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align="left">23
This can refer to a real expectation (historical) or one implied from market spreads (risk-neutral) as discussed below.
24
This means they have the same seniority and therefore should expect to receive the same recovery value.
25
For example, see “Consumers exceeding bank credit lines slows oil hedging”,
26
Strictly speaking, it is a netting set level calculation, as there can possibly be more than one netting agreement with a given counterparty.
