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Valuing less liquid bonds


While being most of the time liquid and transparent, the bonds market has been impacted by the crisis that triggered less liquidity for some bonds and/or more "buy and hold" atittude from certain holders.
In this context, the CNO/FBA is pleased to disclose a research paper from Jean-Marc Fossorier et Jean-Michel Moinade on the valuation of less liquid bonds. 
This occasional paper is not committing the CNO/FBA, as it aims not to fix any standard but to contribute to the international reflection on the important, albeit particurlaly difficult, issue of the bonds valuation. Readers comments would be most welcome and can be addressed at

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last update 02 June 2020