Does zero OAS mean no option?
No.
Not exactly. It just means your Zspread is the option value
A callable bond can have zero OAS but still have an option value
OAS = Zspread - option
thanks
Does zero OAS mean no option?
No.
Not exactly. It just means your Zspread is the option value
A callable bond can have zero OAS but still have an option value
OAS = Zspread - option
thanks