Partial Durations: The Case of Fixed and Floating Rate Bonds

Floating rate bonds are coupon-paying instruments generally indexed to interest parameters. At the trading date, the payment dates and indexation rules are known, while the value of future coupons is uncertain. In this perspective, floating rate bonds are generally seen as a portfolio of zero coupon bonds. Therefore, at each coupon payment date, the bond should be quoted at face value and its duration should match the maturity of the replicating zero coupon bond. However, the empirical evidence based on historical prices of real floating rate bonds shows that such an instrument is not systematically quoted at parity and its market risk profile could differ from that of the replicating zero coupon bond. The aim of this work is to study the duration of a floating rate bond using a partial modified duration approach after decomposing the floating rate bond into its main building blocks. The final goal is to capture the effective risk factors of these instruments in real financial markets in order to define synthetic risk measures that should be able to reflect the instrument\u2019s effective risk profile

The Relevant Oral Burden of Patients with Hidradenitis Suppurativa

Abstract Introduction Interleukin-17 plays a pivotal role in both hidradenitis suppurativa (HS) and in maintaining oral homeostasis, but their potential link remains unknown. Thus, we aimed to evaluate and quantify the oral burden of patients with HS. Methods In this real-life, multicenter, cross-sectional study, patients with HS were clinically evaluated by two board-certified dermatologists and two board-certified dentists. Oral comorbidities were carefully collected with medical history and therapeutic information. Results A total of 102 patients (44.0 ± 0.9 years, body mass index 27.0 ± 2.2 kg/m2) were enrolled. Remarkably, 48% and 43% did not undergo at least an oral hygiene or a dental visit each year, respectively. Oral disorders were found in 55.9% of patients with HS, in particular 39.2% had caries and 46.7% reported at least one missing tooth. The main oral manifestations in patients with HS were recurrent aphthous stomatitis (N = 19, 19.2%), amalgam tattoo (N = 14, 14.1%), leukoplakia (N = 11, 11.1%), nicotinic stomatitis (N = 9, 9.1%), papilloma (N = 8, 8.1%), and geographic tongue (N = 8, 8.1%). Whilst the main predictor of oral pathological conditions was Hurley staging (P = 0.0276), multivariate regression analysis indicated that gender and International Hidradenitis Suppurativa Severity Score System (IHS4) were the main predictors for the presence of caries and number of missing teeth. Conclusion As a result of the relevant oral burden in patients with HS, dentists should be part of the multidisciplinary team and oral education should be promoted among patients with HS