Your numbers are off, though your point still remains. If the client jumps bond you lose $50k, but you got $9.5k from it for a net of -$40.5k or an 81% loss.

Your numbers are off, though your point still remains. If the client jumps bond you lose $50k, but you got $9.5k from it for a net of -$40.5k or an 81% loss. It would thus take ~4 good bonds to cancel that one out.