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I just realized that confidence interval and confidence level are two different things? When we calculate 95% VaR, we get 1.645 whereas if we do 95% confidence interval for Black-Scholes Merton model, we get the z-value for 1.96? Can anyone please illustrate the difference in these two? Many thanks.

Hi guys, I came across something on the textbook and found it very off. The statement: In the case of an upward-sloping term structure, there will be a tendency for the forward rate to be higher than the coupon so that bond price rises. Is this statement correct? Thanks in advance.