quiz- credit barbell strategy

It’s a strategy where you are long a short term bond and an intermediate to long term bond. It will have more convexity than a similar one bond investment with the same effective duration.
 
both credit curves, both term structure and credit structure, are almost always positively sloped. in an effort to moderate portfolio risk, many portfolio managers take credit risk in short and intermediate maturities, and to substitute less-risky government securities in long-duration portfolio buckets. this strategy is called credit barbell strategy.
 
happyking02 wrote: both credit curves, both term structure and credit structure, are almost always positively sloped. in an effort to moderate portfolio risk, many portfolio managers take credit risk in short and intermediate maturities, and to substitute less-risky government securities in long-duration portfolio buckets. this strategy is called credit barbell strategy.
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Could someone please explain what does the above sentence in bold means? I read from Kaplan that A barbell is a portfolio that contains short- and long-term bonds. As opposed to using short-term Treasuries, corporate securities are used at the front end of the yield curve with long-term Treasuries at the long end of the yield curve.
As such, I am rather confused by the “short and intermediate maturities” mentioned in the quoted phrase.
 
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