If the CDS-bond basis is X minus Y, what are X and Y?
A. X is the CDS spread and Y is the excess of the bond yield over the swap rate
B. X is the excess of the bond yield over the swap rate and Y is the CDS spread
C. X is the CDS spread and Y is the excess of the bond yield over the Treasury rate
D. X is the excess of the bond yield over the Treasury rate and Y is the CDS spread
A
The CDS-bond basis is the excess of the CDS spread over the bond yield spread.
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