摘要翻译：
在本系列的第三部分中，我们使用由拟合的存活率曲线导出的债券隐含的CDS期限结构来介绍CDS-债券基差交易的一致相对价值度量。我们解释了为什么这一衡量标准优于传统使用的Z-利差或Libor OAS，并提供简化的对冲和交易策略，利用现金和综合信贷市场的整个到期范围的相对价值。
---
英文标题：
《Defining, Estimating and Using Credit Term Structures. Part 3:
  Consistent CDS-Bond Basis》
---
作者：
Arthur M. Berd, Roy Mashal, Peili Wang
---
最新提交年份：
2009
---
分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Pricing of Securities        证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
--

---
英文摘要：
  In the third part of this series we introduce consistent relative value measures for CDS-Bond basis trades using the bond-implied CDS term structure derived from fitted survival rate curves. We explain why this measure is better than the traditionally used Z-spread or Libor OAS and offer simplified hedging and trading strategies which take advantage of the relative value across the entire range of maturities of cash and synthetic credit markets.
---
PDF链接：
https://arxiv.org/pdf/0912.4618