Frm exam 2007，question 130.
A three year credit-linked note(CLN) with underlying company Z has a LIBOR+60bp semiannual coupon. The face value of the CLN is USD 100.LIBOR is 5% for all maturities. The current three-year CDS spread for company Z is 90bp. The fair value of the CLN is  closest to
A.USD 100
B.USD 111.05
C.USD 101.65
D.USD 99.19
答案是D。如果考虑coupon=Libor+60bp-90bp的话可以得出答案，这样就意味着投资者是CDS的多头，但是handbook里面对于信用联系票据的定义，投资者应该是CDS的空头，其收益为Libor+Xbp+Ybp。
这个问题怎么解释？