7)    On CLN valuation(FRM handbook 5th edition, Example 22.15 page 550)
A three-year, credit-linked note (CLN) with underlying company Z has a LIBOR + 60 bps semi-annual 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 90 bps. The fair value for the CLN is closet to
a.    USD 100.00
b.    USD 111.05
c.    USD 101.65
d.    USD 99.19
Answer provided is d USD 99.19.

解释中提及cds spread 大于coupon，所以CLN折价交易，请问CDS的spread是看作CLN的YTM么？