US CREDIT-Playing the basis between bonds, default swaps


By Eric Burroughs NEW YORK, Nov 17 (Reuters) - An ever-popular way of playing the credit markets is to make relative value bets based on the performance of a company's bonds compared to its credit default swaps or using those spreads for new strategies -- what's known as basis trades. Basis refers to the difference in spread between two companies' default swap spreads, or the valuation of one company's bond spreads compared with the default swaps. Credit analysts at Citigroup offered ...

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