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CDS are not bond-specific and do not provide information for RV between bond issues. CDS are widely used for RV between issuers and maturities for one issuer.
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p3

a spread duration – their PV varied with changes in spread according to a ‘DV01’. CDS are quoted, hence no calculation is required. The theoretical models of CDS involving recovery rates and default probabilities are complicated. <span>CDS are not bond-specific and do not provide information for RV between bond issues. CDS are widely used for RV between issuers and maturities for one issuer. Source: Morgan Stanley <span><body><html>



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