{"id":13262,"date":"2026-06-24T17:51:18","date_gmt":"2026-06-24T13:51:18","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=13262"},"modified":"2026-07-27T20:51:09","modified_gmt":"2026-07-27T16:51:09","slug":"cds-vs-bond-spreads","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2026\/06\/24\/cds-vs-bond-spreads\/","title":{"rendered":"CDS \u10d3\u10d0 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e1\u10de\u10e0\u10d4\u10d3\u10d4\u10d1\u10d8"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>\u10e0\u10d0\u10e2\u10dd\u10db \u10e3\u10dc\u10d3\u10d0 \u10d8\u10e7\u10dd\u10e1 CDS spread \u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7 \u10d8\u10db \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10e1 \u10e2\u10dd\u10da\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d8\u10dc\u10e1\u10e2\u10e0\u10e3\u10db\u10d4\u10dc\u10e2\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10d2\u10d5\u10d7\u10d0\u10d5\u10d0\u10d6\u10dd\u10d1\u10e1?<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10de\u10e0\u10d4\u10d3\u10d8<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10e0\u10d8\u10e1\u10d9\u10e1 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0 \u10d7\u10d0\u10d5\u10d6\u10d4 \u10d8\u10e6\u10d4\u10d1\u10e1. \u10d7\u10e3 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10d5\u10d0\u10da\u10d3\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d4\u10d1\u10e1 \u10e8\u10d4\u10d0\u10e1\u10e0\u10e3\u10da\u10d4\u10d1\u10e1, \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8 \u10db\u10d8\u10d8\u10e6\u10d4\u10d1\u10e1:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d9\u10e3\u10de\u10dd\u10dc\u10d4\u10d1\u10e1;<\/li>\n\n\n\n<li>\u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e1 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d5\u10d0\u10d3\u10d8\u10e1 \u10d1\u10dd\u10da\u10dd\u10e1.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d7\u10e3 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d3\u10d4\u10d1\u10d0, \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10db\u10d0 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10d8\u10e1 \u10db\u10ee\u10dd\u10da\u10dd\u10d3 \u10dc\u10d0\u10ec\u10d8\u10da\u10d8 \u10d3\u10d0\u10d8\u10d1\u10e0\u10e3\u10dc\u10dd\u10e1. \u10e1\u10ec\u10dd\u10e0\u10d4\u10d3 \u10d0\u10db \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0, \u10e9\u10d5\u10d4\u10e3\u10da\u10d4\u10d1\u10e0\u10d8\u10d5, \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d8\u10dc\u10e1\u10e2\u10e0\u10e3\u10db\u10d4\u10dc\u10e2\u10d6\u10d4 \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0\u10e1 \u10d2\u10d5\u10d7\u10d0\u10d5\u10d0\u10d6\u10dd\u10d1\u10e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10d3\u10d0\u10d5\u10e3\u10e8\u10d5\u10d0\u10d7: \u10ee\u10e3\u10d7\u10ec\u10da\u10d8\u10d0\u10dc\u10d8 \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 yield \u10d0\u10e0\u10d8\u10e1 7%; \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d8 \u10ee\u10e3\u10d7\u10ec\u10da\u10d8\u10d0\u10dc\u10d8 risk-free rate \u10d0\u10e0\u10d8\u10e1 5%. \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10d0\u10dc\u10dd\u10d1\u10d0 \u10d8\u10e5\u10dc\u10d4\u10d1\u10d0:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>7% &#8211; 5% = 2%<\/strong>, \u10d0\u10dc\u10e3 200 basis point.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d4\u10e1 \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 2% \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10e1 \u10d9\u10dd\u10db\u10de\u10d4\u10dc\u10e1\u10d0\u10ea\u10d8\u10d0\u10e1 \u10d8\u10db \u10e0\u10d8\u10e1\u10d9\u10d4\u10d1\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1, \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10e4\u10da\u10dd\u10d1\u10d4\u10da\u10d8 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0 \u10d7\u10d0\u10d5\u10d6\u10d4 \u10d8\u10e6\u10d4\u10d1\u10e1.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u10d7\u10e3 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8 CDS \u10d3\u10d0\u10ea\u10d5\u10d0\u10e1\u10d0\u10ea \u10d8\u10e7\u10d8\u10d3\u10d8\u10e1?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Hull \u10d2\u10d0\u10dc\u10d8\u10ee\u10d8\u10da\u10d0\u10d5\u10e1 \u10e8\u10d4\u10db\u10d3\u10d4\u10d2 \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10e1:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0 \u10e6\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0\u10d3 \u10e7\u10d8\u10d3\u10e3\u10da\u10dd\u10d1\u10e1 \u10ee\u10e3\u10d7\u10ec\u10da\u10d8\u10d0\u10dc \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0\u10e1;<\/li>\n\n\n\n<li>\u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 yield \u10d0\u10e0\u10d8\u10e1 7%;<\/li>\n\n\n\n<li>\u10d8\u10db\u10d0\u10d5\u10d4 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1\u10d2\u10d0\u10dc \u10d3\u10d0\u10e1\u10d0\u10ea\u10d0\u10d5\u10d0\u10d3 \u10e7\u10d8\u10d3\u10e3\u10da\u10dd\u10d1\u10e1 \u10ee\u10e3\u10d7\u10ec\u10da\u10d8\u10d0\u10dc CDS-\u10e1;<\/li>\n\n\n\n<li>CDS spread \u10d0\u10e0\u10d8\u10e1 2%, \u10d0\u10dc\u10e3 200 basis point.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10d3\u10d0\u10dc \u10d8\u10e6\u10d4\u10d1\u10e1 7%-\u10e1, \u10db\u10d0\u10d2\u10e0\u10d0\u10db CDS \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10d8\u10ee\u10d3\u10d8\u10e1 2%-\u10e1. \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3, \u10db\u10d8\u10e1\u10d8 \u10ec\u10db\u10d8\u10dc\u10d3\u10d0 \u10ec\u10da\u10d8\u10e3\u10e0\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10d0\u10da\u10d8\u10d0:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>7% &#8211; 2% = 5%<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d4\u10e1 \u10d6\u10e3\u10e1\u10e2\u10d0\u10d3 \u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0 risk-free rate-\u10e1, \u10d0\u10dc\u10e3: <strong>\u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0 + CDS \u10d3\u10d0\u10ea\u10d5\u10d0 \u2248 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u10e0\u10d0 \u10ee\u10d3\u10d4\u10d1\u10d0 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d7\u10e3 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d0 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d3\u10d4\u10d1\u10d0, \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0\u10d6\u10d4 \u10d6\u10d0\u10e0\u10d0\u10da\u10e1 \u10db\u10d8\u10d8\u10e6\u10d4\u10d1\u10e1. \u10db\u10d0\u10d2\u10e0\u10d0\u10db CDS-\u10d8\u10e1 \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10e1 \u10e8\u10d4\u10e3\u10eb\u10da\u10d8\u10d0 \u10db\u10d8\u10d8\u10e6\u10dd\u10e1 \u10d6\u10d0\u10e0\u10d0\u10da\u10d8\u10e1 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d8 \u10d9\u10dd\u10db\u10de\u10d4\u10dc\u10e1\u10d0\u10ea\u10d8\u10d0. \u10e4\u10d8\u10d6\u10d8\u10d9\u10e3\u10e0\u10d8 \u10d0\u10dc\u10d2\u10d0\u10e0\u10d8\u10e8\u10e1\u10ec\u10dd\u10e0\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10e1 \u10e8\u10d4\u10e3\u10eb\u10da\u10d8\u10d0 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10d8\u10e1 \u10e1\u10d0\u10dc\u10d0\u10ea\u10d5\u10da\u10dd\u10d3 \u10d2\u10d0\u10d3\u10d0\u10e1\u10ea\u10d4\u10e1 \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10d2\u10d0\u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e8\u10d4\u10d3\u10d4\u10d2\u10d0\u10d3, \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0\u10d6\u10d4 \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10d6\u10d0\u10e0\u10d0\u10da\u10d8 CDS-\u10d8\u10d7 \u10d9\u10dd\u10db\u10de\u10d4\u10dc\u10e1\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0. \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10d8 \u10d3\u10d4\u10e4\u10dd\u10da\u10e2\u10d0\u10db\u10d3\u10d4 \u10d8\u10e6\u10d4\u10d1\u10d3\u10d0 5%-\u10d8\u10d0\u10dc \u10ec\u10db\u10d8\u10dc\u10d3\u10d0 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10d0\u10da\u10e1, \u10ee\u10dd\u10da\u10dd \u10db\u10d8\u10e6\u10d4\u10d1\u10e3\u10da\u10d8 \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10d8\u10e1 \u10d3\u10d0\u10e0\u10e9\u10d4\u10dc\u10d8\u10da\u10d8 \u10de\u10d4\u10e0\u10d8\u10dd\u10d3\u10d8\u10e1 \u10d2\u10d0\u10dc\u10db\u10d0\u10d5\u10da\u10dd\u10d1\u10d0\u10e8\u10d8 risk-free rate-\u10d8\u10d7 \u10d3\u10d0\u10d1\u10d0\u10dc\u10d3\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e3\u10eb\u10da\u10d8\u10d0. \u10d0\u10db\u10d8\u10e2\u10dd\u10db \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1\u10d0 \u10d3\u10d0 CDS \u10d3\u10d0\u10ea\u10d5\u10d8\u10e1 \u10d9\u10dd\u10db\u10d1\u10d8\u10dc\u10d0\u10ea\u10d8\u10d0 \u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10de\u10dd\u10d6\u10d8\u10ea\u10d8\u10d0\u10e1 \u10e5\u10db\u10dc\u10d8\u10e1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e1\u10d8\u10e2\u10e7\u10d5\u10d0 <strong>\u201e\u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7\u201c<\/strong> \u10db\u10dc\u10d8\u10e8\u10d5\u10dc\u10d4\u10da\u10dd\u10d5\u10d0\u10dc\u10d8\u10d0, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1\u10d0 \u10d3\u10d0 CDS-\u10d8\u10e1 \u10de\u10d8\u10e0\u10dd\u10d1\u10d4\u10d1\u10d8 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d8\u10d3\u10d4\u10d0\u10da\u10e3\u10e0\u10d0\u10d3 \u10d0\u10e0 \u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10dd\u10d3\u10d4\u10e1.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Asset Swap Spread<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Hull \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1 risk-free benchmark-\u10d0\u10d3 LIBOR\/swap rate-\u10e1 \u10d8\u10e7\u10d4\u10dc\u10d4\u10d1\u10e1. \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 yield-\u10d8\u10e1 \u10e1\u10d8\u10ed\u10d0\u10e0\u10d1\u10d4\u10e1 swap rate-\u10d6\u10d4 Asset Swap Spread \u10d4\u10ec\u10dd\u10d3\u10d4\u10d1\u10d0.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d0\u10dc\u10e3:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Asset Swap Spread = Bond Yield &#8211; Risk-Free Rate<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3, \u10d7\u10d4\u10dd\u10e0\u10d8\u10e3\u10da\u10d0\u10d3:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>CDS Spread \u2248 Asset Swap Spread<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e0\u10d4\u10d0\u10da\u10e3\u10e0 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10d4\u10e1 \u10dd\u10e0\u10d8 \u10e7\u10dd\u10d5\u10d4\u10da\u10d7\u10d5\u10d8\u10e1 \u10d6\u10e3\u10e1\u10e2\u10d0\u10d3 \u10e2\u10dd\u10da\u10d8 \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1 \u10d3\u10d0 \u10db\u10d0\u10d7 \u10e8\u10dd\u10e0\u10d8\u10e1 \u10e1\u10ee\u10d5\u10d0\u10dd\u10d1\u10d0\u10e1 <strong>CDS-bond basis<\/strong> \u10d4\u10ec\u10dd\u10d3\u10d4\u10d1\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10d8\u10e7\u10dd\u10e1 \u10e3\u10d0\u10e0\u10e7\u10dd\u10e4\u10d8\u10d7\u10d8\u10ea \u10d3\u10d0 \u10d3\u10d0\u10d3\u10d4\u10d1\u10d8\u10d7\u10d8\u10ea. \u10d8\u10db\u10d8\u10e1, \u10d2\u10d0\u10db\u10dd \u10e0\u10dd\u10db \u10e0\u10d8\u10e1\u10d9\u10d8 \u10e4\u10d0\u10e1\u10d8 \u10e7\u10d5\u10d4\u10da\u10d0 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10d4\u10e0\u10d7\u10d8\u10d3\u10d0\u10d8\u10d2\u10d8\u10d5\u10d4 \u10e3\u10dc\u10d3\u10d0 \u10d8\u10e7\u10dd\u10e1, \u10d7\u10d4\u10dd\u10e0\u10d8\u10e3\u10da\u10d0\u10d3 <strong>CDS-bond basis<\/strong>-\u10d8 \u10db\u10d8\u10d8\u10e1\u10ec\u10e0\u10d0\u10e4\u10d8\u10e1 \u10dc\u10e3\u10da\u10d8\u10e1\u10d9\u10d4\u10dc. \u10d4\u10e1 \u10d0\u10e0\u10d1\u10d8\u10e2\u10e0\u10d0\u10df\u10d8\u10d7 \u10d8\u10ee\u10e1\u10dc\u10d4\u10d1\u10d0.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10d7\u10e3\u10db\u10ea\u10d0 \u10de\u10e0\u10d0\u10e5\u10e2\u10d8\u10d9\u10d0\u10e8\u10d8 CDS-bond basis \u10e7\u10dd\u10d5\u10d4\u10da\u10d7\u10d5\u10d8\u10e1 \u201e\u10e3\u10e4\u10d0\u10e1\u10dd \u10d0\u10e0\u10d1\u10d8\u10e2\u10e0\u10d0\u10df\u10d8\u201c \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1. \u10db\u10d0\u10e1\u10d6\u10d4 \u10db\u10dd\u10e5\u10db\u10d4\u10d3\u10d4\u10d1\u10e1 \u10d3\u10d0\u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d4\u10d1\u10d8\u10e1, \u10da\u10d8\u10d9\u10d5\u10d8\u10d3\u10dd\u10d1\u10d8\u10e1, counterparty \u10d3\u10d0 execution risk-\u10d4\u10d1\u10d8&#8230;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u10ec\u10e7\u10d0\u10e0\u10dd:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">John C. Hull, <em>Options, Futures, and Other Derivatives<\/em>, Chapter 24 \u2014 Credit Derivatives.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u10e0\u10d0\u10e2\u10dd\u10db \u10e3\u10dc\u10d3\u10d0 \u10d8\u10e7\u10dd\u10e1 CDS spread \u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7 \u10d8\u10db \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10e1 \u10e2\u10dd\u10da\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d8\u10dc\u10e1\u10e2\u10e0\u10e3\u10db\u10d4\u10dc\u10e2\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10d2\u10d5\u10d7\u10d0\u10d5\u10d0\u10d6\u10dd\u10d1\u10e1? \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10de\u10e0\u10d4\u10d3\u10d8 \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10e0\u10d8\u10e1\u10d9\u10e1 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0 \u10d7\u10d0\u10d5\u10d6\u10d4 \u10d8\u10e6\u10d4\u10d1\u10e1. [&hellip;]<\/p>","protected":false},"author":12998525,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"custom-post-template","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[784237235,37048,37372],"tags":[],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445728],"eon_content_type":[],"eon_source":[784445725],"eon_idea":[784445689,784445690],"eon_framework":[],"class_list":["post-13262","post","type-post","status-publish","format-standard","hentry","category-options-futures-other-derivatives-john-c-hull-ka","category-interest-rates","category-risk","eon_level-advanced","eon_source-options-futures-other-derivatives-john-c-hull","eon_idea-interest-rates","eon_idea-risk"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CDS vs Bond Spreads<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2026\/06\/24\/cds-vs-bond-spreads\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CDS vs Bond Spreads\" \/>\n<meta property=\"og:description\" content=\"\u10e0\u10d0\u10e2\u10dd\u10db \u10e3\u10dc\u10d3\u10d0 \u10d8\u10e7\u10dd\u10e1 CDS spread \u10d3\u10d0\u10d0\u10ee\u10da\u10dd\u10d4\u10d1\u10d8\u10d7 \u10d8\u10db \u10d3\u10d0\u10db\u10d0\u10e2\u10d4\u10d1\u10d8\u10d7\u10d8 \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d8\u10e1 \u10e2\u10dd\u10da\u10d8, \u10e0\u10dd\u10db\u10d4\u10da\u10e1\u10d0\u10ea \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d0 \u10e3\u10e0\u10d8\u10e1\u10d9\u10dd \u10d8\u10dc\u10e1\u10e2\u10e0\u10e3\u10db\u10d4\u10dc\u10e2\u10d7\u10d0\u10dc \u10e8\u10d4\u10d3\u10d0\u10e0\u10d4\u10d1\u10d8\u10d7 \u10d2\u10d5\u10d7\u10d0\u10d5\u10d0\u10d6\u10dd\u10d1\u10e1? \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e1\u10de\u10e0\u10d4\u10d3\u10d8 \u10d9\u10dd\u10e0\u10de\u10dd\u10e0\u10d0\u10ea\u10d8\u10e3\u10da\u10d8 \u10dd\u10d1\u10da\u10d8\u10d2\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10e7\u10d8\u10d3\u10d5\u10d4\u10da\u10d8 \u10d9\u10dd\u10db\u10de\u10d0\u10dc\u10d8\u10d8\u10e1 \u10e1\u10d0\u10d9\u10e0\u10d4\u10d3\u10d8\u10e2\u10dd \u10e0\u10d8\u10e1\u10d9\u10e1 \u10e1\u10d0\u10d9\u10e3\u10d7\u10d0\u10e0 \u10d7\u10d0\u10d5\u10d6\u10d4 \u10d8\u10e6\u10d4\u10d1\u10e1. 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