Credit Spreads in multiple forms

--I-Spread: the yield spread over matched maturity swap yield, not LIBOR spot curve... IYC1 US SWAP ACT/360 or curve I52 --ASW: par portion of hte bond is discounted a the risky rate (coupon rate) premium or discount portion is discounted at LIBOR rate, not LIBOR + Spread Asset swap is a seperate agreement between two parties, so if the underlying issuer defaults, an asset swap still continue --Z-spread: spread over LIBOR spot curve, OAS with zero volatitliy discount: LIBOR + Spread --Par CDS equivalent spread: when bond price is different from par, actual recovery rate for bond investor is different from 40%, the CDS investor's (protection seller) recovery rate. Because bond investor is expected to recover only 40% of initial par(100) investment, not 40% of current market value.