问题如下：
Yankel Stein is the chief investment officer of a large charitable foundation based in the United States. Although the foundation has significant exposure to alternative investments and hedge funds, Stein proposes to increase the foundation’s exposure to relative value hedge fund strategies. As part of Stein’s due diligence on a hedge fund engaging in convertible bond arbitrage, Stein asks his investment analyst to summarize different risks associated with the strategy.
Describe how Credit issues can create concerns for Stein’s proposed hedge fund strategy.
解释：
Credit issues may complicate valuation since bonds have exposure to credit risk. When credit spreads widen or narrow, there would be a mismatch in the values of the stock and convertible bond positions that the convertible manager may or may not have attempted to hedge away.
老师这个题目看完答案以后我理解，这就是个basis risk，毕竟是拿股票和call option on stock做hedge，想要对冲掉除了Vega以外的greek，尤其是delta，但是。。。我做题的时候已经两次了第一反应都是信用违约的情况下bond直接违约就毛都不剩了，这个思路是这个题目想要的么？还是我就做错了。