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I am currently looking at a way to run a basic sentiment analysis NLP model and look for a possible relationship with firm CDS spreads. I am however unsure as to which spread to use for my regression (par-spread,convspreard). Especially since both parspread and convspread seem to be quoted as follows i.e 12bps =0.00012

Thank you in advance

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Related recent paper: https://www.spglobal.com/marketintelligence/en/news-insights/research/watch-your-language-executives-remarks-on-earnings-calls-impact-cds-spreads

Use conventional spreads. Par spreads are legacy, going back to before the Big Bang. No one should be using them.

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