[mr-T]

Thank you for all your help.

I come with information. With regard to 'long basis' in relation to bonds, this means going long the bond and long CDS. The term 'basis' is a generic term to indicate the risk of an imperfect hedge. In the case of a bond and a CDS, the risk is that the bond's yield curve moves in a different way to the assicoated CDS curve, thereby creating an unpredictable shift from the direction you intend in order to make a profit.

Thanks,

mr-T