The Fair Price of a CDS Contract on a Reference

The fair price of a CDS contract on a reference bond is equivalent to that of a spread on a floating-rate bond issued by the same entity as the reference bond and that

A) Is trading at par.
B) Has the same maturity as the CDS.
C) Has the same seniority as the reference bond underlying the CDS.
D) Has all three properties listed above.

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