Explain the positioning choices a manager can use to act on a particular view about credit spreads

A view on the overall spread level is expressed by raising or cutting spread duration or duration times spread relative to the benchmark, with bonds, CDS indexes or ETFs. A view on an issuer's credit curve, for example that long-dated spreads will tighten relative to short-dated ones, is expressed by buying long-dated and selling short-dated exposure, sized to be spread-duration neutral. A quality view is expressed by shifting between investment grade and high yield, sized with DTS. Sector and issuer views use relative value trades, and options on CDS indexes express views on spread volatility. Each position should isolate its view: hedging rate duration with government bond futures stops a spread trade from becoming a bet on interest rates.