Which function is used to analyze the bond's relative value against the swap curve?

The function that is specifically designed to analyze a bond's relative value against the swap curve is RVS, which stands for Relative Value Swap. This function enables users to assess how a particular bond is priced in relation to the swap curve, thus providing insight into whether the bond is overvalued or undervalued compared to comparable instruments in the market.

Using RVS, analysts can make informed decisions about bond investments, as they can compare the yields and spread of the bond against the swap rates, which serve as a benchmark for valuing fixed income securities. This analysis is crucial for portfolio management and investment strategies, especially in environments where interest rates change frequently.

The other functions do not serve the same purpose as RVS. For example, RVD focuses on relative value across different bonds rather than against the swap curve, HSA is related to historical spread analysis, and CBS pertains to credit default swap pricing. Each of these tools has its specific applications but lacks the targeted swap curve comparative analysis provided by RVS.