We have three players. We have a bond issuer, an investor, and a seller of CDS. The bond issuer currently (corporation) has Debt with a yield to maturity of 4.00% on its 5 year bonds. This is a spread of 2.50%, assuming that 10 year treasuries have a yield to maturity of 1.50%. The CDS seller sells a 5 year CDS on the bond issuers bonds at 225 basis points per annum. Can the investor make arbitrage, and if so how?