Before revision:  Geometric Arbitrage Theory , where a generic market is modelled with a principal fibre bundle and arbitrage corresponds to its curvature, is applied to credit marketsto model default risk and recovery, leading to closed form no arbitrage characterizations for corporate bonds  .
After revision: We apply Geometric Arbitrage Theory , where a generic market is modelled with a principal fibre bundle and arbitrage corresponds to its curvature, is applied to credit marketsto model default risk and recovery, leading to closed form no arbitrage characterizations for corporate bonds .