Before revision:  In this framework, we derive necessary and sufficient conditions for a reference probability measure to be a local martingale measure for the large financial market of credit risky bonds, also considering general recovery schemes . To this end, we establish a new Fubini theorem with respect to a random measure by means of enlargement of filtrations techniques .
After revision:  In this framework, we derive necessary and sufficient conditions for a reference probability measure to be a local martingale measure for the large financial market of credit risky bonds, also considering general recovery schemes .