Among your remaining un-margined assets, you might need to sell some stocks and add some bonds and cash to keep your risk at the overall level you desire.
Either way--with a swap or a margined bond trade--you pocket the spread, unless and until the corporate bond gets into trouble, at which point you're sitting on a painful capital loss.
The fundamentals all weigh in its favor and if you are not margined, which at this point would be impossible in most cases there is little fear other than fear itself.
The result: The higher-margined differentiated and specialty businesses, including the Textile Effects division, will account for nearly 85% of Huntsman's revenues for the 12-month period ending this June, up from 30% when Peter Huntsman became CEO.