EBU Single Rulebook Q&A 29 October 2024 2024_7232 Vega general interest rate risk and credit spread risk factors

For credit instruments that include issuer-specific optionality, do both general interest rate vega and credit spread vega risk factors need to be considered as part of the SBM? Credit instruments such as callable bonds, options on (sovereign) bond futures, and bond options are sensitive to changes in the implied volatilities of the underlying's issuer credit spread rates.