I can't seem to find a definitive answer on this, but from what I can see, on a bond PV01 and DV01 seem to be used interchangably, however on a CDS contract our risk systems refer to PV01 as the interest rate risk on a CDS, whereas DV01 (CR01) is the credit risk (i.e. the market risk in this case) per bp.In short, on a bond is there an actual difference between these two terms? I can't seem to find a conclusive answer, other than perhaps DV01 is simply USD denominated, whereas PV01 is the issued currency, is this correct?

I believe that is correct. PV01 is the present value change of 1 bps move in interest rates and DV01 is the dollar value change of the same. If the underlying currency is USD, PV01 = DV01.N.

QuoteOriginally posted by: impulsenineI believe that is correct. PV01 is the present value change of 1 bps move in interest rates and DV01 is the dollar value change of the same. If the underlying currency is USD, PV01 = DV01.N.I agree, but as always in finance we always have to assume people adopt Humpty Dumpty's approach:QuoteWhen I use a word,' Humpty Dumpty said in rather a scornful tone, `it means just what I choose it to mean -- neither more nor lessand really check about what we mean when talking to each person. Often "Dollar" is just meant to refer an amount in a currency unit rather than in a rate, so people may loosely refer to a "dollar delta" to refer to a delta expressed in currency units instead of hedging ratio, and if the instrument is denominated in Sterling it would refer to sterling. In this case DV01 and PV01 would be the same... Which reminds to me that even in my current job, I'm writing at the same time sheets for the treasury desk where I write DV01 to mean "US-PV01" and sheets for the option desk where "DV01" means just DV01. So even in the way I express myself I mean two different things depending on who I speak to... (even if, now that you made me notice, I think i'll try to be more consistent)