  We consider a market with a term structure of credit risky bonds in the
single-name case. We aim at minimal assumptions extending existing results in
this direction: first, the random field of forward rates is driven by a general
semimartingale. Second, the Heath-Jarrow-Morton approach is extended with an
additional component capturing those future jumps in the term structure which
are visible from the current time. Third, the associated recovery scheme is as
general as possible, it is only assumed to be non-increasing. In this general
setting we derive generalized drift conditions which characterize when a given
measure is a local martingale measure, thus yielding no asymptotic free lunch
with vanishing risk (NAFLVR), the right notion for this large financial market
to be free of arbitrage.
