Assume the 1-yr credit spread for XYZ Corp trades at 205 basis points above the SOFR term rate, the 2yr bond is 220bp above SOFR and the 3yr bond 235bp above. What is the implied conditional default rate (Hazard Rate) for XYZ Corp during year 3 ? 0.15%2.65%2.35%3.0%1.50% Assume the 1-yr credit spread for XYZ Corp trades at 205 basis points above the SOFR term rate, the 2yr bond is 220bp above SOFR and the 3yr bond 235bp above. What is the implied conditional default rate (Hazard Rate) for XYZ Corp during year 3 ? 0.15%2.65%2.35%3.0%1.50%