Consider the following CDSs for Goldman Sachs: Tenor 6M 1Y Spread (bps) 20.2 28.9 37.1 48.8 62.8 73.9 99.8 117.7 CD1016 Mid Spr GS Sr CDS GS CDS USD SR OM D14 Curncy GS CDS USD SR 1Y D14 Curncy GS CDS USD SR 2Y D14 Curncy GS CDS USD SR 3Y D14 Curncy GS CDS USD SR 4Y D14 Curncy GS CDS USD SR 5Y D14 Curncy GS CDS USD SR 7Y D14 Curncy G S CDS USD SR 10Y D14 Curncy 3Y 4Y 5Y 7Y 10Y Reference Entity Information Name: Goldman Sachs Group Sector: Financials Industry: Financial Industry Credit Default Swap Contracts Information Country: US Coupon Frequency: Quarterly Debt Type: Senior Day Count: ACT/360 Currency: USD Recovery: 0.40 Consider the following Interest Rate Yields: Tenor Yield 0.995 1.0372 1.1696 1.4304 1.7765 1.5635 1.7165 1.839 1.9365 2.024 2.097 2.161 2.2205 2.267 2.352 2.431 2.504 2.529 2.533 15Y 25Y 30Y Please estimate the hazard rate curve from the CDS spreads of GS. For the valuation model assume the JPMorgan model (defaults can occur midway during each payment period, but the accrual is made at the end of the periods). Consider the following CDSs for Goldman Sachs: Tenor 6M 1Y Spread (bps) 20.2 28.9 37.1 48.8 62.8 73.9 99.8 117.7 CD1016 Mid Spr GS Sr CDS GS CDS USD SR OM D14 Curncy GS CDS USD SR 1Y D14 Curncy GS CDS USD SR 2Y D14 Curncy GS CDS USD SR 3Y D14 Curncy GS CDS USD SR 4Y D14 Curncy GS CDS USD SR 5Y D14 Curncy GS CDS USD SR 7Y D14 Curncy G S CDS USD SR 10Y D14 Curncy 3Y 4Y 5Y 7Y 10Y Reference Entity Information Name: Goldman Sachs Group Sector: Financials Industry: Financial Industry Credit Default Swap Contracts Information Country: US Coupon Frequency: Quarterly Debt Type: Senior Day Count: ACT/360 Currency: USD Recovery: 0.40 Consider the following Interest Rate Yields: Tenor Yield 0.995 1.0372 1.1696 1.4304 1.7765 1.5635 1.7165 1.839 1.9365 2.024 2.097 2.161 2.2205 2.267 2.352 2.431 2.504 2.529 2.533 15Y 25Y 30Y Please estimate the hazard rate curve from the CDS spreads of GS. For the valuation model assume the JPMorgan model (defaults can occur midway during each payment period, but the accrual is made at the end of the periods)