If the present value of an expected stream of CDS payments given a bonds default and survival probabilities is .0826 and the present value of the stream of payments with no defaults based on earning the spread (S) over the life of the contract 3.8002(S), then the CDS spread (S) which makes the two values equal should be approximately ___? Hint: See EOC problem 25.8.

		317 b.p.
		217 b.p.
		0 b.p.
		417 b.p.