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The buyer of 2yr CDS( credit default swap) pay 5000 every quarter to the seller of the swap. The notional principal of the CDS is

The buyer of 2yr CDS( credit default swap) pay 5000 every quarter to the seller of the swap. The notional principal of the CDS is 1m . The recovery rate is 60%. Question. The CDS spread in basis points is... What is the average PD (in decimals) over 2years...

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