To find out the risk-free rate of a country that is likely to have default risk, we find the default risk premium. Now lets assume in November 2014, 10-year India US $ bond, denominated in US dollars had a yield of 5.25% and the US 10-year T.Bond rate traded at 2.75%. On the other hand, we find that the CDS spread for India in November 2014 was 3.10%. The default spread calculated India US $ bonds is 2.5%.

why the default spread calculated is different from the spread found in CDS market?