Question: In Example 25.3, what is the spread for a) a first-to-default CDS and b) a second-to-default CDS?

In Example 25.3, what is the spread for a) a first-to-default CDS and b) a second-to-default CDS?

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a In this case the answer to Example 253 gets modified as follows When the cumulative probabilities ... View full answer

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