1. 26.
    0
    With the 10-year US dollar denominated Brazilian bond that we cited as
    an example in the last section, the default spread would have amounted to 1.6% on
    February 14, 2010: the difference between the interest rate on the Brazilian bond and a
    treasury bond of the same maturity. The CDS market spread on the same day for the
    default spread was 1.58%.
    ···
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