A technical note on inferring cumulative default probability from credit spreads

I wanted to write a note about a mistake in one of GARP's Pre-Study Practice Exams. Unfortunately, although we've given plenty of feedback over the years, technical mistakes persist. Especially in regard to hazard rate properties (especially when applied to counterparty CVA), our members continue to spot solutions that are misleading. Ironically, some misunderstandings are... Read More