27,3 CDS Structure go bps per year Default Default Protection Protection Buyer, A Seller. B Payment if default by reference entity, C Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 27.3 CDS Structure Default Protection Buyer, A Default Protection Seller, B 90 bps per year Payment if default by reference entity,C