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If we consider a set of bonds issued by a given entity that are quoted on the market, one can get for each of those bonds a ZC spread on top of reference swap curve (say the bonds are in USD and so we use the leading tenor USD LIBOR 3M).

So assume we end up with:

| Maturity | ZC Spread|

| 1 Year | 100 bp |
| 2 Year | 200 bp |
| 5 Year | 350 bp |
| 10 Year | 500 bp |

I understand those are spreads that can be used as parallel shifts per maturity e.g. if we have a bond with a 2 year maturity, that needs to be priced of the above data, we can as an approximation interpolate a spread of 150 bp for 2 years, add it to the USD LIBOR 3M and get a theoretical price for our bond

Question: Is there a quick approximation to convert those ZC spreads into default spreads that can be used per flow payment dates? (i.e. without having to boostrap a basis curve using those bonds on top of USD LIBOR 3M)

Thanks,

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