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I am given some preliminary data with a goal to estimate the probability of default. This data consists of Market premium for different tenors.

One such example read that, Market Premium (Running and Up-front) for tenor 5 years are 1.40% and 0%. Similarly the Market Premium (Running and Up-front) for tenor 8 years are 1.55% and 0%.

I am curious what this data means? Is the Running Market Premium basically Credit Spread value for that particular tenor? What then is the meaning of Up-front Market premium?

Any pointer is very appreciated.

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