<t>I've managed to get it working now (see attached). I am calculating default probabilities from the par spread using "goal seek". In the attached example they deviate quite a lot from Bloomberg at the 7yr and 10yr point. Do you think this is because goal seek isn't very good at hitting the require...

<t>I am trying to replicate the JPM CDSW calculator in Excel according to the attached article. I believe I understand the intuition behind the formulae. However, I am a little confused by the meaning of "par spread" and why the curve in the example appears to slope downwards (one would expect the c...