What is the CDS spread?

A) The total yearly premium required by the holders of risky bonds as remuneration for the high default likelihood associated with these bonds.

B) The total yearly premium required by the sellers of risky bonds as remuneration for the high default likelihood associated with these bonds.

C) The value of a bond as a percentage of the value of a similar bond with a higher grade.

D) The total yearly amount paid, as a percentage of the notional principal, to buy protection against default.