Gold Plc is a British gold mining company with GBP1 billion bond in issue and a maturity date of 31 May 2032. The company has some activity in Russia, but most of the extraction happens outside of Russia. There is an active market for CDSs in Gold Plc bonds. a) Are the CDS spreads in Gold Plc bonds likely to be higher in 2022 than they were in 2021 or lower? Why?
