Two bonds, one benchmark, then the losses

How many basis points is a spread of 2.35 percentage points?

• 23.5 bp
• 235 bp
• 2,350 bp

An issuer has a 2% yearly chance of default and you would recover 50% if it did. What is the expected loss per year?

• 2%
• 1%, or 100 bp
• 0.5%, or 50 bp