I am reading a travel guide book on Europe and the author said that the yield on French 10y gvnt bond was close to 0% (like around 0.5%) while CDS protection was about 2% at the time. I am not familiar with CDS premium quote, only know it can refer to % premium to insure a certain tenor bond. It makes no sense the 2% premium cited is paid annually which would imply negative cost of capital holding the bond. The only way it can make sense is it is an upfront one-off premium for the entire 10 years. Is it what it is? How to read quotes like this ?