Credit spread relationship

Hi, I’ve got problem with understanding formula about implied spread - formula 1 in chapter 2 in moody’s analytics edf-based model.

How it can be possible that implied spread is lower for longer tenor bonds (1/T in formula)? Or Am I missing something?

It probably isn’t lower; using the properties of the natural logarithm function, the formula can be rewritten as:

EIS_T = ln\left[\left(\frac1{1 - CQDF_t×LGD}\right)^{1/T}\right]

Therefore, it appears that the \dfrac1T factor simply annualizes the spread.