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In this paper a generalized defaultable bond pricing formula is derived by assuming that there exists a defaultable forward rate term structure and that firms in the economy interact when default occurs.Generally,The risk-neutral default intensity λQ is not equal to the empirical or actual default intensity λ.This paper proves that multiple default intensities are invariant under equivalent martingale transformation,given a well-diversified portfolio corresponding to the defaultable bond.Thus one can directly apply default intensities and fractional losses empirically estimated to the evaluation of defaultable bonds or contingent claims.