MORGAN STANLEY FIXE D INCOME RESE ARCH See additional important disclosures at the end of this report. 4 May 11, 2006 Using and Trading Asset S waps Interest Rate Strat egy Terminology Swap spreads generall y refer to spreads that must be applied to swaps to make them in some way ‘equivalent’ to a bo nd. The spread is bond-specific. Becaus e the Par/Par spread involves the application of a s pread to the floating leg of the swap, swap spreads are often referred to as Libor Spreads .
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