the floating leg of the swap, swap spreads are often referred to as Libor Spreads . Government bonds and bonds of ver y good credit issuers, such as agencies and supras – especially shorter issues, trade at negative spreads to swaps. <span>A ‘widening’ of spreads, therefore, refers to a richening of the bond (a decline i n bond yield compared to s waps). For credits with a positive Libor spread, the opposite is true. As our discussion in this publication concentrates on government swap spreads, ‘widening’ will usually mean ‘richeni
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