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(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 ‘richening’. <span>In the US, Treasury spreads are normall y quoted as positive numbers as swaps used to be quoted as spr eads over Treasuries. In Europe, governments are nor mally quoted as negative numbers, consistent wi th the spread s arising from Par/Par transactions, although government spreads are frequently referred t