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#asset-swap #finance #gale-using-and-tradning-asset-swaps
In the US, Treasury spreads are normally quoted as positive numbers as swaps used to be quoted as spreads over Treasuries.
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p4

(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



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