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#asset-swap #finance #gale-using-and-tradning-asset-swaps
A ‘widening’ of swap spreads for lower quality bonds that trade at positive swap spreads, refers to a pooring of the bond (a raise in bond yield compared to swaps).
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p4

y good credit issuers, such as agencies and supras – especially shorter issues, trade at negative spreads to swaps. A ‘widening’ of spreads, therefore, refers to a richening of the bond (a decline i n bond yield compared to s waps). <span>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’. In the US, Treasury spreads are normall y quoted as positive


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