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#asset-swap #finance #gale-using-and-tradning-asset-swaps
In Europe, governments are normally quoted as negative numbers, consistent with the spreads arising from Par/Par transactions, although government spreads are frequently referred to as positive for convenience.
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p4

sion in this publication concentrates on government swap spreads, ‘widening’ will usually mean ‘richening’. In the US, Treasury spreads are normall y quoted as positive numbers as swaps used to be quoted as spr eads over Treasuries. <span>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 to as positive for convenie nce. Yield/Yield Asset Swaps A long asset swap position or a long s wap spread position refers to owning a bond agains t a hedge in swaps. The simplest way for an investor to achieve suc



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