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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