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urope, 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 <span>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 such a pos ition is by buying a bo nd and paying fixed on a s wap to the same maturity. The trade must be duration weighted so that, to th