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. <span>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 the first order of approximation, the yield/ yield asset swapper is exposed only to the spread bet ween the swap rate and the bond yie
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