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#asset-swap #finance #gale-using-and-tradning-asset-swaps
the par/par asset-swap is particularly popular in credit, for investors who want to take a view on a credit, but not interest rate risk.
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p5

rs affecting the price of the bond outside of duration. The par/par metho dology therefore allows an investo r to be exposed only to the idiosy ncrasies of the bond i ssuer rather than ta king inter est ra te risk. 1 For this reason, <span>the par/par asset-sw ap is particu larly popula r in credi t, for inve stors who want to ta ke a view on a credit, bu t not interest ra te risk. Investors will also swap a bond in such a w ay if they wish to match assets and lia bilities expected to be floating, especially when this re sults in smooth ing of accoun ting earning



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