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#asset-swap #finance #gale-using-and-tradning-asset-swaps
In par/par asset swap, the bond is sold for par. The swap dealer (often the same person as the bond seller) ‘lends’ the buyer by P-100, where P is the full market price of the bond.
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p6

ue ($ 32,044, 238) $ 34, 421, 661 Source: Morgan St anley Calculating the Par/Par Swap Spread To arrive at a mathematical expression for the par/par s wap spread, we think of the asset swap as constructed in the fo llo wi ng way: • <span>The bond is sol d for par. The swap dealer (often the seller) ‘lends’ the buyer by P-100, where P is the full market price of the bond. • The coupons r eceived by the buyer are nette d off against matching fixed payments to the seller on a s wap for the life of the bond. • The bu yer’s receipts on the floating leg o



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