MORGAN STANLEY FIXED INCOME RESEARCH See additional important disclosures at the end of this report. 8 May 11, 2006 Using and Trading Asset Swaps Interest Rate Strategy Exhibit 5 Indicative Cash Flows Arising From the MVA Asset Swap of the 4% Feb ’15 US Treasury Bond T4% Feb '15 Swap Frequency Semi-Annual Fixed Notional 100,000,000$ Basis Act/Act Float
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