Treasury Swap Spread Smallest Since 1988 as Greece Creates Plan

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Treasury Swap Spread Smallest Since 1988 as Greece Creates PlanTreasury Swap Spread Smallest Since 1988 as Greece Creates PlanMarch 3 (Bloomberg) -- The U.S. interest-rate swap spread narrowed to the smallest since 1988 as Greece prepared to unveil measures #x to cut the European Union’s largest deficit,Carbon mazda mx5 hard topfanning optimism credit risk will be contained.

The difference between the rate to convert #x fixed payments to floating and similar-maturity Treasuries over 10 years fell to 6.13 basis points yesterday,Diamond tools, the lowest since at least 1988,Carbon mazda mx5 hard topaccording to data compiled by Bloomberg. Ten-year bond yields rose before reports today that may show U.S. service industries expanded at a faster pace and companies cut fewer jobs.

“The Greek plan will spur an unwinding of flight to quality, so yields may climb higher,” said Kazuaki Oh’e, a bond salesman in Tokyo at Canadian Imperial Bank of Commerce, the nation’s fifth-largest lender. The narrowing swap spread “means that short-term funding is not a problem and financial market conditions are now back to normal,” he said

The yield on the benchmark 10-year note increased one basis point, or 0.01 percentage point, to 3.62 percent as of 6:25 a.m. in London, according to BGCantor Market Data. The 3.625 percent security maturing in February 2020 declined 2/32,Carbon mazda mx5 hard topor 63 cents per $1,000 face amount, to 100 1/32. Similar-dated swap rates were at 3.68 percent.

Swap rates are typically higher than sovereign yields to reflect the extra risk of trading with a financial institution instead of the government.
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