CREDIT
Asset Swap Spread
Expresses bond richness or cheapness relative to the swap curve under an asset-swap structure.
Formula
ASW = fixed spread making bond + swap cash flows price at par
Variables: Bond cash flows; swap curve; par value
What it means
Expresses bond richness or cheapness relative to the swap curve under an asset-swap structure.
Example
Solve for the spread over the floating leg that makes the package equal par.
How to interpret it
This concept should be read together with its market convention, measurement horizon and underlying instrument. BondStats presents it as an analytical reference rather than investment advice; instrument documentation and primary market rules remain authoritative.
Related Formulas
BondStats reference content is independently written. Mathematical relationships, abbreviations and market conventions are presented for educational and analytical use.