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Swap Convention

Floating-rate payer: pay 6-month LIBOR
                     receive a fixed rate of 5.19 percent

Fixed-rate payer: pay a fixed rate of 5.25 percent
                  receive 6-month LIBOR

In this example, the bank is quoting an offer rate of 5.25 percent, which is what the fixed-rate payer will pay, and a bid rate of 5.19 percent, which is what the floating-rate payer will receive. The bid-offer spread is therefore 6 basis points.

from ‘Moorad Choudhry – Fixed Income Securities and Derivatives Handbook (Analysis and Valuation)’