I'm getting some debt quotes on an asset, what does it mean when someone quotes "over swaps".
How is this compared to "over LIBOR" and "over Treasuries" which are readily available rates? What's the difference between swaps and treasuries?
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Over the swap rate? I feel like your answering your own question.
Same thing as 200 bps over the 10-year...
Like, is a "swap" rate a fixed rate instrument? What exactly are we getting here as a borrower?
It seems like a swap is used to change a "floating rate loan" into a "fixed rate loan".
If someone is quoting something over a swap, is this a fixed rate loan?
Also - how do people mechanically "fix" a floating rate loan (i.e. change a floater to a fixed)?
Yes, the swap rate is a fixed rate loan. It prices in some risk that interest rates will increase (or decrease) over the life of the loan.
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