New European Asset Swaps Service

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Trad-X, Tradition’s award-winning Interest Rate platform and MTS, one of the leading European electronic fixed income platforms and data service providers, have partnered to create an innovative Asset Swap data service consolidating MTS’ French, German, Italian and Spanish Government bond data with Trad-X’s EUR Interest Rate pricing.

Product Offering
The MTS Tradition European Asset Swaps service will use MTS’ live and executable bond prices and Trad-X’s actionable pricing to create a reference for the European asset swap market from issuance to the wider market.
TraditionDATA will publish accurate Yield/Yield and Par/Par Asset Swaps built from the two fully executable, dealer-to-dealer (D2D) regulated, real-time order books via its own data feeds as well as through select vendors.

Page Content
In addition to the Asset Swaps all pages will display:

  • the bond name with coupon information and the MTS bond yield;
  • a “LAST” field included clearly showing when each Bond Yield was last updated;
  • one Multi country page with 2Y, 5Y, 10Y and 30Y tenors and four Single country pages (French, German, Italian and Spanish) with extended list of tenors.

The package includes both the pages (via vendors) and the logical individual instruments for each related asset swap.

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Yield-Yield Asset Swap
The difference between yield on a bond and the swap rate (i.e. the interest rate applicable to the fixed leg in the floating-for-fixed interest rate swap). The difference between yield on a bond and a benchmark curve is useful in assessing credit risk of different bonds and sometimes known as a “matched-maturity asset swap”.

Par-Par Asset Swap
Indicates the combination of a fixed-rate bond and an interest rate swap (IRS), structured such that the total cost to the investor is par. The par asset swap spread is the value that sets the value of the package equal to zero at initiation.

Gadgets Included
Included within the service are “Gadgets” which are the yield differential between the bond futures cheapest to deliver bond and corresponding swaps tenor.

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