Two definitions of swap spread

[archived_user]

In the Curriculum there seem to be two definitions of swap spread: 1) spread of swap rate over the rate of government security of the same maturity as the swap; 2) spread of the bond’s YTM over (interpolated) swap rate of the same maturity.
Obviously these two mean two completely different things
Why, why not give explicitly different names to these two things?

 

[archived_user]

In my experience, a bond’s “spread” can be expressed in different ways and depends on the context. Same seems to be the case for a “swap spread” as well. It really depends on what info is available.

 

[archived_user]

Because that’s what the cfa does…