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href="#Merger_proposal"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Merger proposal</span> </div> </a> <span class="ext-discussiontools-init-sidebar-meta">3 comments</span> <ul id="toc-Merger_proposal-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Z-Spread_Definition_is_Incorrect" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Z-Spread_Definition_is_Incorrect"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Z-Spread Definition is Incorrect</span> </div> </a> <span class="ext-discussiontools-init-sidebar-meta">2 comments</span> <ul id="toc-Z-Spread_Definition_is_Incorrect-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-ZV_is_different_from_Z-spread" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#ZV_is_different_from_Z-spread"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>ZV is different from Z-spread</span> </div> </a> <span class="ext-discussiontools-init-sidebar-meta">1 comment</span> <ul id="toc-ZV_is_different_from_Z-spread-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled 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.mw-parser-output .wpbs .wpb .wpb-main,html.skin-theme-clientpref-night .mw-parser-output .wpbs .wpb-header{background-color:#302f2d}html.skin-theme-clientpref-night .mw-parser-output .wpbs .banner-shell-inner{background-color:#2e2505}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .wpb-category-box{background-color:#0a0a0a}html.skin-theme-clientpref-os .mw-parser-output .wpbs .wpb .wpb-main,html.skin-theme-clientpref-os .mw-parser-output .wpbs .wpb-header{background-color:#302f2d}html.skin-theme-clientpref-os .mw-parser-output .wpbs .banner-shell-inner{background-color:#2e2505}}</style><table class="tmbox tmbox-notice mw-collapsible innercollapse wpb wpb-table"><tbody><tr class="wpb-header"><td class="wpb-header-icon"><span typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="WikiProject icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/25px-Emblem-money.svg.png" decoding="async" width="25" height="25" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/38px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/50px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48"/></a></span></td><td class="wpb-header-combined"><a href="/wiki/Wikipedia:WikiProject_Finance_%26_Investment" title="Wikipedia:WikiProject Finance & Investment">Finance & Investment</a> <span class="wpb-header-bubbles import-low">Low‑importance</span></td></tr><tr><td class="mbox-text wpb-main" colspan="2"><table><tbody><tr><td class="mbox-image wpb-image"><span typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="WikiProject icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/60px-Emblem-money.svg.png" decoding="async" width="60" height="60" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/90px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/120px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48"/></a></span></td><td class="mbox-text">This article is within the scope of <b><a href="/wiki/Wikipedia:WikiProject_Finance_%26_Investment" title="Wikipedia:WikiProject Finance & Investment">WikiProject Finance & Investment</a></b>, a collaborative effort to improve the coverage of articles related to <a href="/wiki/Finance" title="Finance">Finance</a> and <a href="/wiki/Investment" title="Investment">Investment</a> on Wikipedia. If you would like to participate, please visit the project page, where you can join <a href="/wiki/Wikipedia_talk:WikiProject_Finance_%26_Investment" title="Wikipedia talk:WikiProject Finance & Investment">the discussion</a> and see a list of open tasks.<span class="metadata wpb-metadata"><span class="wpb-project">Finance & Investment</span><span class="wpb-project_link">Wikipedia:WikiProject Finance & Investment</span><span class="wpb-banner_name">Template:WikiProject Finance & Investment</span><span class="wpb-assessment_cat">Finance & Investment articles</span></span></td><td class="mbox-empty-cell"></td></tr><tr><td class="assess import-low"><a href="/wiki/Category:Low-importance_Finance_%26_Investment_articles" title="Category:Low-importance Finance & Investment articles">Low</a></td><td class="mbox-text" colspan="2">This article has been rated as <b>Low-importance</b> on the <a href="/wiki/Wikipedia:WikiProject_Finance_%26_Investment/Assessment#Importance_scale" title="Wikipedia:WikiProject Finance & Investment/Assessment">project's importance scale</a>.</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table> <meta property="mw:PageProp/toc"/> <div class="mw-heading mw-heading2 ext-discussiontools-init-section"><h2 id="Questions" data-mw-thread-id="h-Questions-2008-02-07T06:42:00.000Z"><span data-mw-comment-start="" id="h-Questions-2008-02-07T06:42:00.000Z"></span>Questions<span data-mw-comment-end="h-Questions-2008-02-07T06:42:00.000Z"></span></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Talk:Z-spread&action=edit&section=1" title="Edit section: Questions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span><div class="ext-discussiontools-init-section-bar"><div class="ext-discussiontools-init-section-metadata"></div><div class="ext-discussiontools-init-section-actions"></div></div></div> <p><span data-mw-comment-start="" id="c-Finnancier-2008-02-07T06:42:00.000Z-Questions"></span>Isn't the Z-Spread typically to the Treasury curve instead of the swap curve? </p> <dl><dd>Yes. I've corrected that. <a href="/wiki/User:Finnancier" title="User:Finnancier">Finnancier</a> (<a href="/wiki/User_talk:Finnancier" title="User talk:Finnancier">talk</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Finnancier-2008-02-07T06:42:00.000Z-Questions" class="ext-discussiontools-init-timestamplink">06:42, 7 February 2008 (UTC)</a><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Finnancier-2008-02-07T06:42:00.000Z-Questions"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Finnancier-2008-02-07T06:42:00.000Z-Questions"></span></dd></dl> <p><span data-mw-comment-start="" id="c-Gansinho-2012-11-16T03:37:00.000Z-Questions"></span>-> It is market convention to spread both versus treasuries or swaps curves, depends on what you're analyzing, on the MBS/Muni scope the T-curve makes more sense but it's not the case with Corps. This article could use an upgrade to expand the scope and encompass the discussion in the Corps world, I will try to get some book to proper reference . </p><p>-> Where is the reference for the information that negative Z-Spreads is an indicator of future recession? that is vague and quite broad. Recession is a pretty defined concept and I believe this part should be taken out of the article until reference is shown. <small><span class="autosigned">— Preceding <a href="/wiki/Wikipedia:Signatures" title="Wikipedia:Signatures">unsigned</a> comment added by <a href="/w/index.php?title=User:Gansinho&action=edit&redlink=1" class="new" title="User:Gansinho (page does not exist)">Gansinho</a> (<a href="/w/index.php?title=User_talk:Gansinho&action=edit&redlink=1" class="new" title="User talk:Gansinho (page does not exist)">talk</a> • <a href="/wiki/Special:Contributions/Gansinho" title="Special:Contributions/Gansinho">contribs</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Gansinho-2012-11-16T03:37:00.000Z-Questions" class="ext-discussiontools-init-timestamplink">03:37, 16 November 2012 (UTC)</a></span></small><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Gansinho-2012-11-16T03:37:00.000Z-Questions"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Gansinho-2012-11-16T03:37:00.000Z-Questions"></span> </p> <dl><dd><span data-mw-comment-start="" id="c-Patrug-2013-06-04T07:56:00.000Z-Gansinho-2012-11-16T03:37:00.000Z"></span>Agreed with Gansinho and removed inappropriate mention of recession. Future recession is often indicated by negative Yield Curve (slope), not Z-Spread. —<a href="/wiki/User:Patrug" title="User:Patrug">Patrug</a> (<a href="/wiki/User_talk:Patrug" title="User talk:Patrug">talk</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Patrug-2013-06-04T07:56:00.000Z-Gansinho-2012-11-16T03:37:00.000Z" class="ext-discussiontools-init-timestamplink">07:56, 4 June 2013 (UTC)</a><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Patrug-2013-06-04T07:56:00.000Z-Gansinho-2012-11-16T03:37:00.000Z"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Patrug-2013-06-04T07:56:00.000Z-Gansinho-2012-11-16T03:37:00.000Z"></span></dd></dl> <div class="mw-heading mw-heading2 ext-discussiontools-init-section"><h2 id="Merger_proposal" data-mw-thread-id="h-Merger_proposal-2008-02-07T06:42:00.000Z"><span data-mw-comment-start="" id="h-Merger_proposal-2008-02-07T06:42:00.000Z"></span>Merger proposal<span data-mw-comment-end="h-Merger_proposal-2008-02-07T06:42:00.000Z"></span></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Talk:Z-spread&action=edit&section=2" title="Edit section: Merger proposal"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span><div class="ext-discussiontools-init-section-bar"><div class="ext-discussiontools-init-section-metadata"></div><div class="ext-discussiontools-init-section-actions"></div></div></div> <p><span data-mw-comment-start="" id="c-Finnancier-2008-02-07T06:42:00.000Z-Merger_proposal"></span>I propose that <a href="/wiki/Yield_curve_spread" class="mw-redirect mw-disambig" title="Yield curve spread">Yield curve spread</a> be merged into <a href="/wiki/Z-spread" title="Z-spread">Z-spread</a> for the following reasons. </p> <ul><li>The use of the term <i>yield curve spread</i> to refer to MBS is limited, according to a Google search.</li> <li>The term <i>yield curve spread</i> more intuitively refers to the shape of the yield curve, hence its name.</li> <li>Both yield curve spread and Z-spread are flat spreads over Treasuries. Because they refer to the same thing, they should have the same page.</li> <li>The yield curve spread page should be expanded to include explanations of why a negative yield curve spread is seen as a predictor of future recessions. <a href="/wiki/User:Finnancier" title="User:Finnancier">Finnancier</a> (<a href="/wiki/User_talk:Finnancier" title="User talk:Finnancier">talk</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Finnancier-2008-02-07T06:42:00.000Z-Merger_proposal" class="ext-discussiontools-init-timestamplink">06:42, 7 February 2008 (UTC)</a><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Finnancier-2008-02-07T06:42:00.000Z-Merger_proposal"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Finnancier-2008-02-07T06:42:00.000Z-Merger_proposal"></span></li></ul> <dl><dd><span data-mw-comment-start="" id="c-Fintor-2010-01-26T18:41:00.000Z-Finnancier-2008-02-07T06:42:00.000Z"></span>Agree with proposal <a href="/wiki/User:Fintor" title="User:Fintor">Fintor</a> (<a href="/wiki/User_talk:Fintor" title="User talk:Fintor">talk</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Fintor-2010-01-26T18:41:00.000Z-Finnancier-2008-02-07T06:42:00.000Z" class="ext-discussiontools-init-timestamplink">18:41, 26 January 2010 (UTC)</a><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Fintor-2010-01-26T18:41:00.000Z-Finnancier-2008-02-07T06:42:00.000Z"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Fintor-2010-01-26T18:41:00.000Z-Finnancier-2008-02-07T06:42:00.000Z"></span></dd></dl> <dl><dd><dl><dd><span data-mw-comment-start="" id="c-Patrug-2014-07-17T10:16:00.000Z-Fintor-2010-01-26T18:41:00.000Z"></span>These issues all seem to be resolved. <a href="/wiki/Yield_curve_spread" class="mw-redirect mw-disambig" title="Yield curve spread">Yield curve spread</a> now re-directs to <a href="/wiki/Yield_curve_(disambiguation)" class="mw-disambig" title="Yield curve (disambiguation)">Yield curve (disambiguation)</a>, which includes <a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a> and <a href="/wiki/Z-spread" title="Z-spread">Z-spread</a>. The <a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a> page explains the linkage to recession. —<a href="/wiki/User:Patrug" title="User:Patrug">Patrug</a> (<a href="/wiki/User_talk:Patrug" title="User talk:Patrug">talk</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Patrug-2014-07-17T10:16:00.000Z-Fintor-2010-01-26T18:41:00.000Z" class="ext-discussiontools-init-timestamplink">10:16, 17 July 2014 (UTC)</a><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Patrug-2014-07-17T10:16:00.000Z-Fintor-2010-01-26T18:41:00.000Z"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Patrug-2014-07-17T10:16:00.000Z-Fintor-2010-01-26T18:41:00.000Z"></span></dd></dl></dd></dl> <div class="mw-heading mw-heading2 ext-discussiontools-init-section"><h2 id="Z-Spread_Definition_is_Incorrect" data-mw-thread-id="h-Z-Spread_Definition_is_Incorrect-2012-11-23T01:23:00.000Z"><span data-mw-comment-start="" id="h-Z-Spread_Definition_is_Incorrect-2012-11-23T01:23:00.000Z"></span>Z-Spread Definition is Incorrect<span data-mw-comment-end="h-Z-Spread_Definition_is_Incorrect-2012-11-23T01:23:00.000Z"></span></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Talk:Z-spread&action=edit&section=3" title="Edit section: Z-Spread Definition is Incorrect"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span><div class="ext-discussiontools-init-section-bar"><div class="ext-discussiontools-init-section-metadata"></div><div class="ext-discussiontools-init-section-actions"></div></div></div> <p><span data-mw-comment-start="" id="c-MarkTaranto-2012-11-23T01:23:00.000Z-Z-Spread_Definition_is_Incorrect"></span>I am not interested in becoming an editor on Wikipedia, so will not be making the change myself. However, the Z-Spread (or Zero Volatility Spread) definition is incorrect. The spread is not added to spot rates, but is added to forward rates. To discount a cash flow, you need to discount each period by a chain of rates, each one being the Forward rate plus the spread. </p><p>The mistake made here is a common one, and is all over the Internet (e.g., Investopedia has the same mistake, as does the CFA study guide). The mistake was caused by an unclear statement in Fabozzi. The correct formula can be found in Tuckman and Serrat's book on Fixed Income. It can also be found in the original paper on Option-Adjusted Spreads by Mark Gordon and Michael Waldman, who were two of the people who created Option-Adjusted Spread Analysis. </p><p>Note, the OAS Spread definition in Wikipedia is also unclear. OAS is also discounted by adding the spread to each sample forward rate and discounted to the present. In fact, the Z-Spread is simply an OAS <del>spread</del> using an interest rate model with the noise term (volatility) set to zero. </p><p>For anyone who wants to correct this, I will be happy to discuss it further. I can be reached at mtaranto@rhsmith.umd.edu I have a solid background in this area. I built the OAS/Z-Spread models at both Lehman Brothers and Kidder, Peabody. I worked for and learned from Mark Gordon, one of the originators of this field. I also have a PhD in Finance from Berkeley and have taught at MIT, Wharton and Maryland. <small><span class="autosigned">— Preceding <a href="/wiki/Wikipedia:Signatures" title="Wikipedia:Signatures">unsigned</a> comment added by <a href="/w/index.php?title=User:MarkTaranto&action=edit&redlink=1" class="new" title="User:MarkTaranto (page does not exist)">MarkTaranto</a> (<a href="/wiki/User_talk:MarkTaranto" title="User talk:MarkTaranto">talk</a> • <a href="/wiki/Special:Contributions/MarkTaranto" title="Special:Contributions/MarkTaranto">contribs</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-MarkTaranto-2012-11-23T01:23:00.000Z-Z-Spread_Definition_is_Incorrect" class="ext-discussiontools-init-timestamplink">01:23, 23 November 2012 (UTC)</a></span></small><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-MarkTaranto-2012-11-23T01:23:00.000Z-Z-Spread_Definition_is_Incorrect"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-MarkTaranto-2012-11-23T01:23:00.000Z-Z-Spread_Definition_is_Incorrect"></span> </p> <dl><dd><span data-mw-comment-start="" id="c-Patrug-2014-07-17T10:16:00.000Z-MarkTaranto-2012-11-23T01:23:00.000Z"></span>Done, professor. (You probably could've revised the article yourself in less time than it took to write your missive!) —<a href="/wiki/User:Patrug" title="User:Patrug">Patrug</a> (<a href="/wiki/User_talk:Patrug" title="User talk:Patrug">talk</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Patrug-2014-07-17T10:16:00.000Z-MarkTaranto-2012-11-23T01:23:00.000Z" class="ext-discussiontools-init-timestamplink">10:16, 17 July 2014 (UTC)</a><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Patrug-2014-07-17T10:16:00.000Z-MarkTaranto-2012-11-23T01:23:00.000Z"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Patrug-2014-07-17T10:16:00.000Z-MarkTaranto-2012-11-23T01:23:00.000Z"></span></dd></dl> <div class="mw-heading mw-heading2 ext-discussiontools-init-section"><h2 id="ZV_is_different_from_Z-spread" data-mw-thread-id="h-ZV_is_different_from_Z-spread-2018-02-03T12:51:00.000Z"><span data-mw-comment-start="" id="h-ZV_is_different_from_Z-spread-2018-02-03T12:51:00.000Z"></span>ZV is different from Z-spread<span data-mw-comment-end="h-ZV_is_different_from_Z-spread-2018-02-03T12:51:00.000Z"></span></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Talk:Z-spread&action=edit&section=4" title="Edit section: ZV is different from Z-spread"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span><div class="ext-discussiontools-init-section-bar"><div class="ext-discussiontools-init-section-metadata"></div><div class="ext-discussiontools-init-section-actions"></div></div></div> <p><span data-mw-comment-start="" id="c-Dlsmith1855-2018-02-03T12:51:00.000Z-ZV_is_different_from_Z-spread"></span>(This is my first time posting on Wikipedia, so forgive my ignorance of any/all protocols.) </p><p>The Zero Vol spread is different than the Z-spread. The ZV, or ZVO more commonly, for an MBS is the spread over a reference curve using a single interest rate path & thus returning a single prepayment vector. This is contrasted with the OAS which utilizes multiple interest rate paths & thus multiple prepayment vectors. The difference between the ZVO and OAS is the Option Cost. </p><p>My point is that the first sentence in the entry states that the ZV spread is a spread over the Treasury curve, but I do not think that is accurate. It can be over whatever reference curve you choose. If you use LIBOR, you will have a LIBOR ZVO & LIBOR OAS. If you use UST's, you will have a Treasury ZVO & Treasury OAS. <a href="/w/index.php?title=User:Dlsmith1855&action=edit&redlink=1" class="new" title="User:Dlsmith1855 (page does not exist)">Dlsmith1855</a> (<a href="/w/index.php?title=User_talk:Dlsmith1855&action=edit&redlink=1" class="new" title="User talk:Dlsmith1855 (page does not exist)">talk</a>) <a href="https://en.wikipedia.org/wiki/Talk:Z-spread#c-Dlsmith1855-2018-02-03T12:51:00.000Z-ZV_is_different_from_Z-spread" class="ext-discussiontools-init-timestamplink">12:51, 3 February 2018 (UTC)</a><span class="ext-discussiontools-init-replylink-buttons" data-mw-thread-id="c-Dlsmith1855-2018-02-03T12:51:00.000Z-ZV_is_different_from_Z-spread"><span class="ext-discussiontools-init-replylink-bracket">[</span><a class="ext-discussiontools-init-replylink-reply" role="button" tabindex="0" href="">reply</a><span class="ext-discussiontools-init-replylink-bracket">]</span></span><span data-mw-comment-end="c-Dlsmith1855-2018-02-03T12:51:00.000Z-ZV_is_different_from_Z-spread"></span> </p>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Talk:Z-spread&oldid=1206127840">https://en.wikipedia.org/w/index.php?title=Talk:Z-spread&oldid=1206127840</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Start-Class_Finance_%26_Investment_articles" title="Category:Start-Class Finance & Investment articles">Start-Class Finance & Investment articles</a></li><li><a href="/wiki/Category:Low-importance_Finance_%26_Investment_articles" title="Category:Low-importance Finance & Investment articles">Low-importance Finance & Investment articles</a></li><li><a href="/wiki/Category:WikiProject_Finance_%26_Investment_articles" title="Category:WikiProject Finance & Investment articles">WikiProject Finance & Investment articles</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 11 February 2024, at 07:55<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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