The following excerpt is taken from an article titled Denver Investment to Make $800 Million Treasury Move,
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The following excerpt is taken from an article titled "Denver Investment to Make $800 Million Treasury Move," which appeared in the December 9, 1991 issue of BondWeek, p. 1: "Denver Investment Advisors will swap $800 million of long zero-coupon Treasuries for intermediate Treasuries.... The move would shorten the duration of its $2.5 billion fixed-income portfolio...." Why would the swap described here shorten the duration of the portfolio?
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Mehwish Aziz
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