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Five Against Note Spread
(redirected from FAN Spread)

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Five Against Note Spread
A spread in which an investor has offsetting positions on five-year and 10-year Treasury notes. That is, an investor takes a short position on five-year notes and a long position on 10-year notes, or vice versa. In doing so, the investor hopes to take advantage of the difference in interest rates between the two notes.
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