Asset swap spread

CFA Level III Fixed Income
#1

Can someone please confirm if this is true?

I own a bond that pays 5% coupon.
I enter a payer swap of 5%, and in return I get MRR + a spread.

Is the “a spread” called the Asset Swap Spread?

Also based on the CFA curriculum formula (Coupon - Fixed swap rate), my ASW will be equal to 0 here?

.

#2

Can anyone help with this please?

#3

I just covered this in the curriculum.
The Asset Swap Spread is the difference between the bond’s coupon rate and the Swap’s fixed rate.

So in your example, the ASW will indeed be zero.