A transaction that involves the sale of a given bond and the purchase of another with different features, in an attempt to enhance or improve an investor’s position. With an intermarket spread swap, an investor can take a view on the expected changes in yield differential between various sectors of the bond market. For instance, a bond investor, on the expectation that the yields of tech bonds and Treasury bonds are misaligned. A wide difference between the two yields would entice the bond investor to switch, temporarily, from Treasury bonds to tech bonds, in order to avail from expected narrowing in the future.