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In 2019, the 5-year Treasury Swap Spread Repo Finance Idea emerged as a key strategy in cryptocurrency and finance. With UST 5-year Water X264 gaining traction, the US's Treasury Buybacks program revealed an intriguing paradox: paying off bonds by borrowing more. CIFCL's issuance of a 5-year bond at 8.65% added to the complexity of the market.

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