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In practice is it possible to enter into a par par asset swap where the bond is purchased from counterparty A and the swap element is conducted with counterparty B?

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    $\begingroup$ No. because a par bond is off market and a swap in a par par asw is off market, thus both A and B are transacting off market deals. Either they then exchange monetary value between themselves (which they wont do due to communication barriers or operational risk) or the end user agrees to modify the transactions to shift monetary value from A to B or vice versa, but then the original concept of trading the bond at Par is effectively eliminated. Engaging with the same counterparty is possible because the off market component of each part nets out. $\endgroup$
    – Attack68
    Commented Jul 24, 2023 at 22:32

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