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A single look CMS spread option is simply an option on the difference between the two forward CMS rates and a chosen strike $K$ on a single expiry date $t$. A CMS spread cap is then a strip of options and pays on each $t_i$ from $t_1$ to $t_n$. Both types are quoted by brokers such as Tullet. Both products allow the investor a view on the shape of the yield ...

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