The spread over the floating rate you can lock in by buying a bond and swapping its fixed coupons to floating. A traded package, not just a calculation — the bank book's natural credit measure. It isolates credit compensation from interest-rate risk, and diverges from the Z-spread once the bond trades away from par, because the price difference is amortised through the swap. See the spread measures concept page.
Where Asset-swap spread is explained in depth
The definition above is the short version. These pages put it to work, in the order they use it most:
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