Grade this memo

What sets the size on a spread memo?

• The amount the author thinks is reasonable
• The higher the rate, the larger the size
• The smallest headroom on any line of your page the position touches

Your page says "leverage allowed: none". Which proposal can be sized?

• Borrowing on one venue to supply on another
• Moving money you already supply from one venue to another
• A 2x loop, because 2x is modest