Do Bond-flies trade?

External question — Quantitative Finance Stack Exchange Author: Jan Stuller Original post: https://quant.stackexchange.com/questions/83618 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. A simple question: do G10 or at least G5 government bonds trade as flies, or only as individual bonds? I know for a fact that swaps for G5 currencies are quoted by brokers as various strategies, i.e. flies (5Y - 2 * 10Y + 15Y for example): and such strategies work out significantly cheaper in terms of bid-offer spreads when compared to executing the swaps individually. (Obviously individual swap tenors are quoted too). But I am just wondering if the same applies to Bonds: i.e. do these trade as strategies and if yes, how much of a bid-offer spread can you save on a G5 bond fly, as opposed to trading the bonds individually??

External answer — Quantitative Finance Stack Exchange Author: AMach Original post: https://quant.stackexchange.com/a/85245 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. Yes they trade. See {FIT} on terminal if you want rough indication of bid-ask. Bros should also post runs if you can get access.