The reason for its existence is more than just getting longer maturities tho. Swap rates themselves some form of averages on libor. So one could always swap swap rates for straight up libor. As the wiki example states, this can be used to take a position on change in libor yield curve shape.
Looking Around In the beginning Yes started out as a conversation between Anderson and self-taught bassist Chris Squire at a bar where Anderson was essentially the janitor.
Both had been in various bands previously, but with little or no success. Constant maturity swap thesis, the two discovered that they had similar music interests; both loved rich vocal harmonies, but more than that, both were interested in the idea of fusing rock, pop, jazz, and folk with classical music well, with their relatively simplistic understanding of classical music, anywayof all things.
The two hit it off well enough that they decided to get together and, sure enough, form a band. After a bit of scouring, the two of them came up with the following cast to round out the ensemble; keyboardist Tony Kaye, who had a solid, if somewhat boring, organ and keyboard style he wasn't really big on the tinkly piano and keyboard parts that would pop up a lot in Yes' later work ; Peter Banks, a terrific lead guitarist with a good tone and a feel for jazz actually, there wasn't much scouring involved here, as Banks and Squire had been together in a band called The Syn previously ; and drummer Bill Bruford, who had, surprise surprise, a wonderful familiarity with jazz technique to go with traditional rock drumming.
Now, given that Yes has gone down in history as the quintessential prog rock group, you'd expect the debut to be a genre-defining album along the lines of In the Court of the Crimson King, right?
Well, you might expect that, but you'd be wrong. Elements of their future style can certainly be found, primarily in the extended introductions before a number of the songs, but Close to the Edge this is certainly not.
But that doesn't make it bad!! After all, who ever said that "conventional" music was automatically inferior to complex pieces? For one thing, the two short ballads, "Yesterday and Today" and "Sweetness," are simply beautiful.
Anderson takes a much more traditional approach to singing on these songs than he would again for many years, which puts off several fans, but it's entirely possible that even if you hate Anderson's voice, you'll get a kick out of his singing on these songs.
Heck, on the BBC Sessions, you can even hear the announcer say before "Sweetness," "This man has a lot of soul in his Constant maturity swap thesis And, of course, the melodies are very pretty.
Another distinguishing feature of this from the "classic" albums is the presence of cover tunes, both of which rule. Originally, it was a cute pop song with nice vocal harmonies and a good melody - here, the introduction is a blood-thirsty prog-jazz monster, giving absolutely no hint of the actual nature of the song itself in fact, one might even be thrown off by the quotes of "Day Tripper" here and there.
And fortunately for all, the vocal harmonies are able to do some justice to the original ones, so even if the beginning scares you, solace can be taken in the main part of the song. The other four songs are forces to be reckoned with as well. My favorite, as you can tell from the bold letters above, is side-one closer "Looking Around.
The best part of the song for me, though, is certainly the middle-section, with Jon belting over the descending organ line and creating the illusion that his part is descending too although it isn't.
The other three are nearly as good, though.
The opening "Beyond and Before" has a booming opening riff courtesy of Squire's bass his work on this album is typically phenomenal, and certainly was a giant factor in the Melody Maker declaring Yes to be one of two groups "most likely to make it" based on this album, the other group being Led Zeppelineerie three-part harmonies, and a mild dose of the deconstructionistic tendences that would dominate their later work.
Same goes for the closing "Survival," the closest thing to a progressive composition to be found on this album. I for one consider the introduction to the piece terrific - the bassline is eerie, and the rest of the intro, while not incredibly complex, is untrivial while remainging interesting.
And the main body, while meandering a bit at times, picks up steam and focus near the end of each verse leading into the chorus. Finally, there's also the slightly-inferior-but-still-quite-good "Harold Land," the story of a young man scarred inside by the ravages of war. The strangest feature of it, overall, is the vast dynamic between the bouncy and happy introduction and the sad, ominous main melody, but it's not like the song only has novelty value.
Anderson isn't able to do a great job in making us feel for Harold, but his vocals are certainly pasable on the track, and the lyrics aren't bad either. Besides, even if you hate progressive rock, it would be a shame not to own something by these guys, and since Yes was a fully professional and exciting group from the very beginning, this may as well be it.
And on this album, it shows that Anderson really knows how to pen a song, i. The high points here are "Yesterday And Today" and "Sweetness", even if they sound naive and dated by today's standards. I mean, a song is a song when you can figure the chord sequence and play it with just an acoustic guitar or a piano and your voice, and it doesn't get boring.
And these two in particular work very well. Moreover, I think the song selection was carefully thought out on that one, with the two covers "I See You" and "Every Little Thing" where they get to showcase their musical versatility, the two straightforward pop-rockers "Looking Around" and "Beyond And Before" to draw attention onto them, and the two more complex "Harold Land" and "Survival" showing where they were headed, although I'm sure without clearly knowing themselves.
Net So this is Yes as they began.
And goddammit, it's Yes as I wish they would have stayed! If this album isn't as catchy and fun as a swimmin' frig, then I don't know what criterion everyone is using.
The songs are almost all good-to-great only the two slightly dippy ballads - "Yesterday And Today" and "Sweetness" - and the ridiculously overrated warning sign of things to come "Survival" slow the albumand Peter Banks sure can play guitar.
In fact, one of the reasons I like this disc so much is probably out of sympathy to Mr. B; there's nothing so pitiful as listening to Yessnobs pour buckets of slime all over his head in retrospect just because he couldn't write "The Clap. As far as preachy anti-war songs go, this one has a very nicely observed lyric, something which you'll unfortunately never hear in a Yessong again.
And what was once heresy has now become blasphemy: I think his playing is very underrated, though it is hard during his return to YES years later what his actual contributions are.
Sure, Tony is primarily an organ and piano player, but he does some nice inflections of jazz and rockin his playing.Yes - Atlantic C (Very Good / Great) Best song: Looking Around In the beginning. Yes started out as a conversation between Anderson and self-taught bassist Chris Squire at a bar where Anderson was essentially the janitor.
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