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Cross Currency |
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Cross Currency A pair of currencies traded in forex that does not include the United States dollar. Notes: Historically, an individual who wished to exchange a sum of money into a different currency would be required to first convert that money into U.S dollars, and then convert it into the desired currency. But cross currencies help individuals and traders bypass this step of converting into U.S dollars. The GBP/JPY cross, for example was invented to aid individuals in England and Japan who wanted to convert their money into the other currency without having to first convert into U.S dollars. |
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Proceeds of the offering will be used to refinance a portion of the cross currency swap agreements used to hedge the US$1. A differential swap - also known as diff swap, index differential swap, cross currency interest rate swap or quanto swap - is a variation of an interest rate swap, distinguished by the fact that at least one (and possibly both) of the payment rates refers to a currency different from that of the notional principal. The breakage costs are in respect of a cross currency swap relating to certain Series B Preferred Security distributions. |
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Cross Currency