Swap assignment

(redirected from Swap Novations)

Swap assignment

Related: Swap sale

Swap Assignment

A swap in which one party pays a leg to the counterparty, then assigns the other leg to a third party. Thus, the first party steps out of the deal, receiving or paying the net amount of the deal. It is also called a swap sale or swap novation.
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Fitch does not expect the swap novations to have any impact on the existing ratings of the notes in the above referenced transactions.
The proposed remedies include swap novations or explicit guarantees.
The proposed remedies include swap novations, explicit guarantees, or the execution of a collateral support annex, and in one case, not pursuing any course of action.
The two proposed remedies include either swap novations or explicit guarantees.