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interest rate swap |
Also found in: Acronyms, Wikipedia | 0.04 sec. |
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Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. Notes: The advantage to this is that one company may have access to lower fixed rates and another company may have access to lower floating rates... so they trade.Interest rate swap A binding agreement between counterparties to exchange periodic interest payments on some predetermined dollar principal, which is called the notional principal amount. For example, one party will pay fixed and receive variable.
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It has brokered a $140 million interest rate swap in 1997 for Dade County, Fla. and a Canadian dollar-denominated interest rate swap by Xerox Corp. He structured such deals as a $300 million floating-to-fixed interest rate swap for a District of Columbia General Obligation refunding bond issue, a complicated transaction involving the refunding of more than 200 separate loan obligations; and a $148 million floating-to-fixed rate swap for the City of Philadelphia, the first done by a major city government, in 1990. |
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interest rate swap
