Main category
Social Sciences (Economics)
Abstract
Cross currency swap differs from single currency swaps in that the interest rate payments on the two legs are in different currencies. At inception of the trade, the notional principal amounts in the two currencies are usually set to be fair given the spot exchange rate. Contrary to single currency swap, there is an exchange of principals at inception and maturity, or even in each period of the swap.
Further reading
https://ia801403.us.archive.org/11/items/ir-xccy-basis-curve-14/IrXccyBasisCurve-14.pdf
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