Main category
Economics (General Management)
Abstract
A ratchet swap is an interest rate swap where one party pays a standard floating rate and the other party pays a ratchet floating rate. The ratchet floating rate coupon is based on an interest rate index with a minimum decrease and a maximum increase.
Further reading
https://ia601509.us.archive.org/6/items/extendableSwap/extendableSwap.pdf
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