An interest rate swap or a cross-currency swap in which the interest rate payments for the swap buyer (seller) are a guaranteed maximum (minimum) amount above par if a currency pair ever touches or breaks outside a preset range between start of the trade and maturity time and a minimum (maximum) level below par otherwise. This swap is a zero-cost product and allows for beneficial interest rate payments, i.e., receiving higher coupons or paying lower coupons than the market.

This swap helps an investor to start at the minimum level, but if things go wrong, the guaranteed maximum amount is known in advance.