A swap (specifically a cross-currency interest rate swap) which is based on two fixed rates in the same currency or in different currencies. In other words, each party pays a fixed interest rate and receives a fixed interest rate. The plain vanilla swap is a fixed-for-fixed swap where the cash flows are based upon straight (bullet) coupon bonds in two currencies. The fixed-for-fixed swap can be viewed as a combination of forwards with respect to interest payments and final principal exchange at maturity.

The swap is said to be fixed-for-fixed callable swap when one of the parties has the right, without the obligation, to terminate the swap after a certain date or at a certain time.