An interest rate swap whose fixed rate payment coincides with currently prevailing coupon rates on debt instruments with similar times to maturity. And therefore, this swap, unlike the off-market swap,, requires no up-front payments by either party. The net present value of this swap is zero at inception since both sides have equal value. Since there is no exchange of principal, an “at-market” swap originates at a fixed rate that results in a zero value for the swap and thus in no cash flow in either direction.