A swap in which the present value of the net fixed-rate payments is equal to the net present value of the net floating-rate receipts from the perspective of a fixed-rate payer. Likewise, from the view point of a floating rate payer, the swap would be at the money when the present value of the net floating-rate payments is equal to the present value of the net fixed-rate receipts.
It is known for short as ATM swap.
