Unlike resetting swaps, it is a swap in which the notional principal is constant throughout the life of the swap. In this type of swap no regular cash flows take place. This means there is no termination of the existing swap and an initiation of a new swap at the same underlying equity level (as it is the case usually with resetting equity swaps). Instead, parties to the swap agree to make a single payment at maturity date. This structure reflects a constant risk-offset requirement which may be combined with the use of a debt security with the principal being fully paid at maturity.