A currency swap in which one side is a fixed rate currency and the other a floating rate payment (such as U.S dollar LIBOR). This type of swap combines the features of a currency swap and an interest rate swap. In currency coupon swaps, a loan denominated in one currency and effected at a fixed rate is typically swapped for a floating rate loan denominated in another currency.

Currency coupon swaps also have two different names: “cross currency swap” and “circus swap”.