Exchanges
Investment Sponsor
December 8, 2022
Derivatives
Stepped Capped FRN
December 8, 2022

A callable swap that can be cancelled only on a single pre-determined date in the future. This swap gives the fixed-rate payer the right to terminate it before its maturity date, but just for one specific date. That means once that date is crossed and the swap is not terminated, the fixed-rate payer will no longer be entitled to early termination.

This swap is also referred to as a European callable swap.

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