A snowball swap which has an automatic redemption feature added to it. This swap can be terminated upon a TARN condition being triggered. The snowblade swap has, like a snowball swap, a high coupon for the initial (or lockout) period of the swap. Thereafter, each coupon is defined in terms of the previous coupon. Snowblade swaps belong essentially to the class of target redemption products, whereby once the agreed overall amount of coupons paid out is reached, the coupon leg of the swap will immediately redeem.