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Any of a variety of swap structures that converts an issuer's lowest relative borrowing cost structure to a structure that fits the issuer's liability management targets. For example, a AA-rated United States-based borrower might borrow at relatively lower cost in the fixed rate dollar market than in the floating rate sterling market. A lower-rated United Kingdom borrower might borrow at floating rates in sterling with only a small credit penalty. These borrowers could swap interest payments and/or currencies to their mutual advantage. A medium- term note offering from the AA-rated borrower might be sold with the express design of implementing such a swap.
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