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Off-Market Coupon Swap
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An interest rate or other swap contract with a fixed rate payment materially different from current coupon rates on bonds or notes of similar term. Ordinarily, this swap will have a net present value that requires the counterparties to exchange an extra payment at the beginning or end of the swap tenor. Also called Adjustment Swap. See High Coupon Swap, Low Coupon Swap, Discount Swap.
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