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A variant on the fixed for floating interest rate swap with the 'fixed' rate for each payment period set above or below the market swap rate dependent on the level of a designated index on the reset date. For example, with the swap rate at 6.00%, a semi-fixed swap's 'fixed' rate payment might be 5.50% if the designated index is below the agreed trigger level; and, the rate might be 7.25% if the index is above the trigger. Trigger indexes can be any financial or economic variable that parties to the semi-fixed swap choose.
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