Currency Swaps. 1Meaning CurrencySwapsrefertothearrangementwhereprincipaland interestpaymentsinonecurrencyisexchangedforsuch paymentsinanothercurrency.

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Presentation transcript:

Currency Swaps

1Meaning CurrencySwapsrefertothearrangementwhereprincipaland interestpaymentsinonecurrencyisexchangedforsuch paymentsinanothercurrency. 2Features TheprincipalamountforboththeCompaniesareequalor almostequalbasedontheexchangerateprevailingonthedate ofstartingtheswaparrangement. 3Benefits Thiswillguardagainstexchangerateriskforboththeenterprises andeliminatesuncertainties,forboththeparties.

4Types: CurrencySwapscancategorizedbasedonhowinterestratesare structured- (a)FixedFor FixedCurrencySwap: TheinterestpaymentsexchangedarepayableunderFixed RateBasisforboththecontractingparties. (b)FixedforFloatingCurrencySwap: InterestpaymentsexchangedarepayableunderFixedRate BasisforpartyandFloatingRatebasistheotherparty. (c)FloatingforFloatingCurrencySwap: InterestpaymentsexchangedarepayableunderFloating RateBasisforboththeparties.However,thebaseforfixing thefloatingratesarethesameforboththeparties,i.e. LIBORorMIBORetc.

Acurrencyswapallowsthetwocounterpartiestoswapinterest ratecommitmentsonborrowingsindifferentcurrencies. Ineffectacurrencyswaphastwoelements: Anexchangeofprincipalindifferentcurrencies,whichare swappedbackattheoriginalspotrate. Anexchangeofinterestrates–thetimingofthesedepends ontheindividualcontract.