Fx coupon swap

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An OTC bilateral contract between two parties to exchange periodic coupon payments in two different currencies over a period of time. The principle amounts are mostly exchanged initially and at maturity at prevailing market exchange rate.

A contract whereby two parties exchange cash flows calculated based on fixed rate price and cash flow calculated based on floating rate price of particular commodity underlying. The transaction is in cash-settlement basis calculated from the difference between fixed rate price and floating rate price.

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Whenever you buy or sell a bond, the period between the trade date and the next coupon date is known as the stub period. The interest payable on the stub is calculated pro-rata. Some bonds have a first or last coupon period that is shorter than the standard coupon period: this is known as a stub period.


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This will occur when you buy or sell a bond on a date that is in the middle of a regular coupon period. The amount paid on the stub coupon period will be lower than than the standard coupon, depending on the length of time between the purchase or sale date and the next coupon date.

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