Zero Basis Risk Swap - ZEBRA
- Zero Basis Risk Swap - ZEBRA
- A swap agreement between a municipality and a financial intermediary.
Also known as a "perfect swap" or "actual rate swap".
The municipality pays a fixed rate of interest to the financial intermediary and receives a floating rate of interest in return. The floating rate received is equal to the floating rate on the outstanding floating rate debt initially issued by the municipality to the public.
Investment dictionary.
Academic.
2012.
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