Substitution swap

Definition:

A swap in which a money manager exchanges one bond for another bond that is similar in terms of coupon, maturity, and credit quality, but that offers a higher yield.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

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Central Counterparty Clearing House

An organization in European countries that helps facilitate trading done in European derivatives and equities market.

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