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Callable Interest Rate Swap

A swap in which the Fixed Rate Payer has the right to terminate the swap after a certain time if rates fall. Callable swaps are often executed in conjunction with callable debt issues, where an issuer is more concerned with the cost of debt than the maturity. In some definitions of a callable swap, the fixed-rate receiver has the right to terminate the swap. Also known as a cancellable Interest Rate Swap.

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