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A cross-currency swap is an agreement to swap principal and interest payments in two different currencies. The swaps are classically used to swap the proceeds of debt issued in a foreign currency into the issuer’s domestic currency or to hedge investments in foreign currency bonds. Banks also use cross-currency swaps to exchange funding in one currency for funding in another currency. For instance, a European bank seeking US dollar funding may enter into a cross-currency swap with a US bank in need of euros. The parties to a cross-currency swap exchange notional amounts at the start and end of the trade and make interest payments at regular intervals over its life.
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