Swap Products

Swap Products Utilized by Tax-Exempt and Taxable Issuers (Partial List)

Swaps

• Generic LIBOR/SIFMA swaps
• Spot or forward starting swaps
• SIFMA/LIBOR hybrid ("trigger") swaps
• Basis swaps
  • Receive % of LIBOR, pay SIFMA
  • Receive % of LIBOR plus fixed spread, pay SIFMA
  • Receive % of LIBOR plus upfront cash, pay SIFMA
  • Constant maturity swaps (CMS)
• Credit default swaps
• Total return swaps
• Consumer Price Index/Inflation swaps
• Actual rate or cost of funds swaps
• SIFMA/LIBOR basket swaps
• Alternative event trigger swaps
• Commercial paper swaps
• Currency swaps

Swaptions

• Callable
• Extendable
• Basis
• European, Bermudan, American
• Barrier (Single, Double, Average)
• Knock-in/knock-out
• Lookback
• Chooser
• Quanto
• Structured (probability of exercise array)
• Periodic

Custom Caps and Floors

• LIBOR/SIFMA caps
• Ratio caps
• Caplets
• Lookback caps
• Collars
• Floors

Rate Locks

• MMD rate lock
• SIFMA swap rate lock
• LIBOR swap rate lock
• Treasury rate lock
• Advance bond purchase agreement rate lock

Derivative Strategies Utilized by Tax-Exempt and Taxable Issuers (Partial List)

• Synthetic Floating Rate Debt
  • Spot starting
  • Contingent floating
• Synthetic Fixed Rate Debt
  • Alternative to traditional “new money” fixed rate debt
  • Alternative to traditional “current refunding” fixed rate debt
  • Alternative to traditional “advance refunding” fixed rate debt
• Forward Starting Swaps
• Call Option Monetization
• LIBOR/SIFMA Basis Swap Positioning
  • Upfront payment
  • Spread annuity
• Rate Locks
  • MMD rate lock
  • SIFMA swap rate lock
  • LIBOR swap rate lock
  • Treasury rate lock
• Balance Sheet Duration Management