INDEX AMORTIZING SWAP - IAS
Interest rate swap in which the notional principal amount changes based on the movement of the underlying interest rate. Basically, it is an over-the-counter contract between two parties on an amortizing notional principal swap, which may decline over the lifetime of the swap. The notional principal amortizes or decreases more quickly when short-term interest rates, index to widely used rate index such as LIBOR, drop, and amortizes much slowly when short-term rates increase. Also called index amortizing rate swap or indexed principal swap.
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