Fixed-to-fixed swap

(1) In the United States, the circus or circus swap is a form of fixed-to-fixed swap created by combining a long or short position on a plain vanilla interest rate swap (coupon swap) and a short or long position on a plain vanilla cross-currency swap (cross-currency coupon swap). The term circus is an acronym for combined interest rate and currency swap. (2) Other terms such as fixed-to-fixed cross-currency swap and fixed-fixed cross-currency swap are sometimes used to designate a fixed-to-fixed swap.