Zero Basis Risk Swap (ZEBRA)
A swap agreement between a municipality and a financial intermediary.

Also known as a "perfect swap" or "actual rate swap".

Investopedia Says:
The municipality pays a fixed rate of interest to the financial intermediary and receives a floating rate of interest in return. The floating rate received is equal to the floating rate on the outstanding floating rate debt initially issued by the municipality to the public.

Related Terms:
Arbitrage
Arbitrage Bond
Basis Rate Swap
Financial Intermediary
Floater
Swap

• Local Tax
• Lockbox Banking
• Lockdown
• Locked Market
• Lock Limit
• Lock-Up Agreement
• Lock-Up Option
• Lock-Up Period
• Logarithmic Price Scale
• Logistics
• Lombard Rate
• London Interbank Bid Rate (LIBID)
• London Interbank Bid Rate (LIBID)
• London Interbank Mean Rate (LIMEAN)
• London Interbank Offered Rate (LIBOR)
• London Interbank Offered Rate (LIBOR)
• London International Financial Futures And Options Exchange (LIFFE)
• London Metal Exchange (LME)
• London Metal Exchange (LME)
• London Stock Exchange (LSE)
• London Stock Exchange (LSE)
• Long Bond
• Long-Dated Asset
• Longevity Derivatives
• Longevity Risk