swaption
n.— «“Another thing the county can do which the typical homeowner cannot is change interest rates without repaying the debt and taking out a new loan. This is done through what is sometimes called a swap.” Lancaster County still has three swaps and three “swaptions,” which are options to do a swap, outstanding.» —“County wins 2 bets on swaps” by Helen Colwell Adams LancasterOnline.com (Lancaster, Pennsylvania) Oct. 28, 2007. (source: Double-Tongued Dictionary)
Further reading
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