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An IRS contract will state in detail what interest is payable to whom and when. The typical vanilla Xibor IRS at present has a CSA for daily-rebalanced cash accruing at OIS rates. So the coupons are fixed on Xibor, and between coupon payments the PV is collateralised with cash, rebalanced every day using OIS interest accrual. However, some old CSAs permit ...

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