Here are the basic features of a plain vanilla interest rate swap, swapping fixed interest for floating interest. The example terms here in this case is that the swap rate or the fixed rate has been set at 4.3%. The tenure is two years, making this the two-year swap rate at 4.3%. The notional in the example is 170 million US dollars and the frequency is semi semi. That simply means that both legs of this swap pays interest semi-annually, once every six months. And of course, the floating rate has to be defined. In this case, it's the six months US dollar LIBOR or the US dollar 180-day LIBOR. The payer in this swap transaction is the party that pays the fixed interest, in this case, 4.3%. In return, he receives the LIBOR interest, the floating interest. So clearly, the payer here would benefit from rising interest rates. The receiver, on the other hand, receives the fixed interest rate at 4.3% and he pays out the floating interest rate, the LIBOR. So clearly, the receiver would benefit from falling interest rates.