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Metro do Porto: An Interest Rate Swap
S. Veena Iyer; Anshul JainCaso IVEY-9B16N011-EDirección estratégica, FinanzasIn January 2007, Metro do Porto, a light rail network, entered into an interest rate swap agreement with Banco Santander Totta on a notional principal of €89 million. The intent was to reduce the interest costs that Metro do Porto was incurring. This was a complex swap agreement that brought immediate benefits to Metro do Porto but proved catastrophic in the long run. Two years after the swap commenced, a “snowball clause” in the swap agreement t...Desde 8,20 €