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A fixed-for-fixed currency swap: a. Is worth the same whether or not principals are exchanged b. Involves no exchange of principals at the beginning of

A fixed-for-fixed currency swap:

a. Is worth the same whether or not principals are exchanged

b. Involves no exchange of principals at the beginning of its life

c. Is equivalent to a long position in one bond and a short position in another bond

d. Is equivalent to a portfolio of FRAs

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