1. Company X, a Brazilian Airline is expanding business into Argentina and enters a three-year currency swap in which it pays a fixed rate of 6 percent in pesos (ARS) to Company Y of Argentina, which pays 5 percent in reais (BRL) to Company X. The principals are BRL 10,000,000 Brazilian reais and 110,000,000 Argentine pesos. Payments are semiannually on a basis of a 360 days year and 30 days per month. Denote the currency of all transactions.

Time	Company X	Bridas
Initially
Every six months
At the end of year three (not the sum)