No this is the floating leg of the cash flow where payoff is 4*Reference spread where reference spread is defined as 10 year GBP swap rate - 6 month CHF Libor.
I have a peculiar deal where the payoff is calculated as 6 month GBP Libor - 6 month CHF libor. My gut feel says that it cannot be a normal mathematical subtraction. an anybody throw some light one the concept?
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