On a chilly November morning in Mumbai in 2025, Joseph Samuel, head of treasury at the Export-Import Bank of India (Exim Bank), confronted a strategic challenge. He had recently secured a whopping US$2.27 billion fixed-rate bond issuance, the largest ever in the bank’s history. Now Samuel was confronted with rising global interest rate volatility amid uncertain monetary policy shifts, notably influenced by the political climate in the United States. Should Exim Bank stick to its fixed-rate exposure and enjoy predictable funding costs? Or was it time to consider an interest rate swap (IRS), a financial hedge that could align the bank’s liabilities with its floating-rate assets, but at the cost of complexity and volatility?
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