eoin

Thanks
But I still dont get it.
Millau will get the EUR proceeds, then swap it to CHF and pay cheaper EUR interest compare to counterparty. Why would Millau pay interest in CHF- it defeats the whole purpose of currency swap
My understanding comes from schweser(main example to explain CCY swap) where a US company has a Euro loan. When the swap happens, its pays interest on US loan although it originally borrowed Euro.