Asset Swap
Similar in structure to a plain vanilla swap, the key difference is the underlying of the swap contract. Rather than regular fixed and floating loan interest rates being swapped, fixed and floating investments are being exchanged.
Investopedia Commentary
In a plain vanilla swap, a fixed libor is swapped for a floating libor. In an asset swap, a fixed investment such as a bond with guaranteed coupon payments is being swapped for a floating investment such as an index.
Related Links
Futures Fundamentals
See also: Commodity Swap, Coupon Bond, Currency Swap, Interest Rate, Interest Rate Swap, Libor, Swap, Total Return Swap, Underlying, Vanilla Option