Capped Swap

Fix your price below the market price in exchange for setting a upper protection limit with a Capped Swap.

The Capped Swap is a combination of a bought swap and sold call option. It offers the swap buyer a lower swap level in exchange for limited upside protection.

Three good reasons to use this strategy

  • You do not need full upside protection
  • Attractive swap price
  • Flexibility in fuel supply


  • Tailor-made coverage
  • Flexibility in physical supply
  • Reduced swap price


  • Limited upside protection
  • Potential basis risk

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