## what is an EONIA **swap** (call money swap)?

it’s a **swap** where we exchange fixed rate for variable rate calculated with dayly EONIA rate (Euro OverNight Index Average)

the payments are based on average EONIA rate , which corresponds to reinvest both notional and received interest at EONIA rate

## How to value Eonia swap?

for a Eonia – Fixed **swap** payout is calculated as:

is based on Actual/360

for future fixings instead of calculating forwards every day we could calculate