L3: quick q on cross-currency basis swaps
From what I see in the questions, it says if they quote -20 for basis, you apply it to the non-US leg, correct? But what happens if we are doing a cross-currency swap and neither currency is USD?
From what I see in the questions, it says if they quote -20 for basis, you apply it to the non-US leg, correct? But what happens if we are doing a cross-currency swap and neither currency is USD?