# Fetching Forward Starting Swap Rates

A forward starting swap is an interest rate swap where the effective date is set in the future rather than starting immediately (spot). This allows hedging of future interest rate exposure.

***

## Basic Example

Use `0D` for spot, or a tenor like `6M`, `1Y` for forward starts:

```python
import requests

url = "https://api.bluegamma.io/v1/swap_rate"
headers = {"x-api-key": "your_api_key"}

params = {
    "index": "6M EURIBOR",
    "start_date": "1Y",           # Forward start in 1 year
    "maturity_date": "5Y",        # 5 year swap from start
    "fixed_leg_frequency": "6M"
}

response = requests.get(url, headers=headers, params=params)
print(response.json())
```

```bash
curl -X GET "https://api.bluegamma.io/v1/swap_rate?index=6M%20EURIBOR&start_date=1Y&maturity_date=5Y&fixed_leg_frequency=6M" \
  -H "x-api-key: your_api_key_here"
```

**Response:**

```json
{
  "index": "6M EURIBOR",
  "start_date": "2027-01-14",
  "maturity_date": "2032-01-14",
  "fixed_leg_first_payment_date": "2027-07-14",
  "floating_leg_first_payment_date": "2027-07-14",
  "floating_leg_frequency": "6M",
  "floating_leg_day_count": "Actual360",
  "fixed_leg_frequency": "6M",
  "fixed_leg_day_count": "Actual360",
  "swap_rate": 2.6083
}
```

***

## Using Specific Dates

You can also specify exact dates:

```python
params = {
    "index": "6M EURIBOR",
    "start_date": "2026-06-15",      # Specific forward start
    "maturity_date": "2031-06-15",   # Specific maturity
    "fixed_leg_frequency": "6M"
}
```

```bash
curl -X GET "https://api.bluegamma.io/v1/swap_rate?index=6M%20EURIBOR&start_date=2026-06-15&maturity_date=2031-06-15&fixed_leg_frequency=6M" \
  -H "x-api-key: your_api_key_here"
```

***

## Fetching Multiple Forward Starts with asyncio

Use `asyncio` to fetch multiple forward starting rates efficiently:

```python
import asyncio
import aiohttp

API_KEY = "your_api_key"
BASE_URL = "https://api.bluegamma.io/v1"

async def fetch_swap_rate(session, start_date, maturity):
    params = {
        "index": "6M EURIBOR",
        "start_date": start_date,
        "maturity_date": maturity,
        "fixed_leg_frequency": "6M"
    }
    async with session.get(f"{BASE_URL}/swap_rate", params=params) as resp:
        data = await resp.json()
        return start_date, maturity, data.get("swap_rate")

async def main():
    headers = {"x-api-key": API_KEY}
    forward_starts = ["0D", "3M", "6M", "1Y", "2Y", "3Y"]
    maturities = ["5Y", "7Y", "10Y"]
    
    async with aiohttp.ClientSession(headers=headers) as session:
        tasks = [
            fetch_swap_rate(session, fwd, mat)
            for fwd in forward_starts
            for mat in maturities
        ]
        results = await asyncio.gather(*tasks)
    
    return results

results = asyncio.run(main())
```

**Results (6M EURIBOR, Jan 2026):**

| Forward Start | 5Y Swap | 7Y Swap | 10Y Swap |
| ------------- | ------- | ------- | -------- |
| 0D (Spot)     | 2.4491% | 2.5925% | 2.7751%  |
| 3M            | 2.4864% | 2.6277% | 2.8069%  |
| 6M            | 2.5245% | 2.6641% | 2.8388%  |
| 1Y            | 2.6083% | 2.7424% | 2.9062%  |
| 2Y            | 2.7687% | 2.8896% | 3.0329%  |
| 3Y            | 2.9121% | 3.0181% | 3.1417%  |

<figure><img src="/files/jwRtATsi6YJHE4D0zun3" alt="Forward starting swap rates increasing with longer forward starts"><figcaption><p>Forward starting rates increase with the forward start period due to the upward sloping curve</p></figcaption></figure>

***

## Parameters

| Parameter             | Required | Description                                                |
| --------------------- | -------- | ---------------------------------------------------------- |
| `index`               | Yes      | Interest rate index (e.g., `6M EURIBOR`, `SOFR`, `SONIA`)  |
| `start_date`          | Yes      | `0D` for spot, or tenor (`6M`, `1Y`) / date (`2026-06-15`) |
| `maturity_date`       | Yes      | Swap tenor (`5Y`, `10Y`) or specific date                  |
| `fixed_leg_frequency` | Yes      | Payment frequency (`6M`, `1Y`)                             |
| `valuation_time`      | No       | Historical timestamp (ISO 8601)                            |

***

🧠 **Tips**

* `maturity_date` is the swap tenor from the `start_date`, not from today
* `start_date` and `maturity_date` accept tenors (`6M`, `1Y`) or ISO dates (`2026-06-15`)
* Use `valuation_time` to get historical forward starting rates

***

**Need an API key?** 📩 <support@bluegamma.io> | 📅 [Book a call](https://app.lemcal.com/@alivohra/website-demo?back=1)


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