1.   Bonds also fell as swap market participants sold bond futures to hedge swap positions in which they have been receiving fixed interest rates.

2.   During the May baht attack, they believed that they could unwind the swap positions, which should be a normal situation.

3.   Soros would wait until August or perhaps three months more to launch another attack when the BOT needed to roll over its swap position.

4.   We were forced to open our swap positions.

5.   When he learnt about the swap positions, he agreed with the plan to float the baht.