Zero Coupon Swap

Think: trading marbles in the playground. Only, instead of marbles, it's streams of interest payments (usually) on bonds that are being exchanged. One is a rate that floats, in this flavor...and another, usually, comprises a one-time payment whose discounted cash value equals the sum total, risk adjusted, of those streams of coupons being paid out until maturity.

See: Zero Coupon Bonds for the financial model, but the notion is that in anything that's a zero coupon something, no interest payments are made until an end date, at which point both the principal and the sum total of all of those coupons are paid in one swell foop.

In this case, there's just a swap happening for the stream of payments against that one-timer.