A swap deal refers to an agreement between two parties to exchange assets or liabilities, usually in order to achieve a desired outcome. This type of transaction can involve anything from stocks and bonds to interest rates and currencies. The goal is often to reduce risk or improve the overall value of the portfolio by diversifying holdings or taking advantage of favorable market conditions. Swap deals are commonly used in financial markets as a way for institutions, such as banks or corporations, to manage their exposure to various risks and optimize their returns.