Imagine an instrument where two counter parties get into a swap arrangement (fixed for floating - plain vanilla) and then the counter party that is paying the floating has the quarterly option to flip the flows 1y after the start date of the swap and for 3y in order to receive floating instead of fixed (in that way a spread between the two floating legs is fixed). The same counter party that had the flipping option has also the option to early terminate the swap (without any penalty) 4y after the start date of the original swap. The counter party is allowed to early terminate the swap (with the relevant cash settlement) only once during each year for the rest of the swap's live. Can you please tell me which combination of products replicates the above instrument from the aspect of the counter party that is originally pays fixed in the swap. I have sth in mind but I would like to see some opinions Thanks, d.