translate English to French: At the time the swap was initiated, the government could have alternatively entered into a six-year swap in which it would have committed to pay a ﬂoating rate of LIBOR less 34 basis points on US$48 million notional.
Le gouvernement aurait pu aussi, à ce moment-là, choisir de conclure un swap de six ans portant sur un montant notionnel de 48 millions de dollars É.-U. et assorti d’un taux variable équivalant au taux LIBOR moins 34 points de base.