Spanish to English Bus/Financial Investment / Securities Structured notes

In a description of a structured bond, when calculating how much will be paid out "in the case of a credit event involving the underwriter".

The whole phrase (translated from Catalan) is: "precio de venta de la obligación de referencia del subyacente con el cambio en EUR del momento, incluyendo la valoración de mercado del cambio forward de cobertura (vencimiento X/X/2015)"

So far I've got "forward exchange rate" or "forex rate" for "cambio forward" and "de cobertura" could be "derivative" but does "derivative forward exchange rate" actually mean anything?! Any suggestions welcome, thanks