A Pay-Fixed Interest Rate Swap Can Be Viewed as Equivalent

question 22

Multiple Choice

A pay-fixed interest rate swap can be viewed as equivalent to

• A) a long position in a par-valued FRN and a long position in a par-valued, fixed-rate note.
• B) a long position in a par-valued FRN and a short position in a par-valued, fixed-rate note.
• C) a short position in a par-valued FRN and a long position in a par-valued, fixed-rate note.
• D) a short position in a par-valued FRN and a short position in a par-valued, fixed-rate note.
• E) a flat position in a par-valued FRN and a short position in a par-valued, fixed-rate note.

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