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Rasec

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发表于 2011-7-13 15:55 | 只看该作者
I agree, they don't need to give extra details when the answer is possible to find without them...as well the answers are most likely given the information given...no need for irrelevant information

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YAhmed

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发表于 2011-7-13 15:56 | 只看该作者
Dreary - it's correct. Call option on bond means you get to buy the bond at a cheaper price. If the rate is below the coupon, the bond should be traded at a premium. If you have a call option, you could buy it for a lower price.

AndrewUNH - Think of swaps as two bonds. The receiver swap holder buys a fixed paying bond and pays a float-rate bond in return.

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ayodayo

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发表于 2011-7-13 15:56 | 只看该作者
my bad, I read his reply as if he was saying that the bond price will be lower/cheaper, but you said it right, nicely too: receiver swaption = right to receive fixed-rate = valuable if interest rate falls = call option on bond

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