weimingosi

这里的receive指的是receive fixed payment，其结果就相当于买了bonds之后可以得到fixed payment，所以应该是相当于一个call option。如果是payer swaption的话，就是pay fixed payment，类似于卖了bonds要付给别人fixed payment，是put.

willbetter

receiver swaption = call option on bond = put option on interest rate