duration of swaps different, liability, example, change, things

Kingpin804

Notes book 5 los44b example indicates that to add a swap into a portfolio, the pay-fix side's portfolio duration will be reduced.
However, los44c indicates that to change floatiing-rate liability into fix-rate liability with swaps, the liability duration will be increased.
is that two different things?

brain_wash_your

还是有点糊涂。assets duration = liability duration + equity duration
a pay-fix liability has larger duration than a float one, liability duration will be increased, and so does the assets duration. right?

Kapie

你的例子中，如果企业将其浮动债务通过SWAP转换成了固定债务，这个PAY-FIX的SWAP本身加入企业资产时起到的作用是减少了企业资产的久期呢，还是增加了企业债务的久期了呢？or both?

redskins44

终于想通了，duration of the portfolio actually should take into consideration of both assets duration and liability duration, fixed liability has higher duration than floating one, adding which may reduce the gap between assets duration and liability duration, hence reduce the equity duration. Right?