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Basics

This is extremely basic but something I always get hung up on. If you are long a fixed-rate bond, does that mean you are required to pay the fixed rate coupon or are receiving the fixed rate coupons?

you receive.

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receiving them

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means you hold a fixed rate bond (ie receive coupons as its an investment)

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long means you own the bond, so you are entitled to receive the coupons. similar to long a stock, you are entitled to dividends.

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