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Cash flow and market value risk in swaptions

(Also related to Volume 1 Test 3 PM)

They say selling a payer swaption exposes to cash flow risk if exercised, but I could also see it that we are exposed to market value risk because our fixed payments' market value can vary. Can anyone provide a definitive way to determine respective MV and CF risks with swaptions? Have looked in CFAI/Schweser.

Example: If I'm long a payer swaption, and its exercised, I pay fixed and receive floating. Here, am I simply exposed to only cash flow risk? I don't really care about the MV of my fixed payments.

In buying a receiver swaption, am I only exposed to cash flow risk? What about the MV of fixed payments?

Any clarification would be much appreciated.

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