Darien

Right to receive Fixed happens when the Strike rate > Fixed Rate of the Swap on which the option (Swaption) is created. This would be when the Rates are increasing.

Call Option on a Bond - Issuer has the Right to call the bond - when the rates increase so as to make issuance of a new bond cheaper in the new regime - and then it makes sense for the Issuer to retire the existing bond and issue a new one at the lower rate.

So both of these are similar...

CP