官方MOCK标准答案是PUT啊,

call on interest rate/libor rate

PUT on interest rate/libor rate,请见MOCK LEVEL 2

楼主您考lv 2 啊,是的话您的问题我就不学习了,呵呵

Payer swaption gives you the right to pay the fixed rate. It means when the fix rate is going up, you still pay the original fix rate that you locked in the swaption. So.. it is type of put option which means you can pay at the fixed rate by gaining profit.

Interest Rate (LIBOR) goes up ---> (Fixed rate) Payer Swaption gains in value, because paying fixed rate and receiving floating rate.

                              ---> Bond price goes down

Interest Rate (LIBOR) goes down ---> (Fixed rate)Payer Swaption value = 0, because he will only lose the price paid on the option premium.

                                ---> Bond price goes up

Therefore, it's same as call option on interest rate (= put option on bond price).

[此贴子已经被作者于2009-6-3 23:02:06编辑过]

如果一个人 long payer swaption，就意味着他有权利作为swap双方中支付fixed rate的那一方。