2009 LV2 模擬考題afternoon session Q.53 - 金融分析師

原題意是說 某人發表了一個statement :

A receiver swaption permits the holder to enter into a pay floating position

and is equivalent to a put option.

個人認為pay floating position 跟 as a put option都對，

但解答說receiver swaption is equivalent to a call option.

但receiver是當swap rate decrease時才valuable, 所以當預期 rate falling

時也會買reciever swaption啊。

題目也沒有說是equivalent to take put option against bond price

or interest rate.

有各位高手能協助解釋這題嗎？還是答案錯了？

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