In an Interest Rate Swap, the Position of the Floating-Rate

In an interest rate swap, the position of the floating-rate payer is equivalent to a:

A) Long position in a fixed-rate bond and a short position in a floating rate bond.
B) Long position in a floating-rate bond and a short position in a fixed-rate bond.
C) Long position in a fixed-rate bond and a long position in a floating rate bond.
D) Short position in a fixed rate bond and a long position in a floating rate bond.
E) None of the above.