24-9 The party in a swap that receives fixed-rate payments will always have zero basis risk since the fixed-rate swap payments can be structured to cover the fixed-rate liability payments.

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Basis risk can still exist in a swap even if the fixed-rate payments are structured to cover fixed-rate liabilities, due to potential mismatches in timing, amounts, or other terms between the swap and the underlying liability.

24-9 the Party in a Swap That Receives Fixed-Rate Payments