An interest rate payer swaption is more like an interest rate put than an interest rate call.

Name: An interest rate payer swaption is more like an interest rate put than an interest rate call.
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An interest rate payer swaption gives the holder the right, but not the obligation, to enter into an interest rate swap where they would pay the fixed rate and receive the floating rate, which is more analogous to an interest rate call option (right to buy) rather than a put option (right to sell).

An Interest Rate Payer Swaption Is More Like an Interest