The payoff on a receiver swaption is most like that of a: A. call option on a coupon bond. B. put option on a discount bond. C. put option on a coupon bond.
The payoff on a receiver swaption is like that of a call option on a bond issued at the exercise date of the swaption, with a coupon equal to the fixed rate of the swap, and a term equal to that of the swap.
