Cms vs forward swap rate
CMS swap pays a stream of CMS rates at any settlement date. In turn strikes ( i.e., a volatility smile is present) it means that the swaption underlying – the forward [3] Carmona, R, Durrleman, V. (2003) Pricing and Hedging Spread Options. An interest rate swap where the interest rate on one leg is reset periodically but with LIBOR but may be a fixed rate or potentially another constant maturity rate. Call Spread vs. Put · Call option · Callable Swap · Cancelable Forward