An Equivalent Description of the Holding of a Receive-Floating Pay-Fixed

Multiple Choice

An equivalent description of the holding of a receive-floating pay-fixed swap is as follows:

A) An exchange of a long position in a fixed-rate bond for a short position in a floating-rate note.
B) A portfolio of long positions in forward-rate agreements (FRAs) for each swap payment date, all at the same fixed rate as the swap.
C) A bond that pays the fixed rate minus the floating rate each period.
D) All of the above.