How would one calculate the expected cash flows of a floating rate note?
Given a yield curve corresponding to the underlying of a floating rate note, would it be sufficient to compute the forward rates and use them to calculate the future value of the coupon payments? This would be in line with the classical (textbook) single yield curve valuation of the FRN, but I wonder what the industry approach would be.
Would one still do it in this way or would one take an interest rate model (which?), simulate many scenarios and take the averages like Monte Carlo? Are there other ways? Let's assume defaults are not of interest.