Suppose we have a portfolio of i terest rate swaps that we wish to delta hedge. we build a delta ladder by shocking the instruments used to build the forecasting and discouting curves (Eurodollar futures, par swaps etc...)
Suppose we wish to hedge by using key par swaps identified from the delta ladder. Im confused about the proper hedge ratio to be used. Do we need to calculate the delta of the par swaps or is the hedge ratio simply the value i. the delta ladder for those instruments?