In an interest rate swap, when pricing at inception (e.g. making sure the NPV is zero at inception), is the fixed rate set first and then the floating rate calculated (or vice-versa, e.g. floating rate set first and then the fixed rate calculated)?
I'm assuming it can be calculated both ways, so I could go to a broker and say:
I want to receive fixed 5% on $100 notional, what floating rate do I have to pay Mr Broker.
I want to receive floating Libor 3M payments on $100 notional, what fixed amount do I have to pay Mr Broker.