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Suppose we have a European payer swaption with 5-year maturity and 10-year tenor. The underlying is clearly the 10-year tenor payer swap. Does it mean that to replicate the swaption I need to construct a self-financing portfolio that is long an amount $\Delta$ of the 10-year payer swap and short the risk-free asset?

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The underlying is clearly the 10-year tenor payer swap.

The underlying is - initially - the 10y swap, 5y forward. In a year from now, it will be the 10y swap, 4y forward (etc).

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