Swaps and bonds have a lot of similarity although one is a security and the other is a derivative. For example,
- libor for swaps is like repo rate bonds (thinking them both as the funding leg)
- fixed payment is like bond's coupon
I feel that there could be a systematic way to link or think about them under the same framework/logic. All the concepts in bonds must have a similar concepts in swaps and vice verse?
For example,
- what is for bonds as annuity for swaps ?
- what is for swaps as yield for bonds ?
