Currently a vanilla 4Y EUR vs. 6M Euribor IRS has a negative price e.g. -0.35%.
I do not understand how to interpret the swap when the fixed rate is negative. If I am the fixed rate payer in this swap what does it mean that I pay -0.34%; does this mean the payer actually receives 0.35% and the receiver actually pays 0.35%?
When the swap rates are positive everything makes sense to me but I can't get my head around how to interpret them when they are negative. For example, if I want to be a fixed rate payer in the swap and swap rates are negative does that mean I actually should trade a swap in which I am a fixed rate receiver?
Whats the best way to interpret this intuitively?