Fixed Interest Swaps

how would a plain vanilla recieve-fixed interest rate swap be equivalent to a long position in a bond coupled with the issuance of a floating rate note?

If I buy a fixed rate bond, I receive fixed payments; if I sell a floating rate bond, I make floating rate payments. Put the two together to make a delicious vanilla swap!! :slightly_smiling_face:

you made it very delicious :smiley: