Interest rate swaps

If the swap is such that the bank pays the customer a fixed rate (4.895%) and then receives from teh customer a floating rate (3 mo LIBOR), this is exactly the same as a bank selling a bond to a customer. Can someone plz explain how the swap is the same as a bank selling a bond to a customer? thanks!

where did you get this statement from? is there anything written before and after this ?

some univeristy course presentation i found on google. theres nothing before or after this, they went to the next topic right after. id paste the link here but i cant find it anymore

well part of it is. Bank pays customer a fixed rate, just like in a bond where the issuer pays a fixed coupon rate.

that could make sense it if means the bank issues a bond to a customer and then invests the proceeds at 3mL, or shorts a bond and invests the proceeds. likewise, receiving in swaps is analogous to borrowing at libor and buying a fixed rate bond. basically the point they are trying to make is that a pay-fixed position in swaps has negative duration (and vice-versa).