If you own a bond, you get fixed payments of coupons.
If you have a put option on that bond, you have the right but not the obligation to SELL that bond. To SELL your right to RECEIVE Fixed Income cuz you don’t want it. You can make somebody else take the Fixed Rate [that is your right that u paid good money for] so you can get a better/higher floating rate if it becomes available. You exercise and make money on that put option against that bond when it’s more lucrative to get a higher floating rate than be stuck with a relative lower fixed rate, though 7% is pretty good. This is the same exposure as paying fixed [giving away the fixed coupons you don’t want] and receiving float, which is what a Payer Swaption does: “A payer swaption gives the owner of the swaption the right to enter into a swap where they pay the fixed leg and receive the floating leg.” It’s the same bet, you have the option to long the float and short the fixed rate.
The financial market will always speak from the Fixed side so if they said Receiver Swap or Payer swap, I read it as Receive “Fixed” Swap, Pay “Fixed” Swap. Insert in the word and figure which side you are on.