I would like to compare the two following trades in terms of Delta and Vega exposure on the swap curve.

1. 6m20y swaption, ie an option on the 20y swap rate which expires in 6 months.

2. 6m10y10y mid curve option, ie an option on the 10y swap 10y forward which expires in 6 months.

Delta. With the first one I get a delta exposure at 20y swap rate. What about the second one. I believe that there we should have and some other exposures, at the 3 factor (curvature) of the curve at the 10y swap. Is this correct? Could someone please comment on that?

Vega. With the first one I get a vega exposure at the 20y swap rate. What about the second one? Where is my vega exposure?