Hi,Can someone help me understand this please?If I have an amortising 3 year Swap starting in 1 years time with the following principal 30, 20, 10.If I am the Fixed rate receiver what is a hedge using standard swaps that start today and have maturities from 1 to 4 years?To hedge the IR risk, I need to "Receive Float, Pay Fixed", but what about the maturities. If I hedge today using a 4 year swap with an amortising principal that matches the original swap, the first year payments will not have an offsetting payment with my original swap as it starts in 1 years time...Does anyone have any ideas? What am I missing here?Thanks

Receive fixed on a 30m 1yr vanilla swapPay fixed on a 10m 2yr vanilla swapPay fixed on a 10m 3yr vanilla swapPay fixed on a 10m 4yr vanilla swapAny ideas on this one? http://www.wilmott.com/messageview.cfm? ... adid=70925