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Why CMS Caps rather than Payer Swaptions?

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longvega
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Joined: September 19th, 2003, 7:17 am

Why CMS Caps rather than Payer Swaptions?

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February 13th, 2010, 10:44 am

Can anyone expain to me why insurance companies (e.g. French Insurers) have traditionally bought CMS Caps rather than Payer Swaptions (or portfolio of Payer Swaptions) to hedge their surrender risk? Thanks!
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