The Floating leg of an interest rate swap can be "decomposed" into a series of forward rate agreements. Here, since the swap has identical payments to the FRA, arbitrage free pricing must apply as above – i.e. the value of this leg is equal to the value of the corresponding FRAs. Similarly, the "receive-fixed" leg of a swap can be valued by comparison to a bond with the same schedule of payments. (Relatedly, given that their underlyings have the same cash flows, bond options and swaptions are equatable.) See Swap (finance)#Using bond prices.