Hi

@kellychi In the interest of saving time, I moved your question to this thread so that you can view my youtube video above (please see that above

**T4-25: Fixed Income: Infer discount factors, spot, forwards and par rates from swap rate curve**) where I've tried to succinctly explain swap versus spot rates (the swap

*curve *is the set/series of swap rates over time horizons, just like the zero/spot rate curve is a series/set of zero/spot rates). To be honest, when Malz refers to a "zero-coupon" swap curve, I'm not entirely sure why he prefaces with "zero coupon" .... in the FRM, we tend to just refer to the

*swap rate* or

*swap rate curve* (e.g., as Tuckman does, Tuckman is a better reference than Malz).

*Before viewing the above*, I recommend you first view my video (

**T3-13: Par yields are swap rates**) which is my best attempt to clarify swap rates

https://www.bionicturtle.com/forum/threads/t3-13-par-yields-are-swap-rates.22426/
... in this more fundamental video (T3 versus T4) I explain why "The par yield is the coupon rate that prices a bond to par. It is also effectively the swap rate."

Also, here is a question set that gives specific practice

https://www.bionicturtle.com/forum/...p-rates-versus-spot-rates-tuckman-ch-2.22090/
After that, let me know if you have a specific question re swap rate vs spot rate, okay? Thanks,

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