> For the complete documentation index, see [llms.txt](https://bluegamma.io/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bluegamma.io/documentation/pricers/calculating-a-swap-rate.md).
# Swap Pricer
Price an interest rate swap at the live mid, save it as a quote, and mark it as traded once you have dealt.
**My Swaps** is the home screen for both pricing and portfolio valuation. It has two sections:
* **Not traded** — quotes priced at the live mid that you have not yet dealt. This page covers this section.
* **Traded** — swaps you have executed, marked to market live. See [Swap Mark-to-Market](https://www.bluegamma.io/documentation/pricers/calculating-the-mtm-of-a-swap).
A swap starts in Not traded and moves to Traded when you mark it as dealt.
***
## 1. Price a Swap
Click **+ Price a Swap** in the top right. The pricer reprices as you edit, so the mid updates with every change.
**Terms**
* **Floating Rate Index** — the currency and benchmark, for example GBP SONIA. Currency follows the index you pick, so there is no separate currency field.
* **Payment Frequency** — how often both legs pay. Tick **Two payment frequencies** where the fixed and floating legs pay on different schedules.
**Dates**
* **Start Date** — this will correspond to the first drawdown date.
* **First Interest Payment** — must be after the start date.
* **End Date** — this should correspond to the final repayment date of the debt.
* Use the tenor buttons (2Y, 5Y, 7Y, 10Y, 15Y, 20Y, 30Y) to set the end date from the start date in one click.
**Notionals**
Shows the number of periods and the frequency, for example 20 periods · 6M. Open it to set the notional for each period where the swap amortises. The user is able to paste a column from an Excel file, rather than filling each row manually.
**Status**
Leave **Traded** off while the swap is still a quote. The **Mid swap rate** shown is indicative and priced off the live mid.
**Naming**
Give the swap a name so you can find it later. A default is suggested from the index and maturity, for example SONIA 10Y · Aug 2036.
**Spreads (optional)**
Expand **More · spreads** to add an **Execution spread**, **Credit spread** and **Loan margin**, each in basis points. These are estimated or quoted spreads and are used to build your all-in rate.
Click **Save Swap**. The swap appears under Not traded.
***
## 2. Review the Not Traded List
The default columns show the swap name, currency, notional, maturity, PV01 and the mid swap rate. The user is able to customise columns, by pressing on **Columns**.
***
## 3. Mark a Swap as Traded
Once you have executed, click **Mark as traded** next to the swap.
The panel shows the swap's notional, frequency, start and end dates, and the mid right now, then asks for:
* **Traded rate** — the rate you dealt at, from your trade confirmation. Required.
* **Trade date** — the date you traded. Required.
* **Bank** — who you dealt with. Optional.
* **Entity** — where it files in your portfolio. Optional, and you can drag it to a different entity later.
Click **Mark as Traded**. The swap moves into the Traded section and is marked to market from your dealt rate.
{% hint style="info" %}
Recording the traded rate is what lets the platform show your mark-to-market. Until then the swap is valued at the live mid, which is a quote rather than your position. The live mid results in a zero mark-to-market.
{% endhint %}
***
## 4. Assign a Swap to an Entity
Swaps can be filed under an entity — a holding company, SPV or subsidiary — so your portfolio reflects your structure. Alternatively, a user can file swaps under a specific bank.
* Set the entity when you mark the swap as traded, or
* Drag the swap onto an entity in the Traded section at any time.
Swaps with no entity sit under **Unassigned**. Click **+ New entity** to add one.
***
## Additional Features
* **Valuation Time**: the header shows the time the screen is priced at, for example *As of Thu 27 August 16:11:25*. Click **Valuation Time** to price at a different point instead of live — useful for valuing your book as at a month end. The refresh icon returns you to live pricing.
* **Download**: each section has its own **Download** button, which exports that section to Excel.
* **Search**: find swaps by name, entity or bank from the search box in the header.
{% hint style="info" %}
Exports always use native values. Converted figures shown on screen are indicative and intended for portfolio survey only.
{% endhint %}
***
## Related
{% content-ref url="/pages/S7o7TlnhdPBHwXuqZUZs" %}
[Swap Mark-to-Market](/documentation/pricers/calculating-the-mtm-of-a-swap.md)
{% endcontent-ref %}
{% content-ref url="/pages/yTCgRGyJsDdAtr2H3uf9" %}
[Cap Pricer](/documentation/pricers/pricing-a-cap.md)
{% endcontent-ref %}
{% content-ref url="/pages/JS6n2Vxj2frLZwIkxVxq" %}
[Benchmarking a Swap Rate with a Bank](/documentation/market-data-guides/overview-1/advanced/benchmarking-a-swap-rate-with-a-bank.md)
{% endcontent-ref %}
{% content-ref url="/pages/hDtgsAkZKGcydP8QYLpx" %}
[How to Price a Swap in Excel Using BlueGamma's Add-in](/documentation/integrations/excel-add-in/how-to-guides/how-to-price-a-swap-in-excel-using-bluegammas-add-in.md)
{% endcontent-ref %}
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