A party to an interest rate swap in which payment is based on a swap rate or the coupon rate of a long-term fixed income security. The fixed rate payer, who is also the floating rate receiver, may also make equal payments across successive payment intervals. The “swap buyer” or the “party that is long the swap” also denote the same meaning. The other party of a swap is known as a floating rate payer.

This term could also refer to the issuer of a fixed coupon debt instrument (notes, bonds, etc).