The present value (PV) of the change in the value of a swap that results from to a one basis point in the fixed coupon (fixed leg of the swap), while the swap curve is held unchanged. For a given swap curve, “PV coupon 01” indicates the amount of change in the value of a swap if the swap’s fixed coupon is changed by one basis point. A positive PV coupon 01 indicates that if the coupon is increased by 1 basis point, then the value of the swap increases for the receiver of its fixed payment.

On the other side, a negative PV coupon 01 indicates that if the coupon is increased by 1 basis point, then the value of the swap decreases for the receiver of its fixed payment.