Note that a cap can be viewed as a call option on interest rates (as discussed here)

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Note that a cap can be viewed as a call option on interest rates (as discussed here) or as a put option on bond prices, since rising interest rates mean falling bond prices. Similarly, a floor (discussed in the next paragraph) can be viewed as a put option on interest rates or a call option on bond prices. We follow market convention and discuss caps and floors as options on interest rates rather than on bond prices.

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