Per the lecture, where it was shown that a swap rate (s) can be expressed as a weighted-average of forward cashflow rates (say Libor 3M at forward dates, Li ), then the change in swap rate, can be expressed as: s=iwiLi. First plot by hand the variation of the weights with tenor (T). Then explain using hand drawn plots for scenarios explain how the swap rates change as the nature of the forward curve changes in the following scenarios: a) Forward curve parallelly shifts up b) Forward curve parallelly shifts down c) Forward curve steepens, i.e., far-term rates move-up, while spot rate doesn't change d) Forward curve flattens, i.e., far-term rates move-down, while spot rate doesn't change