Trade Ideas - does it make sense?

Hey,

I came up with a trade idea that wins when Interest rates increase.
I am playing that by buying a Payer Swap and selling a deep ITM Receiver swaption at ATM+60 (same notional). I chose that strategy because I expect rates to increase by 50-60bps, more I find less likely but if it catches momentum it is possible.

Are there any severe sensitivty risks that I oversee? I think I am short vega and gamma and they will get bigger the closer I get to the strike. My delta should already be very high (in absolute terms) but decrease the closer I get to the strike.

Do you have some tipps on what I should consider?

1 Comments
 

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