In this scenario:
"Currently, the 1-year LIBOR rate is 7.5% with annual compounding. A bank trades swaps where a fixed rate of interest is exchanged for 12-month LIBOR with payments being exchanged annually. The 2- and 3-year swap rates (expressed with annual compounding) are 8.4% and 9.1% per annum. Estimate the 2- and 3-year LIBOR zero rates."
Why when discounting at LIBOR could one represent the swap rate as a coupon bond represented at par?