國際金融風(fēng)險(xiǎn)管理ppt課件(編輯修改稿)
2025-02-05 08:41 本頁面
【文章內(nèi)容簡(jiǎn)介】 ↓ ? 放款人 放款人A公司與 B公司進(jìn)行利率互換后，各自的借款成本見表 61： A公司 B公司 支付 給 第三方 貸 款人 +12% +(LIBOR+%) 支付 給對(duì) 方 +(LIBOR+%) +% 從 對(duì) 方收到 % (LIBOR+%) 籌 資總 成本 LIBOR+2% % 不安排互 換時(shí) 的籌 資 成本 LIBOR+% 14% 凈節(jié)約 成本 % % An Example of a “Plain Vanilla” Interest Rate Swap? An agreement by Microsoft to receive 6month LIBOR amp。 pay a fixed rate of 5% per annum every 6 months for 3 years on a notional principal of $100 million? Next slide illustrates cash flowsMillions of DollarsLIBOR FLOATING FIXED NetDate Rate Cash Flow Cash Flow Cash Flow, 2022 %Sept. 5, 2022 % + – –, 2022 % + – –Sept. 5, 2022 % + – +, 2022 % + – +Sept. 5, 2022 % + – +, 2022 % + – +Cash Flows to Microsoft(See Table , page 151)Typical Uses of anInterest Rate Swap? Converting a liability from? fixed rate to floating rate ? floating rate to fixed rate ? Converting an investment from ? fixed rate to floating rate? floating rate to fixed rate Intel and Microsoft (MS) Transform a Liability(Figure , page 152)Intel MSLIBOR5%LIBOR+%%Financial Institution is Involved(Figure , page 153) .LIBOR LIBORLIBOR+%% %%Intel MSIntel and Microsoft (MS) Transform an Asset(Figure , page 153) Intel MSLIBOR5%%%Financial Institution is Involved(See Figure , page 154) Intel . MSLIBOR LIBOR%%%%The Comparative Advantage Argument (Tabl
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