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《interest rate and foreign currency swaps》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫。
1、Chapter21Chapter21InterestRateandForeignCurrencySwapsIn2002,only18%ofWal-Mart’soutstandingdebthadpaymentsthatfluctuatedwiththeshort-terminterestrate.By2003,ithadincreasedtheexposureofitsoutstandingdebttoshort-terminterestratestomorethan40%byengagingininterestrateswaps.In2011,Chineseauthoritiesanno
2、uncedthatcertainbankswouldbeallowedtooffercurrencyswapstotheircorporateclients.Thesecorporationscannowissuedollardebtandswapintorenminbidebt,orviceversa.Thischapterexaminesinterestrateandcurrencyswaps,whichareadditionalinstru-mentsforyourriskmanagementtoolkit.Wehavepreviouslydiscussedanumberofways
3、ofmanagingafirm’scurrencyrisksusingderivativesecurities,includingforwardcontractsinChapter3andfuturesandoptionsinChapter20.Thematuritiesfortheseinstrumentsaresomewhatlimited,whereasthematuritiesintheswapmarketsextendto30years.Wehavealsonotedthatexchangerateexposurescanbethoughtofasarisingfromagene
4、ralmis-matchbetweenassetsandliabilitiesdenominatedindifferentcurrencies.Wewillseehowinterestrateswapsallowfirmstochangethenatureoftheirliabilitiesforagivencurrencyfromfixedtofloatinginterestratesorfromfloatingtofixedinterestrates.Currencyswapscanbeusedtochangethecurrencyofdenominationofafirm’sliab
5、ilities.Changessuchasthesecanbedesirableasthenatureofafirm’sbusinesschanges.Swapsalsoallowfirmstoseekoutlow-costfinancingwithoutsacrificingtheirpreferredtypeofdebt.Section21.1introducesthebasicideasassociatedwithswapsanddiscussestheimpres-sivesizeoftheswapmarket.Section21.2providesadetailedanalysi
6、softhecashflowsofinterestrateswaps,andSection21.3providesadetailedanalysisofthecashflowsofcurrencyswaps.21.1INTRODUCTIONTOSWAPSSwapsareagreementsbetweentwocounterpartiestoexchangeasequenceofcashflows.Inthemodernswapmarket,over-the-counterdealersatmajorbanksquotebid–askspreadsatwhichtheyarewillingt
7、odoeithersideofaswap.Thecashflowsofinterestrateandcurrencyswapsarestructuredlikethecashflowsofstandardbonds,andthematuritiesextendfrom1yearto30yearsandevenmore.Manyinternationalfinancialmanagersnowactivelyuseswap
