NO.PZ2018113001000029
问题如下:
A US company needs to raise ¥20 million because it is planning an expansion into China. It wants to issue dollar-denominated bonds and convert the dollars to Chinese yuan by a currency swap. The company believes that interest rates in both countries are increasing. Which of following statements is correct about swap?
选项:
A.The company should use a swap with a floating rate on interest paid(¥)and fixed rate on interest received($).
B.The company should use a swap with a fixed rate on interest paid($)and floating rate on interest received(¥).
C.The company should use a swap with a fixed rate on interest paid(¥)and floating rate on interest received($).
解释:
C is correct.
考点:用currency swap转换loan的币种
解析:
公司现在是美元本金的loan,想转成人民币本金的Loan,因此应该进入付美元本金,收人民币本金的互换,这样就可以将本金转成人民币。
该互换在期间的时候需要支付人民币的利息,收到美元的利息(与本金方向相反)
因为预期两国的利率都会上升,所以应该选择支付的利息(人民币)为固定的,收到的利息(美元)为浮动的。
期间现金流轧差后,就是r-rmb 再调整basis,人民币利率固定就好了,和美元利率是否浮动有关系吗