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大恰恰 · 2023年05月10日

期初 issue dollar-denominated bonds 难道不是收到 USD 借款嘛?

NO.PZ2018113001000038

问题如下:

A US company needs to raise CNY20 million because it is planning an expansion into China. It wants to issue dollar-denominated bonds and converts the dollars to Chinese yuan by using a three-year currency swap with annual payments. Spot rate is 7 CNY/USD, the swap rate of US dollars is 2% and the swap rate of Chinese yuan is 3%. The US company pays (in millions):

选项:

A.

interest in CNY of 0.6 million and receives interest in USD of 0.045 million

B.

interest in CNY of 0.6 million and receives interest in USD of 0.057 million

C.

interest in USD of 0.057 million and receives interest in CNY of 0.6 million

解释:

B is correct.

考点:currency swap改变loan币种

解析:

期初交换本金:收到人民币本金=20 million,支付美元本金=20/7=2.8571 million

期间交换利息:支付人民币利息=20*0.03=0.6million,收到美元利息=2.8571*0.02=0.057milion

期初 issue dollar-denominated bonds 难道不是收到 USD 借款嘛? 然后把收到的USD 借款 swap 成CNY

所以期中是要付这个USD bond 的利息

1 个答案
已采纳答案

pzqa31 · 2023年05月10日

嗨,从没放弃的小努力你好:


这道题的意思是,这家美国公司要去中国开展业务,需要20million的人民币,所以先在美国境内发了等值的美元债券融资,这个时候公司有钱了(美元),就可以进入一个currency swap:在期初是收人民币本金付美元本金,所以期间是支付人民币利息,收美元利息。

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努力的时光都是限量版,加油!

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