NO.PZ202209060200004305
问题如下:
What trades can Moynahan most likely make to accomplish the objective outlined on page 5 of his presentation?选项:
A.Enter into a fixed-rate payer swap contract B.Buy long bond futures contracts C.Sell an overnight repurchase agreement解释:
SolutionB is correct. To accomplish Moynahan’s objective of increasing the investment exposure of a fully invested portfolio, he would buy long bond futures. Futures contracts embed significant leverage because they permit the counterparties to gain exposure to a large quantity of the underlying asset without having to actually transact in the asset.
A is incorrect because entering into a fixed-rate payer swap contract would not increase the portfolio’s investment exposure.
C is incorrect because selling an overnight repurchase agreement would not increase the portfolio’s investment exposure.
the portfolio is fully invested这句话是什么意思?我以为是说这个组合已经满仓了,那就没有钱买futures了,毕竟买futures还是有outlay的。但是后来咩有其他可以选还是选了futures。
请老师再解读一下。