问一道题：NO.PZ2018111501000022

NO.PZ2018111501000022 问题如下 Testa acquire Spanish packaging company. The Spanish investment involveTesta acquiring200,000 shares of a packaging company EUR90 per share. He cito fullyhee the position with a six month USEUR forwarcontract. tails of theeuro hee initiation anthree months later are proviin Exhibit 1. Exhibit 1 2009 Spot anForwarUSEUR Quotes (BiOffer) anAnnualizeLibor RatesUsing Exhibit1, if the Spanish shares hbeen solafter three months，how woulthe manager to close the inititransaction? A.Sell EUR 18 million spot. B.Sell EUR 18 million three months forwar C.Buy EUR 18 million three months forwar C is correct.考点Mark-to-marketvalue of ForwarContract解析Testa现在持有18m的欧元股票，本币是US外币是EUR。0时刻持有外币EUR资产，担心外币EUR贬值，因此short forwaron USEUR，期限为6个月，合约规模是18million。3个月这些欧元的股票被卖掉了，因此之前在0时刻签订的期限为6个月的forwar约，现在用不到了，需要平仓平掉，因此需要签反向头寸进行平仓。又因为之前的合约还剩下3个月到期，因此我们的反向头寸的合约期限也应该是3个月，面值也仍然是18million。因此我们需要long 3个月到期的规模为18million的forwar约，选 我记得二级李老师讲衍生的时候讲A/B的形式计算的时候，斜杠后面的是本币比较方便还是外币比较方便来着？有点忘了，请老师再帮回忆一下，谢谢！

NO.PZ2018111501000022 问题如下 Testa acquire Spanish packaging company. The Spanish investment involveTesta acquiring200,000 shares of a packaging company EUR90 per share. He cito fullyhee the position with a six month USEUR forwarcontract. tails of theeuro hee initiation anthree months later are proviin Exhibit 1. Exhibit 1 2009 Spot anForwarUSEUR Quotes (BiOffer) anAnnualizeLibor RatesUsing Exhibit1, if the Spanish shares hbeen solafter three months，how woulthe manager to close the inititransaction? A.Sell EUR 18 million spot. B.Sell EUR 18 million three months forwar C.Buy EUR 18 million three months forwar C is correct.考点Mark-to-marketvalue of ForwarContract解析Testa现在持有18m的欧元股票，本币是US外币是EUR。0时刻持有外币EUR资产，担心外币EUR贬值，因此short forwaron USEUR，期限为6个月，合约规模是18million。3个月这些欧元的股票被卖掉了，因此之前在0时刻签订的期限为6个月的forwar约，现在用不到了，需要平仓平掉，因此需要签反向头寸进行平仓。又因为之前的合约还剩下3个月到期，因此我们的反向头寸的合约期限也应该是3个月，面值也仍然是18million。因此我们需要long 3个月到期的规模为18million的forwar约，选 请问这道题从哪些信息可以判断一开始签订的6个月的forwarcontract不是买EUR呢？我以为他一开始是签订6个月买EUR，所以平仓用卖EUR。

NO.PZ2018111501000022 问题如下 Testa acquire Spanish packaging company. The Spanish investment involveTesta acquiring200,000 shares of a packaging company EUR90 per share. He cito fullyhee the position with a six month USEUR forwarcontract. tails of theeuro hee initiation anthree months later are proviin Exhibit 1. Exhibit 1 2009 Spot anForwarUSEUR Quotes (BiOffer) anAnnualizeLibor RatesUsing Exhibit1, if the Spanish shares hbeen solafter three months，how woulthe manager to close the inititransaction? A.Sell EUR 18 million spot. B.Sell EUR 18 million three months forwar C.Buy EUR 18 million three months forwar C is correct.考点Mark-to-marketvalue of ForwarContract解析Testa现在持有18m的欧元股票，本币是US外币是EUR。0时刻持有外币EUR资产，担心外币EUR贬值，因此short forwaron USEUR，期限为6个月，合约规模是18million。3个月这些欧元的股票被卖掉了，因此之前在0时刻签订的期限为6个月的forwar约，现在用不到了，需要平仓平掉，因此需要签反向头寸进行平仓。又因为之前的合约还剩下3个月到期，因此我们的反向头寸的合约期限也应该是3个月，面值也仍然是18million。因此我们需要long 3个月到期的规模为18million的forwar约，选 我想问一下表里显示spot rate USEUR maturity是大于目前的\"3 MONTH LATER\"以及“initiation”的spot rate，所以我理解根据这一条是预测EUR会升值的，为什么答案说是担心贬值？

NO.PZ2018111501000022问题如下Testa acquire Spanish packaging company. The Spanish investment involveTesta acquiring200,000 shares of a packaging company EUR90 per share. He cito fullyhee the position with a six month USEUR forwarcontract. tails of theeuro hee initiation anthree months later are proviin Exhibit 1. Exhibit 1 2009 Spot anForwarUSEUR Quotes (BiOffer) anAnnualizeLibor RatesUsing Exhibit1, if the Spanish shares hbeen solafter three months，how woulthe manager to close the inititransaction?A.Sell EUR 18 million spot.B.Sell EUR 18 million three months forwarC.Buy EUR 18 million three months forwar C is correct.考点Mark-to-marketvalue of ForwarContract解析Testa现在持有18m的欧元股票，本币是US外币是EUR。0时刻持有外币EUR资产，担心外币EUR贬值，因此short forwaron USEUR，期限为6个月，合约规模是18million。3个月这些欧元的股票被卖掉了，因此之前在0时刻签订的期限为6个月的forwar约，现在用不到了，需要平仓平掉，因此需要签反向头寸进行平仓。又因为之前的合约还剩下3个月到期，因此我们的反向头寸的合约期限也应该是3个月，面值也仍然是18million。因此我们需要long 3个月到期的规模为18million的forwar约，选所以这道题一开始是指的是她这18m的股票计划卖掉 所以用forwarhee拿到EUR后兑换美元的汇率风险 所以一开始的fwsell EUR？ 反向头寸是buy对吧我一开始以为是六个月后需要用美元换EUR收购公司，所以理解成了fwbuy EUR 所以反向合约是sell 感觉这题说的不太清楚 有理解偏差的可能

NO.PZ2018111501000022问题如下 Testa acquire Spanish packaging company. The Spanish investment involveTesta acquiring200,000 shares of a packaging company EUR90 per share. He cito fullyhee the position with a six month USEUR forwarcontract. tails of theeuro hee initiation anthree months later are proviin Exhibit 1. Exhibit 1 2009 Spot anForwarUSEUR Quotes (BiOffer) anAnnualizeLibor RatesUsing Exhibit1, if the Spanish shares hbeen solafter three months，how woulthe manager to close the inititransaction?A.Sell EUR 18 million spot.B.Sell EUR 18 million three months forwarC.Buy EUR 18 million three months forwar C is correct.考点Mark-to-marketvalue of ForwarContract解析Testa现在持有18m的欧元股票，本币是US外币是EUR。0时刻持有外币EUR资产，担心外币EUR贬值，因此short forwaron USEUR，期限为6个月，合约规模是18million。3个月这些欧元的股票被卖掉了，因此之前在0时刻签订的期限为6个月的forwar约，现在用不到了，需要平仓平掉，因此需要签反向头寸进行平仓。又因为之前的合约还剩下3个月到期，因此我们的反向头寸的合约期限也应该是3个月，面值也仍然是18million。因此我们需要long 3个月到期的规模为18million的forwar约，选您好！企业为何不在3个月时卖掉欧元后持有到期，到6个月的时候再按照原有合约兑换成美元呢？谢谢！