问题如下：
The CIO of a Canadian private equity company wants to lock in the interest on a three-month “bridge” loan his firm will take out in six months to complete an LBO deal. He buys the relevant interest rate futures contracts at 98.05. In six-months’ time, he initiates the loan at 2.70% and unwinds the hedge at 97.30. The effective interest rate on the loan is:
选项：
A.0.75%.
1.95%.
2.70%.
解释：
B is correct.
The CIO buys the relevant interest rate future contracts at 98.05, locking in a forward rate of 1.95% (= 100 – 98.05). After six months, the CIO initiates the bridge loan at a rate of 2.70%, but he unwinds the hedge at the lower futures price of 97.30, thus gaining 75 bps (= 98.05 – 97.30). The effective interest rate on the loan is 1.95% (= 2.70% – 0.75%).
看了几个前面同学的提问及回答，还是想请老师clarify一下：
买了一个高价位的futures，unwind时应该是卖在低价位。为什么还是gains呢？
谢谢！
