问题如下图：
选项：
A. 
B. 
C. 
解释：
老师你好，看了答案里有写选名义本金小的，可是利率互换不交换名义本金吧
NO.PZ2018113001000027 问题如下 A portfolio manager ha $200 million bonportfolio, he wants to rethe ration from 5 to 4 using a swap. There are two swaps, a one-yeswwith average mofieration of -0.625，ana two-yeswwith average mofieration of –1.25。 1.Shoulthe manager enter into a payer swor receiver swap? 2. Whiswthe manager woulprefer antermine its notionprincipal. Payer swanNP=160 million receiver swanNP=160 million Payer swanNP=320 million A is correct.考点Interest Rate Swap: Aust the ration解析现在希望降低ration，所以应该进入一个ration为负数的swap，即payer swap我们需要判断应该prefer哪个swap？判断的依据是为了达到目标的ration，哪个swap需要名义本金越少，我们就应该更prefer哪个swap。根据公式NS=MVP(MRT−MRPMRswap)N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}NS=MVP(MRswapMRT−MRP)Swap的ration越大，需要的NP就越少，因此我们需要选择一个ration绝对值更大的一个swap第二个swap的ration绝对值更大，因此应该选第二个swap，它的NP计算如下NS=MVP(MRT−MRPMRswap)=$200,000,000(4.0−5.0−1.25)=$160,000,000N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}=\$200,000,000{(\frac{4.0-5.0}{-1.25})}=\$160,000,000NS=MVP(MRswapMRT−MRP)=$200,000,000(−1.254.0−5.0)=$160,000,000 就是做题的时候，老是在receive 和 pay之间搞错，有无方法啊。
NO.PZ2018113001000027 问题如下 A portfolio manager ha $200 million bonportfolio, he wants to rethe ration from 5 to 4 using a swap. There are two swaps, a one-yeswwith average mofieration of -0.625，ana two-yeswwith average mofieration of –1.25。 1.Shoulthe manager enter into a payer swor receiver swap? 2. Whiswthe manager woulprefer antermine its notionprincipal. Payer swanNP=160 million receiver swanNP=160 million Payer swanNP=320 million A is correct.考点Interest Rate Swap: Aust the ration解析现在希望降低ration，所以应该进入一个ration为负数的swap，即payer swap我们需要判断应该prefer哪个swap？判断的依据是为了达到目标的ration，哪个swap需要名义本金越少，我们就应该更prefer哪个swap。根据公式NS=MVP(MRT−MRPMRswap)N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}NS=MVP(MRswapMRT−MRP)Swap的ration越大，需要的NP就越少，因此我们需要选择一个ration绝对值更大的一个swap第二个swap的ration绝对值更大，因此应该选第二个swap，它的NP计算如下NS=MVP(MRT−MRPMRswap)=$200,000,000(4.0−5.0−1.25)=$160,000,000N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}=\$200,000,000{(\frac{4.0-5.0}{-1.25})}=\$160,000,000NS=MVP(MRswapMRT−MRP)=$200,000,000(−1.254.0−5.0)=$160,000,000 “我们需要判断应该prefer哪个swap？判断的依据是为了达到目标的ration，哪个swap需要名义本金越少，我们就应该更prefer哪个swap。”
NO.PZ2018113001000027 问题如下 A portfolio manager ha $200 million bonportfolio, he wants to rethe ration from 5 to 4 using a swap. There are two swaps, a one-yeswwith average mofieration of -0.625，ana two-yeswwith average mofieration of –1.25。 1.Shoulthe manager enter into a payer swor receiver swap? 2. Whiswthe manager woulprefer antermine its notionprincipal. Payer swanNP=160 million receiver swanNP=160 million Payer swanNP=320 million A is correct.考点Interest Rate Swap: Aust the ration解析现在希望降低ration，所以应该进入一个ration为负数的swap，即payer swap我们需要判断应该prefer哪个swap？判断的依据是为了达到目标的ration，哪个swap需要名义本金越少，我们就应该更prefer哪个swap。根据公式NS=MVP(MRT−MRPMRswap)N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}NS=MVP(MRswapMRT−MRP)Swap的ration越大，需要的NP就越少，因此我们需要选择一个ration绝对值更大的一个swap第二个swap的ration绝对值更大，因此应该选第二个swap，它的NP计算如下NS=MVP(MRT−MRPMRswap)=$200,000,000(4.0−5.0−1.25)=$160,000,000N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}=\$200,000,000{(\frac{4.0-5.0}{-1.25})}=\$160,000,000NS=MVP(MRswapMRT−MRP)=$200,000,000(−1.254.0−5.0)=$160,000,000 为什么是payer sw在没有提到利率是上升还是下降的情况下、
NO.PZ2018113001000027问题如下 A portfolio manager ha $200 million bonportfolio, he wants to rethe ration from 5 to 4 using a swap. There are two swaps, a one-yeswwith average mofieration of -0.625，ana two-yeswwith average mofieration of –1.25。 1.Shoulthe manager enter into a payer swor receiver swap? 2. Whiswthe manager woulprefer antermine its notionprincipal. Payer swanNP=160 million receiver swanNP=160 million Payer swanNP=320 million A is correct.考点Interest Rate Swap: Aust the ration解析现在希望降低ration，所以应该进入一个ration为负数的swap，即payer swap我们需要判断应该prefer哪个swap？判断的依据是为了达到目标的ration，哪个swap需要名义本金越少，我们就应该更prefer哪个swap。根据公式NS=MVP(MRT−MRPMRswap)N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}NS=MVP(MRswapMRT−MRP)Swap的ration越大，需要的NP就越少，因此我们需要选择一个ration绝对值更大的一个swap第二个swap的ration绝对值更大，因此应该选第二个swap，它的NP计算如下NS=MVP(MRT−MRPMRswap)=$200,000,000(4.0−5.0−1.25)=$160,000,000N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}=\$200,000,000{(\frac{4.0-5.0}{-1.25})}=\$160,000,000NS=MVP(MRswapMRT−MRP)=$200,000,000(−1.254.0−5.0)=$160,000,000 Swap（receive fixe的 ration默认是正数吗？如果M负，代表是payer swap？会不会有receiver swap的M是负数呢？
NO.PZ2018113001000027 问题如下 A portfolio manager ha $200 million bonportfolio, he wants to rethe ration from 5 to 4 using a swap. There are two swaps, a one-yeswwith average mofieration of -0.625，ana two-yeswwith average mofieration of –1.25。 1.Shoulthe manager enter into a payer swor receiver swap? 2. Whiswthe manager woulprefer antermine its notionprincipal. Payer swanNP=160 million receiver swanNP=160 million Payer swanNP=320 million A is correct.考点Interest Rate Swap: Aust the ration解析现在希望降低ration，所以应该进入一个ration为负数的swap，即payer swap我们需要判断应该prefer哪个swap？判断的依据是为了达到目标的ration，哪个swap需要名义本金越少，我们就应该更prefer哪个swap。根据公式NS=MVP(MRT−MRPMRswap)N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}NS=MVP(MRswapMRT−MRP)Swap的ration越大，需要的NP就越少，因此我们需要选择一个ration绝对值更大的一个swap第二个swap的ration绝对值更大，因此应该选第二个swap，它的NP计算如下NS=MVP(MRT−MRPMRswap)=$200,000,000(4.0−5.0−1.25)=$160,000,000N_S=MV_P{(\frac{MR_T-MR_P}{MR_{swap}})}=\$200,000,000{(\frac{4.0-5.0}{-1.25})}=\$160,000,000NS=MVP(MRswapMRT−MRP)=$200,000,000(−1.254.0−5.0)=$160,000,000 基础班讲义好像没有提到这一点吧
