这道题目还是不清楚

NO.PZ2018113001000048 问题如下 XYZ ha three-yefloating rate loan. In orr to hee the risk of rising interest rates, the company woullike to enter into interest rate swap. The notionprinciple of floating lois $5 million, the rate is Libor+1%. The fixerate of swis 5% anfloating rate is Libor with semiannual payments. The notionprinciple of swis also $5 million. The first net interest payment is: $125,000 $300,000 $150,000 C is correct. 考点Convert between Floating-Rate LoanFixeRate Lo 解析 为了对冲利率上升的风险，XYZ应该进入收浮动，付固定的swap，就可以将整个头寸变成付固定利率的loan. Net payment= [ -（Libor +1%+5%）+ Libor]*5,000,000*1/2=-$150,000，负号代表支出。其中Libor+1%是浮动利率贷款需要付出的，5%是互换中作为固定端需要支付的。注意一、本题中注意仔细看题干，题干描述的很清晰1. 原文“The notionprinciple of floating lois $5 million, the rate is Libor+1%. ”是在介绍这个浮动利率贷款的信息，利息是libor +1%.2. 原文“The fixerate of swis 5% anfloating rate is Libor with semiannupayments. The notionprinciple of swis also $5 million. ”介绍的是互换的信息，互换中固定端是5%，浮动端是libor，半年支付一次，互换的名义本金是5million二、由于libor是可以直接抵消掉的，所题干中并不需要给出libor具体是多少的信息，而且即便给到了也是干扰信息，是用不到的。 题目并没有给出任何表述去说关于three-yefloating rate loan的利息是多久支付一次的，为什么能够默认是半年期？ 就是这种题只要一端没有说期限，另一端说了，默认两端都是按说的那端的支付间隔来算？

NO.PZ2018113001000048 问题如下 XYZ ha three-yefloating rate loan. In orr to hee the risk of rising interest rates, the company woullike to enter into interest rate swap. The notionprinciple of floating lois $5 million, the rate is Libor+1%. The fixerate of swis 5% anfloating rate is Libor with semiannual payments. The notionprinciple of swis also $5 million. The first net interest payment is: $125,000 $300,000 $150,000 C is correct. 考点Convert between Floating-Rate LoanFixeRate Lo 解析 为了对冲利率上升的风险，XYZ应该进入收浮动，付固定的swap，就可以将整个头寸变成付固定利率的loan. Net payment= [ -（Libor +1%+5%）+ Libor]*5,000,000*1/2=-$150,000，负号代表支出。其中Libor+1%是浮动利率贷款需要付出的，5%是互换中作为固定端需要支付的。注意一、本题中注意仔细看题干，题干描述的很清晰1. 原文“The notionprinciple of floating lois $5 million, the rate is Libor+1%. ”是在介绍这个浮动利率贷款的信息，利息是libor +1%.2. 原文“The fixerate of swis 5% anfloating rate is Libor with semiannupayments. The notionprinciple of swis also $5 million. ”介绍的是互换的信息，互换中固定端是5%，浮动端是libor，半年支付一次，互换的名义本金是5million二、由于libor是可以直接抵消掉的，所题干中并不需要给出libor具体是多少的信息，而且即便给到了也是干扰信息，是用不到的。 5%的fix是半年付，但是对冲的Libor+1%不是半年付的，为什么要加总起来除以2？

NO.PZ2018113001000048问题如下 XYZ ha three-yefloating rate loan. In orr to hee the risk of rising interest rates, the company woullike to enter into interest rate swap. The notionprinciple of floating lois $5 million, the rate is Libor+1%. The fixerate of swis 5% anfloating rate is Libor with semiannual payments. The notionprinciple of swis also $5 million. The first net interest payment is: $125,000 $300,000 $150,000 C is correct. 考点Convert between Floating-Rate LoanFixeRate Lo 解析 为了对冲利率上升的风险，XYZ应该进入收浮动，付固定的swap，就可以将整个头寸变成付固定利率的loan. Net payment= [ -（Libor +1%+5%）+ Libor]*5,000,000*1/2=-$150,000，负号代表支出。其中Libor+1%是浮动利率贷款需要付出的，5%是互换中作为固定端需要支付的 这道题有两个头寸需要支付浮动利率Liborswap收到Libor+1%，支付5%的固定利率那综合1和2，净头寸=-L+L+1%-5%=-4%但是题目答案说的是-6%，不太明白Net payment= [ -（Libor +1%+5%）+ Libor]*5,000,000*1/2=-$150,000，负号代表支出。

NO.PZ2018113001000048 $300,000 $150,000 C is correct. 考点Convert between Floating-Rate LoanFixeRate Lo解析 为了对冲利率上升的风险，XYZ应该进入收浮动，付固定的swap，就可以将整个头寸变成付固定利率的loan. Net payment= [ -（Libor +1%+5%）+ Libor]*5,000,000*1/2=-$150,000，负号代表支出。 其中Libor+1%是浮动利率贷款需要付出的，5%是互换中作为固定端需要支付的 现金流方向计算都会 但不理解 为什么最后除以2 Libor已经是半年期的了 swap的固定段利率也应该是半年期默认 没必要再除以2啊