N
Em gặp câu này đọc đáp án chưa thông lắm. Có bác nào có thể giải thích đơn giản hơn không?
A cap on a floating rate note, from the bondholder’s perspective, is equivalent to:
A) owning a series of calls on fixed income securities.
B) writing a series of puts on fixed income securities.
C) writing a series of interest rate puts.
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Click for Answer and Explanation
For a bondholder, a cap, which puts a maximum on floating rate interest payments, is equivalent to writing a series of puts on fixed income securities. These would require the buyer to pay when rates rise and bond prices fall, negating interest rate increases above the cap rate. Writing a series of interest rate calls, not puts, would be an equivalent strategy. Calls on fixed income securities would pay when rates decrease, not when they increase
A cap on a floating rate note, from the bondholder’s perspective, is equivalent to:
A) owning a series of calls on fixed income securities.
B) writing a series of puts on fixed income securities.
C) writing a series of interest rate puts.
--------------------------------------------------------------------------------
Click for Answer and Explanation
For a bondholder, a cap, which puts a maximum on floating rate interest payments, is equivalent to writing a series of puts on fixed income securities. These would require the buyer to pay when rates rise and bond prices fall, negating interest rate increases above the cap rate. Writing a series of interest rate calls, not puts, would be an equivalent strategy. Calls on fixed income securities would pay when rates decrease, not when they increase
L
The clear answer is in page 343, reading 64 (interest rate derivative íntrument)
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