ifm module 6

8/12/2019 IFM Module 6

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International financial

managementModule 6


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Contents

FRA

Interest rate caps and floors

Financial swaps -types-motivation Application of swaps

GDR

ADR.


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Forward Rate Agreements

Description

Definition

Forward Rate Agreement (FRA) is a forward

contract between two parties to exchange aninterest rate differential on a notional principalamount at a given future date in which one party, theLong, agrees to pay a fixed interest payment at a

quoted contract rate and receive a floating interestpayment at a reference rate (Underlying rate).


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Description Characteristics :

An forward contract of interest rate.

One party makes a fixed interest payment. The other party makes an interest payment based on

a referenced rate at the time of contract expiration.

The underlyingis an interest rate.

Payments are based on the difference between thecontract rate and the reference rate (e.g., LIBOR,MIBOR,).

A swap is a special combination of FRAs.


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Description

Initial date Settlement dateof FRA contract

Maturity date ofunderlying FRA contract

Payoff

Waiting period Validity period


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Description

Notation

M : notional principal

ir : reference rate (market rate)

ig: FRA contract rate (fixed rate)

N : duration (period of the reference rate)

N = dt-de with :

dt: maturity date of underlying FRA contract

de : settlement date of FRA contract


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Description

Payoff (interest rate differential)

If settlement were made on the date dt

But if the settlement is made on the date de

M irrg N

360

M ir rg N

360

1 ir N

360


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Description The buyer of a FRA receives the settlement amount

He agrees to pay a fixed rate payment and receivethe floating rate payment.

He want to protect itself from a future increase ininterest rate.

The seller of a FRA pays the settlement amount

He agrees to pay a floating rate payment and receive

a fixed rate payment. He want to protect itself from a future decline in

interest rate


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Description

Example

The firm negotiates the following FRA (it sells the

FRA) : Notional : $1000 000

Reference rate : 6-month Libor

FRA contract Rate : 4%

de : in 3 months dt: in 9 months

Duration : 6 months


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Description

Example

Hypothesis : in 3 months, if the 6-month Libor is

3.5% Firm receives the interest rate differential.

Payoff

M 1000000

0,035 0,04 180

360

10,035 180

360

M 2457


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Description

Example

Hypothesis : in 3 months, if the 6-month Libor is 5%

Firm pays the interest rate differential.

Payoff

M 1000000

0,05 0,04 180

360

10,05 180

360

M4878,05


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Description

Convention

The preceding FRA is noted : 3vs9 FRA at 4%

3 m.: settlement date

9 m.: maturity date


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Example March 10, a treasurer knows that he must to borrow 10

million Euros soon. He want to protect itself from apossible rise of the rates by using a FRA contract.

Information Period of the loan : June 10 to September 10

FRA rate proposed by a bank

FRAs Bid Ask

1vs 4 3.34 3.382vs5 3.36 3.40

3vs6 3.58 3.62

12vs18 4.39 4.43


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Example

Determine the settlement amount if the June 10the market rate is 4%.


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Caps, Floors andCollars


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Caps A Cap is a series ofsequentially maturingEuropean style call optionsthat protect the purchaserfrom a rise in a floating rateindex, usually LIBOR, above

a predetermined level.The purchaser has the rightto receive a periodical cashflow equal to the difference

between the market rate and

the strike, effectively placinga maximum limit on interestpayments on floating ratedebt.

NoCap

Cap Rate

FloatingInterestRate

Reference Rate

Cap Payoff

Gain

Cap


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Caps Strategies - Corridor

It is a strategy where

the cost of purchasing acap is offset by the

simultaneous sale of

another cap with a

higher strike.

Corridor Payoff

Cap Rate- Sell at higher rate

NoCorrid

or

Cap Rate- Buy at lower rate


Reference Rate

Ga

in

Corridor


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Caps Strategies - Step UpCapIn steep yield curve

environments theimplied forward rates

will be much higher

than spot rates and the

strike for caplets laterin the tenor may be

deep in the money.

5%

Time

Interestrate%

Straight Cap

Step upcap

Forward rates


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FloorsInterest rate floor issimilar to cap except thatit is structured to hedge

against decreasinginterest rates (or down-side risk). An interestrate floor closelyresembles a portfolio of

put option contracts. Floor Rate


Reference Rate

Floor Payoff

NoFlo

or

Floor

Gain


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Floors - ExampleConsider a 2-year semi-annual floor on $100 notional

amount with strike rate k = 4.5%, indexed to the 6-

month rate. At time 0, the 6-month rate is 5.54 percent

so the floor is out-of-the-money, and pays 0 at time 0.5.The later payments of the floor depend on the path of

interest rates.


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Floors Example cont.)

Time 2Time 1.5Time 1Time 0.5Time 0

5.54%$0.0386e

6.004%$0.00

4.721%$0.0794d

6.915%$0.00

5.437%$0.00

4.275%$0.1626c

7.864%$0.00

6.184%$0.00

4.862%$0.00

3.823%$0.3322b

$0.00

$0.00

$0.00

$=0.3385a

Floor Rate = 4.5%

Caplet at Time 1.5


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Floors Example cont.) At Time 2, the investor gains

$ 0.3385 = $100 * (4.5%3.823%) / 2

which is equivalent to, at Time 1.5

$ 0.3322 = $0.3385 / (1 + 3.823% / 2) Other calculations

$ 0.1626 = [0.5*(0) + 0.5*($ 0.3322)] / (1 + 4.275% / 2)

$ 0.0794 = [0.5*(0) + 0.5*($ 0.1626)] / (1 + 4.721% / 2)

$ 0.0386 = [0.5*(0) + 0.5*($ 0.0794)] / (1 + 5.54% / 2)


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Floors Example cont.)

Time 0.5Time 0

5.54%$0.0648

6.004%

$0.00

4.721%$0.1332

Caplet at Time 0

Because at Time 0.5 and 0, the

floorlets never get in the money,so the value of the floor will be:

$ 0.0648 = $0.0386 + $0.0262


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Floors BS ExampleConsider a contract that floors the interest rate on a$10,000 loan at 8% per annum (with quarterlycompounding) for three months starting in one year.This is a floorlet and could be one element of a floor.Suppose that the zero curves is flat at 9% per annum

with quarterly compounding and the one-year volatilityfor the three-month rate underlying that floorlet is 20%

per annum. The continuously compounded zero rate forall maturities is 6.9394%.

K= 8%, = 0.25,N= 10,000, l(ti, ti-)= 9%

ti= 1.0, ti+1= 1.25 and k= 0.20


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Floors BS Examplecont.)

21

ln 0.09 / 0.08 0.2 0.50.6889

0.20 1d

2 1

0.20 0.4889d d

1.251 10,000 0.25 0.9169 0.08 0.4889 0.09 0.6889

$6.663

tF N N

P(0, ti+1)= e-0.069394*1.25= 0.9619,

1 2 1

Black and Scholes for Floorlet:

0, ,i

i

t i i iF N P t KN d l t t N d


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Collar - DefinitionIt is the combination of a Capand a Floor.

It consist of buying a capand sell ing a f loor

or vice versa.

Zero Cost Collarexists when the premium

of the floor exactly matches that of the cap.


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Collar - Pay-off formulaeN is the notional principal amount of the agreement

rcis the cap rate

rfis the floor rate

dtis the term of the index in days.

360,0max,0max tfc drrrrN


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Collar- Pay-off graphs of zero-cost Collar

Pr

ofit

rf

InterestRate+ =

rc

rf

rc

a. Buy Cap b. Sell Floor c. Buy Collar


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Collar - ExampleA customer is borrowing $10 million at 1 month.

LIBOR plus 200 bps, for a current rate of 7.75%(LIBOR is currently at 5.75%), from ABC Bank. The

customer wishes to cap LIBOR so that it does not

exceed 6%.

In order to reduce the cost of the cap, the borrower

sells a floor to ABC Bank with a strike of 4%.


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Collar ExampleABC Bank and the customer have created a bandwithin whichthe customer will pay LIBOR plus the borrowing spread of 200

bps.

If LIBOR drops below the floor, the customer compensates ABCBank.

If LIBOR rises above the cap, ABC Bank compensates the

borrower.

The customer has foregone the benefit of reduced interest ratesshould LIBOR ever fall below 4%. In this example, the customernever pays more than 8% or less than 6%.


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Collar - AdvantagesProvides protection against interest rate increaseand gain

from interest rate decrease.

It can be used as a form of short-term interest rate protection

in times of uncertainty.

It can be structured so that there is no up-front premium

payable (Zero-cost Collar).

It can be cancel led, however there may be a cost in doing so.


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Collar - DisadvantagesIt provides you with some abil i ty to participate in interest rate

decreaseswith the Floor rate as a boundary.

To provide a zero cost structure or a reasonable reduction in

premium payable under the Cap, the F loor Rate may need to

be set at a high level. This negates the potential to take

advantage of favorable market rate movements


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Exotic caps and floorsThere is more contract trade on theinternational Over The Counter market

with cash flows. They are similar to theprevious ones but more complex

Knock-out cap

Bounded capFlexible capFlexible floor


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Knock-out capThese will at any time tigive the standard payoff C

tti

unless the floating rate

tt ,

has exceeded a certain level, so the payoff is zero.

titi ,

during the period


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Flexible capThis cap is an Interest Rate Cap where the buyer is

only entitled to utilize the cap for a limited and pre-

defined number of reset periods.


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Flexible floorThis cap is the same as the Flexible cap except that

here it is the floor that can only be used during a

certain number of reset periods.


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Introduction

Some elements about swap

First Swap : in 1981

In 2001 :

The whole size of the swap market is close to 48,000milliard US dollars.


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As of May 16 2014

Currency Daily Weekly YTD Notional Outstanding

USD $58,836,812,710 $395,999,859,884 $8,961,352,632,154 $2,935,586,259,946

EUR 127,550,612,000 1,182,391,858,000 18,778,684,025,819 4,717,935,622,099

GBP 194,571,443,491 794,936,554,874 3,277,987,999,021 1,533,293,270,091

JPY 510,372,028,500 2,115,190,609,500 91,311,977,390,750 41,547,355,393,000

CHF CHF593,339,000 CHF1,750,388,000 CHF42,485,623,000 CHF31,372,542,400

AUD $8,921,910,000 $29,720,687,000 $549,806,596,248 $1,111,970,817,169

CAD $7,297,607,500 $64,190,855,500 $1,018,300,308,072 $211,979,162,747

Other*Show All $14,016,503,241 $78,501,199,588 $894,816,008,065 $875,251,581,397

Total in USD $595,515,303,660 $3,542,342,353,548 $43,488,930,470,615 $14,531,001,086,656


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Different Kind of swap

Plain vanilla interest rate swap Characteristics :

Two counterparties : A and B

A agrees to make fixed payments to B. The size of each payment : prespecified fixed rate on anotional principal.

B agrees to make floating rate payments to A. The size of each payment : floating rate on the same

notional principal for the same period. Payments are made in the same currencies.

Payments are netted


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Plain vanilla interest rate swap

Counterparty A Counterparty BFixed rate

Floating rate


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Taux Annuel Montaire TAM) Fr. A French floating benchmark rate

calculated by annualizing the latest twelvemonthly overnight average rates. TAM is

widely used as a benchmark floating rateand as an alternative to PIBOR.


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Plain vanilla interest rate swap Example

Consider the following swap, counterparty A pays afixed rate 6 percent per annum on an annual basis,

and received from counterparty B TAM + 30 pdb. The current TAM is 5,5 percent.

The notional is 35 million euros.

Maturity : 5 years

Counterparty A Counterparty B

6%

TAM + 30 pdb


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Example

Each year the counterparty A has to pay :

The first year the counterparty B has to pay :

The first year A pays B the net difference : 70 000

35 000 000 6

100

2100000

35 000 000 5,5+0,3

100

2030000


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Plain vanilla interest rate swap Example of using interest swap A firm A has borrowed 4 millions which the

floating rate is TAM + 100 pdb. Today this borrowhas maturity of 5 years. The firm A anticipates anincrease of the interest rate and it wants to hedgethis risk.

Firm A negotiates with a bank the following swap : Notional : 4 millions

Duration : 5 years Pay a fixed rate : 4%

Receive a floating rate : TAM

Basis of payments : Year


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Plain vanilla interest rate swap Example of using interest swap

Bank

Pays TAM + 1%

Pays 4%

Receives TAM

Firm A


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Plain vanilla interest rate swap Example of using interest swap

Based on 4 millions, every year the firm : Pays the interests of the borrow : TAM + 1%

Pays the fixed rate of the swap : 4%

Receives the floating rate of the swap : TAM

Finally the whole rate is : TAM+1% + 4% -TAM=5%

The firm A has exchanged a floating rate TAM + 1% againsta fixed rate of 5%.


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Different Kind of swap Pricing Schedules

The following table shows an example of pricing schedule for swap withvarious maturities.

All rates are quoted against TAM.

If the bank negotiates a seven-year swap to receive TAM and pays fixed forseven years:

The fixed rate is 55 pdb above the Treasury Note : 7,05%

Bid/Ask spread (benefit of the bank) : 2 pdb.

Maturity Bank pays fixed rate Bank receives fixed rate Current Treasury Note rate2 2 yr TN + 30 pdb 2 yr TN + 32 pdb 5%3 3 yr TN + 33 pdb 3 yr TN + 35 pdb 5,20%

4 4 yr TN + 37 pdb 4 yr TN + 39 pdb 5,50%5 5 yr TN + 42 pdb 5 yr TN + 44 pdb 6%

6 6 yr TN + 48 pdb 6 yr TN + 50 pdb 6,20%7 7 yr TN + 55 pdb 7 yr TN + 57 pdb 6,50%


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Currency Swap

Definition :

A currency swap is an agreement between twoparties to exchange a given amount of one currencyfor another, or a stream of one currency for a streamof another.


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Currency Swap

Differences with interest swap :

The principal amounts are exchanged at the origination date of thecontract.

4 possibilities :

Fixed rate in the first money/fixed rate in the second money.

Fixed rate in the first money/floating rate in the second money.

Floating rate in the first money/fixed rate in the second money.

Floating rate in the first money/floating rate in the second money.

The principal amounts are exchanged at the maturity date of the

contract.


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Currency Swap


First currencyprincipal

Second currencyprincipal


First currencyFixed/floating coupon rate

Second currencyFixed/floating coupon rate


Second currencyprincipal

First currencyprincipal


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Currency Swap : Example A firm has issued bonds with face value of 10

millions with a coupon of 6 % and for a

maturity of 7 years. The firm prefers to havedollars. So, it negotiates a currency swap with abank. This swap specifies that :

bank pays a fixed rate of 6% in . firm pays a fixed rate of 6% in $.


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Currency Swap : Example cash Flows :

date Amount paidAmount receive0 10 000 000 $15 000 000

1 $900 000 600 000

2 $900 000 600 000

3 $900 000 600 000

4 $900 000 600 000

5 $900 000 600 0006 $900 000 600 000

7 $900 000 600 000

7 $15 000 000 10 000 000


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Commodity Swap

One counterparty : payments at a fixed price

per unit for a notional quantity of somecommodity.

Other counterparty : payments a floating priceper unit for a notional quantity of some

commodity. Floating price : usually defined as an average price.


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Commodity Swap : example

Swap dealer

Spot oil market

$65 per barrels

Average spot price

Airline Company


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Equity Swap

One counterparty : payments at a fixed price for

a notional principle for a fixed period of time. Other counterparty : payments a floating rate

based on the some total (dividend and gain incapital) index return.

Dow Jones, SP 500, CAC 40 Notional principles are not exchanged.


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Equity Swap : Example Consider a portfolio of an equity fund the return

of which is highly correlated with the CAC 40index. In the goal to limit the risk exposure thefund manager negotiates the following equityswap :

He agrees to pay the CAC 40 return.

The swap dealer agrees to pay a fixed rate of 6% .

The payments are annual.

Notional principle is fixed at 50 millions.

Maturity : 2 years


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Equity Swap : Example

Swap dealer

Stock Market

CAC 40 index return

6%

Fund Manager


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Evaluation


Idea : A swap is equivalent to an asset and a liability.

Method : Interest rate swap can be priced as thedifference between :

The value of a fixed rate bond.

The value of a floating rate bond.


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Evaluation

Plain vanilla interest rate swap Example

Consider the following swap, counterparty A pays a fixed rate 6percent per year on an annual basis, and received from counterparty BTAM .

The current TAM is 5,5 percent. The notional is 35 million euros.

Maturity : 5 years

Counterparty A Counterparty B6%

TAM + 30 pdb


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Evaluation

Plain vanilla interest rate swap Example : Yield Curve

Maturity Fixed rate TAM1 5% 5,50%

2 5,10% 5,60%

3 5,30% 5,90%

4 5,50% 6%5 5,80% 6,20%


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Evaluation

Plain vanilla interest rate swap Example : Evaluation of the floating rate side

Simple case : Floating rate and reference rate areperfectly correlated.

Bond ValueN.VF(0,0,1)

1 r(1) 1

N.VF(0,1,2)

1 r(2) 2

N.VF(0,2,3)

1 r(3) 3

...N.VF(0,n 1,n) N.V

1 r(n) n

With N.V = Nominal value of the bond


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Evaluation


Application Suppose a Bond with following characteristics :

Maturity : 5 years

Floating rate : TAM

Nominal value : 35 000 000

Yield curve and forward rates

Maturity Fixed rate TAM Forward rate1 5% 5,50%

2 5,10% 5,60% 5,70%

3 5,30% 5,90% 6,50%

4 5,50% 6,10% 6,70%

5 5,80% 6,20% 6,60%


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Evaluation


In the floating size of a swap there is no principle

payment :

We find :

Floating size of a swapN.V0r1

1 r(1) 1

N.V1r1

1 r(2) 2

N.V2r1

1 r(3) 3

N.V3r1

1 r(4) 4

N.V3r1

1 r(5) 5

Floating size of a swap= NV-N.V

1 r(5) 5

Value of the floating rate side 9091309,64


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Evaluation


Value of an interest rate swap

We find :

Value of a swap Value of a fixed size - Value of the floating size

with :

Value of the fixed size :C(i)

(1 r(i))ii1

N

Value of the floating size :

N.Vi1ri

(1 r(i))i

i1

N

N.V- N.V

1

(1 r(N))N

Value of swap -112286,71

v


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Evaluation

Plain vanilla interest rate swap Problem

If the evaluation date is not the origination date ?

Solution To evaluate the fixed size.

To evaluate the floating size

Take account of the payments at this date.

v


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Evaluation

Plain vanilla interest rate swap : Application Let the following interest swap :

Maturity 3 years

Floating rate : one-year Euribor Settlement is yearly

The fixed rate : 7,35%

The yield curve used for two size of swap is thefollowingMaturity Fixed rate Euribor

1 5% 5,00%2 6% 6,00%3 6,00% 7,50%

v


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Evaluation

Plain vanilla interest rate swap : Application

Questions

Determine the swap value at the origination date.

Determine the swap value 3 month after the

origination date if the yield curve flattens at 7%.

v


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Evaluation

Plain vanilla interest rate swap : Application Solution (1)

Forward rates

Value of swap

Maturity Euribor Forward rate1 5,00%

2 6,00% 7,01%

3 7,50% 10,56%

Value of fixed rate side 19,77482699Value of the floating rate side 19,50394305

Value of swap 0,270883937


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v


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Evaluation

Par Swaps

Definition

A par Swap is a swap which the present value of thefixed payments equals the present value of thefloating payments.

Consequence :

The net value of a par Swap is zero.

v


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Evaluation

Par Swaps

The par swap rate is the rate R which checksthe following equation.

NR

(1 r(i))iN.V- N.V

1

(1 r(N))Ni1

N

Value of thefixed size

Value of thefloating size

v


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Evaluation

Par Swaps

Determine the par rate swap in the case of the

two previously examples (using the solveur).

First example : R= 7,25% Second example : R=6,29%

y


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Depository receipts Depository receipts are instruments issued

by international depositories (ODB), andthey represent an interest in the underlyingshares held by them in the issuer company

(Indian Company).

The shares are usually held by a domesticcustodian on behalf of the depositories in

turn issue the depository receipts, whichentitle the holder of the receipts to get theunderlying shares on demand.


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DRs are traded on Stock Exchanges in theUS, Singapore, Luxembourg, London, etc.

DRs listed and traded in US markets are

known as American Depository Receipts(ADRs) and those listed and tradedelsewhere are known as Global Depository

Receipts (GDRs). In Indian context, DRs are treated as FDI


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AMERICAN DEPOSITORY


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AMERICAN DEPOSITORY

RECEIPTS ADR is a dollar-denominated negotiable certificate. It

represents a non-US companys publicly traded equity. Itwas devised in the late 1920s to help Americans invest inoverseas securities and to assist non-US companies

wishing to have their stock traded in the AmericanMarkets.

ADR were introduced as a result of of the complexitiesinvolved in buying shares in foreign countries and the

difficulties associated with trading at different prices andcurrency values.

Process to issue adr/gdr


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Process to issue adr/gdr

IssuingCompany

(RIL)

ForeignDepository

(MorganStanley)

ClearingAgency

(Euro Clear)

Foreign StockExchange

(NYSE)

GDR/ADRHolders(Bank OfAmerica)

DomesticCustodian bank

(SBI)

Share certificate

confirmation

Issue of DR

Payment

Dividend

ADVANTAGES OF ADR/GDR


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ADVANTAGES OF ADR/GDR

Can be listed on any of the overseas stockexchanges /OTC/Book entry transfersystem.

Freely transferable by non-resident.

They can be redeemed by ODB.

The ODB should request DCB to get the

corresponding underlying shares releasedin favor of non resident of investors.(Shareholders of issuing companies).


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Levels of adr


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Levels of adr

Level 1- Level 1 depositary receipts are the lowestlevel of sponsored ADRs that can be issued. When acompany issues sponsored ADRs, it has onedesignated depositary who also acts as its transferagent.

Level 1 shares can only be traded on the OTC marketand the company has minimal reporting requirementswith the U.S. Securities and Exchange Commission[SEC].

Level 2- Level 2 depositary receipt programs are more

complicated for a foreign company. When a foreigncompany wants to set up a Level 2 program, it mustfile a registration statement with the U.S. SEC and isunder SEC regulation.


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The advantage that the company has by upgrading theirprogram to Level 2 is that the shares can be listed on a U.S.stock exchange. These exchanges include the New YorkStock Exchange (NYSE), NASDAQ, and the American StockExchange (AMEX).

Level 3- A Level 3 American Depositary Receipt program isthe highest level a foreign company can sponsor. Because ofthis distinction, the company is required to adhere to stricterrules that are similar to those followed by U.S. companies.

Foreign companies with Level 3 programs will often issuematerials that are more informative and are moreaccommodating to their U.S. shareholders because they relyon them for capital


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Types of gdr


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Types of gdr

Rule 144A GDRs

Rule 144A GDRs are privately placed depositary receiptswhich are issued and traded in accordance with Rule144A. This rule was introduced by the SEC in April 1990 in

part to stimulate capital raising in the US by non-USissuers.

Non-US companies now have ready access to the US equityprivate placement market and may thus raise capital

through the issue of Rule 144A GDRs without complyingwith the stringent SEC registration and reportingrequirements.


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DIFFERNCE BETWEEN ADR &


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GDRADR GDR

American depository receipt (ADR) iscompulsory for non us companies to tradein stock market of USA.

Global depository receipt (GDR) iscompulsory for foreign company to accessin any other countrys share market fordealing in stock.

ADRs can get from level 1 to level III. GDRs are already equal to high preferencereceipt of level II and level III.

ADRs up to level I need to accept onlygeneral condition of SEC of USA.

GDRs can only be issued under rule 144 Aafter accepting strict rules of SEC of USA .

ADR is only negotiable in USA . GDR is negotiable instrument all over theworld

Investors of USA can buy ADRs from Newyork stock exchange (NYSE) or NASDAQ

Investors of UK can buy GDRs from Londonstock exchange and luxemberg stockexchange and invest in Indian companieswithout any extra responsibilities .

WHICH INDIAN COMPANIES HAVE


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ADR & GDR

COMPANY ADR GDR

Bajaj Auto No YES

Dr Reddys YES YES

HDFC Bank YES YES

ICICI bank YES YESITC NO YES

L&T NO YES

MTNL YES YES

HINDALCO NO YES

INFOSYSTECHNOLOGIES

YES YES

TATA MOTORS YES NO


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ifm module 6

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