6.A plain vanilla interest-rate swap to the fixed-rate payer is equivalent to issuing a fixed-rate bond and: A) buying a floating-rate bond. B) selling a series of interest rate puts. C) selling a series of interest rate calls. D) buying a forward rate agreement.
7.Which of the following is equivalent to a receive-fixed swap with a tenor of one and a half years with semi-annual swap payments and a fixed rate of 5 percent (exchanged for LIBOR)? Assume that the notional principal is $10,000,000.
A) A forward rate agreement, which obligates the party to receive a fixed rate of 5% and pay six-month LIBOR on a notional principal of $10,000,000. B) A forward rate agreement, which obligates the party to pay a fixed rate of 5% and receive six-month LIBOR on a notional principal of $10,000,000. C) A strip of three forward rate agreements, which obligates the party to receive a fixed rate of 5% and pay six-month LIBOR on a notional principal of $10,000,000. D) A strip of two forward rate agreements, which obligates the party to receive a fixed rate of 5% and pay six-month LIBOR on a notional principal of $10,000,000.
8.Which of the following is equivalent to a plain vanilla receive fixed currency swap?
A) A short position in a foreign bond coupled with the issuance of a dollar-denominated floating rate note. B) A long position in a foreign bond coupled with a long position in a dollar-denominated floating rate note. C) A short position in a foreign bond coupled with a long position in a dollar-denominated floating rate note. D) A long position in a foreign bond coupled with the issuance of a dollar-denominated floating rate note.
9.Which of the following is equivalent to a plain vanilla receive-fixed interest rate swap?
A) A short position in a bond coupled with the issuance of a floating rate note. B) A long position in a bond coupled with the issuance of a floating rate note. C) A long position in a bond coupled with a long position in a floating rate note. D) A short position in a bond coupled with a long position in a floating rate note.
10.Writing a series of interest-rate puts and buying a series of interest-rate calls, all at the same exercise rate, is equivalent to:
A) a short position in a series of forward rate agreements. B) being the fixed-rate payer in an interest rate swap. C) being the floating-rate payer in an interest rate swap. D) being long a series of bond futures.
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发表于 2008-5-14 17:41
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