he is expecting 50 Mill $ delivery in 6 months.
Current Spot = 1.1930 USD/EUR - Euro amount = 50 / 1.1930 = 41.911 Mill Eur.
Now if Euro depreciated - he will lose on the amount of USD he gets back. He buys a 50M USD Forward contract . he is thus guaranteed the forward rate of 1.2030 – which translates to the 2.13% 6 month rate.
1.1930 * (1 + .0377*.5) / (1+0.0213*0.5) = 1.2026 – 1.2030 approx. |
发表于 2013-4-22 06:05
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