求老师解答衍生品CFA一级题目 interest, contract, matching, available, equivalent

nitoha

10. Agrawal Telecom is considering issuing $10,000,000 of 6.75% fixed-coupon bonds to finance an expansion. Alternatively, Agrawal could borrow the funds in the Eurodollar market using a series of six-month LIBOR contracts. A swap contract matching the maturity of the 6.75% coupon bonds is available. The swap uses six-month LIBOR as the floating-rate component. Identify the interest rate swap that Agrawal should use to convert the Eurodollar borrowing to the equivalent of issuing fixed-income bonds. A. Agrawal would use a pay-fixed, receive-floating interest rate swap. B. Agrawal would use a pay-floating, receive-fixed interest rate swap. C. Agrawal would use a total return equity payer swaption to evaluate the two borrowing options. 题目中提供两种融资办法，可是没有明白为什么正确答案是A。 谢谢老师

apf薛老师

题目中给出了两种融资方法，简单分类一下的话，一个是以固定利率融资，即发行fixed-coupon bond，一个是利用利率互换以浮动利率融资：即 six-month LIBOR。现在题目中问的是，投资者应该操作，才能利用第二种融资方法来变相得实现以固定利率融资。因为我们知道在题目中给出的interest swap中，投资者是支付浮动利率的一方，那么我现在想要变相得以固定利率融资，那么我只要再进入一个支付固定，收到浮动利率的利率互换，就可以把之前这个利率互换给对冲掉，就能实现题目中的规定得用固定利率来融资的要求。