NO.PZ202209060200004305
问题如下：
What trades can Moynahan most likely make to accomplish the objective outlined on page 5 of his presentation?选项：
A.Enter into a fixed-rate payer swap contract B.Buy long bond futures contracts C.Sell an overnight repurchase agreement解释：
SolutionB is correct. To accomplish Moynahan’s objective of increasing the investment exposure of a fully invested portfolio, he would buy long bond futures. Futures contracts embed significant leverage because they permit the counterparties to gain exposure to a large quantity of the underlying asset without having to actually transact in the asset.
A is incorrect because entering into a fixed-rate payer swap contract would not increase the portfolio’s investment exposure.
C is incorrect because selling an overnight repurchase agreement would not increase the portfolio’s investment exposure.
1.题干说了两个目的，一是要从interet rate decline中获利；二是要增加investment exposure,请问目的二怎么理解？只要做了投资都算增加investment exposure么？题目中还有我遗漏掉的实现目的么?
2.为什么不选Sell an overnight repurchase agreement?前面有老师回答：repurchase agreement是站在债券的持有者，融资方的角度看的。
比方说A持有债券，把债券卖给了B，卖出价格是P0，约定1天后以P1买回债券。A就实现了这一天的融资，类似于“抵押”债券获得融资。利息就是P1与P0之间的差。
站在A的角度，A约定了将来回购债券，所以相当于签订了一个回购协议，称为Repurchase agreement站在B的角度，这个动作刚好是反向的，因为B期初是借出钱拿到债券，合约到期时卖出债券，拿回钱，站在B的视角，就是相当于一个反向回购协议；所以称为Reverse repurchase agreement。sell an Overnight repurchase agreement 是把原来的合约给结束了，所以duration就会降低而不是增加。【不理解这句对duration影响的话】
