答案图片

问题如下：

An oil driller recently issued USD 250 million of fixed-rate debt at 4.0% per annum to help fund a new project. It now wants to convert this debt to a floating-rate obligation using a swap. A swap desk analyst for a large investment bank that is a market maker in swaps has identified four firms interested in swapping their debt from floating-rate to fixed-rate. The following table quotes available loan rates for the oil driller and each firm:

A swap between the oil driller and which firm offers the greatest possible combined benefit? (Practice Exam)

选项：

A.

Firm A

B.

Firm B

C.

Firm C

D.

Firm D

解释：

Since the oil driller is swapping out of a fixed-rate and into a floating-rate, the larger the difference between the fixed spread and the floating spread the greater the combined benefit. See table below: