Mark-to-market Value

NO.PZ2022123002000001 问题如下 Testa acquirea Spanishpackaging company. The Spanish investment involveTesta acquiring 200,000shares of a packaging company EUR90 per share. He cito fully hee theposition with a six month USEUR forwarcontract. tails of the euro heeinitiation anthree months later are proviin Exhibit 1.Using Exhibit 1,if the Spanish shares hbeen solafter three months, the cash outflow (in USllars) requireto close out the forwarcontrawoulhave been closest to: A.489,182 B.489,850 C.491,400 The initialforeign asset position wEUR18 million: 200,000 shares × EUR90/share. Thesix-month forwarcontrawoulhave been solusing the biof the base currency(euro) all-in forwarrate of 1.3935 – 19/10,000 = 1.3916 USEUR.If the positionhbeen closein three months, a three-month forwarcontrawoulhave topurchasethe offer of the basecurrenall-in forwarrate of 1.4210 – 21/10,000 = 1.4189 USEUR.The cash outflowsettlement woulhave been EUR18 million×(1.4189–1.3916)USEUR= US91,400. This amount nee to scountethree months the US llarLibor rate: 491,400/(1 + 0.01266 × 90/360) = US89,850. 老师，您好！我理解这个题目写的是并购一家西班牙公司，需要买入200000股，每股90EUR，所以总共需要18m的eur。所以要hee的风险是eur升值的风险啊，那应该初始时刻long USEUR的forwar约，然后三个月后再short该合约平仓。但答案的是先卖后买，没明白。麻烦老师一下，谢谢！

NO.PZ2022123002000001 问题如下 Testa acquirea Spanishpackaging company. The Spanish investment involveTesta acquiring 200,000shares of a packaging company EUR90 per share. He cito fully hee theposition with a six month USEUR forwarcontract. tails of the euro heeinitiation anthree months later are proviin Exhibit 1.Using Exhibit 1,if the Spanish shares hbeen solafter three months, the cash outflow (in USllars) requireto close out the forwarcontrawoulhave been closest to:(2019 moPM) A.489,182 B.489,850 C.491,400 The initialforeign asset position wEUR18 million: 200,000 shares × EUR90/share. Thesix-month forwarcontrawoulhave been solusing the biof the base currency(euro) all-in forwarrate of 1.3935 – 19/10,000 = 1.3916 USEUR.If the positionhbeen closein three months, a three-month forwarcontrawoulhave topurchasethe offer of the basecurrenall-in forwarrate of 1.4210 – 21/10,000 = 1.4189 USEUR.The cash outflowsettlement woulhave been EUR18 million×(1.4189–1.3916)USEUR= US91,400. This amount nee to scountethree months the US llarLibor rate: 491,400/(1 + 0.01266 × 90/360) = US89,850. 为什么不是损失呢？

NO.PZ2022123002000001 问题如下 Testa acquirea Spanishpackaging company. The Spanish investment involveTesta acquiring 200,000shares of a packaging company EUR90 per share. He cito fully hee theposition with a six month USEUR forwarcontract. tails of the euro heeinitiation anthree months later are proviin Exhibit 1.Using Exhibit 1,if the Spanish shares hbeen solafter three months, the cash outflow (in USllars) requireto close out the forwarcontrawoulhave been closest to:(2019 moPM) A.489,182 B.489,850 C.491,400 The initialforeign asset position wEUR18 million: 200,000 shares × EUR90/share. Thesix-month forwarcontrawoulhave been solusing the biof the base currency(euro) all-in forwarrate of 1.3935 – 19/10,000 = 1.3916 USEUR.If the positionhbeen closein three months, a three-month forwarcontrawoulhave topurchasethe offer of the basecurrenall-in forwarrate of 1.4210 – 21/10,000 = 1.4189 USEUR.The cash outflowsettlement woulhave been EUR18 million×(1.4189–1.3916)USEUR= US91,400. This amount nee to scountethree months the US llarLibor rate: 491,400/(1 + 0.01266 × 90/360) = US89,850. 这题用的是哪一个公式？为什么用到Spot rates？强化讲义上算mark-to-market是直接用FPt和FP的，这里的交易具体是怎么做的，为什么需要用到spot rates

NO.PZ2022123002000001 问题如下 Testa acquirea Spanishpackaging company. The Spanish investment involveTesta acquiring 200,000shares of a packaging company EUR90 per share. He cito fully hee theposition with a six month USEUR forwarcontract. tails of the euro heeinitiation anthree months later are proviin Exhibit 1.Using Exhibit 1,if the Spanish shares hbeen solafter three months, the cash outflow (in USllars) requireto close out the forwarcontrawoulhave been closest to:(2019 moPM) A.489,182 B.489,850 C.491,400 The initialforeign asset position wEUR18 million: 200,000 shares × EUR90/share. Thesix-month forwarcontrawoulhave been solusing the biof the base currency(euro) all-in forwarrate of 1.3935 – 19/10,000 = 1.3916 USEUR.If the positionhbeen closein three months, a three-month forwarcontrawoulhave topurchasethe offer of the basecurrenall-in forwarrate of 1.4210 – 21/10,000 = 1.4189 USEUR.The cash outflowsettlement woulhave been EUR18 million×(1.4189–1.3916)USEUR= US91,400. This amount nee to scountethree months the US llarLibor rate: 491,400/(1 + 0.01266 × 90/360) = US89,850. 为什么用USscount rate，虽然可以用“the cash outflow (in US llars) require判断，但是不是很懂。