问题如下图：
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解释：
还是不理解为什么买到的是1.5NP 的6% coupon. 融资到手的是1mm， 那为什么非要买1.5NP的bond呢？ 怎么看出他买的就不是6% NP的bond呢？
NO.PZ2018113001000028 问题如下 A company issues a leveragefloating-rate note thpays a coupon of 1.5 times Libor on notionprinciple of $1 million. It uses the procee to buy a fixerate bonwith coupon rate of 6%. In orr to hee the floating payments risk, the company enters into a swwith a fixerate of 5% ana floating rate of 1.5 times Libor. Calculate the net profit of these transactions. A.$20,000 B.$10,000 C.$15,000 B is correct.考点managing interest rate risk解析总头寸有三个1. 发行了一个Leveragefloating-rate note: 支付1.5 * L *NP=1.5*libor*1million利息，收到本金1million2. 用收到的1million来购买了Fixerate bon 收到6% * NP=6%*1million的利息3. Swap: 为了抵消付浮动的头寸，应该进入收浮动（1.5*libor）、付固定（5%）的swap，名义本金为1million净收益= -（1.5*libor*1million）+ 6%*1million + （1.5*libor*1million -5%*1million ）=1%*1million=$10,000 是因为有Libor所以需要考虑3笔flow吗
NO.PZ2018113001000028 问题如下 A company issues a leveragefloating-rate note thpays a coupon of 1.5 times Libor on notionprinciple of $1 million. It uses the procee to buy a fixerate bonwith coupon rate of 6%. In orr to hee the floating payments risk, the company enters into a swwith a fixerate of 5% ana floating rate of 1.5 times Libor. Calculate the net profit of these transactions. A.$20,000 B.$10,000 C.$15,000 B is correct.考点managing interest rate risk解析总头寸有三个1. 发行了一个Leveragefloating-rate note: 支付1.5 * L *NP=1.5*libor*1million利息，收到本金1million2. 用收到的1million来购买了Fixerate bon 收到6% * NP=6%*1million的利息3. Swap: 为了抵消付浮动的头寸，应该进入收浮动（1.5*libor）、付固定（5%）的swap，名义本金为1million净收益= -（1.5*libor*1million）+ 6%*1million + （1.5*libor*1million -5%*1million ）=1%*1million=$10,000 本题没考虑Swap涉及多笔现金流以及折现的问题，只按一笔现金流“1%x1mil”计算profit，是题目描述有问题？
NO.PZ2018113001000028 问题如下 A company issues a leveragefloating-rate note thpays a coupon of 1.5 times Libor on notionprinciple of $1 million. It uses the procee to buy a fixerate bonwith coupon rate of 6%. In orr to hee the floating payments risk, the company enters into a swwith a fixerate of 5% ana floating rate of 1.5 times Libor. Calculate the net profit of these transactions. A.$20,000 B.$10,000 C.$15,000 B is correct.考点managing interest rate risk解析总头寸有三个1. 发行了一个Leveragefloating-rate note: 支付1.5 * L *NP=1.5*libor*1million利息，收到本金1million2. 用收到的1million来购买了Fixerate bon 收到6% * NP=6%*1million的利息3. Swap: 为了抵消付浮动的头寸，应该进入收浮动（1.5*libor）、付固定（5%）的swap，名义本金为1million净收益= -（1.5*libor*1million）+ 6%*1million + （1.5*libor*1million -5%*1million ）=1%*1million=$10,000 可以帮忙画个图解答一下吗?谢谢
NO.PZ2018113001000028 问题如下 A company issues a leveragefloating-rate note thpays a coupon of 1.5 times Libor on notionprinciple of $1 million. It uses the procee to buy a fixerate bonwith coupon rate of 6%. In orr to hee the floating payments risk, the company enters into a swwith a fixerate of 5% ana floating rate of 1.5 times Libor. Calculate the net profit of these transactions. A.$20,000 B.$10,000 C.$15,000 B is correct.考点LeverageFloating-Rate Notes解析总头寸有三个1. 发行了一个Leveragefloating-rate note: 支付1.5 * L *NP=1.5*libor*1million利息，收到本金1million2. 用收到的1million来购买了Fixerate bon 收到6% * NP=6%*1million的利息3. Swap: 为了抵消付浮动的头寸，应该进入收浮动（1.5*libor）、付固定（5%）的swap，名义本金为1million净收益= -（1.5*libor*1million）+ 6%*1million + （1.5*libor*1million -5%*1million ）=1%*1million=$10,000 基础班讲义有这个知识点吗？
NO.PZ2018113001000028 $10,000 $15,000 C is correct. 考点LeverageFloating-Rate Notes 解析 总头寸 Leveragefloating-rate note: 支付1.5 * L *NP Fixerate bon 收到6% * 1.5NP（买的bon名义本金为1.5NP） Swap: 为了抵消付浮动的头寸，应该进入收浮动（L*1.5NP）、付固定（5%*1.5NP）的swap，名义本金为1.5NP 因此，净收益=-1.5 * L *NP+6% * 1.5NP+ L*1.5NP-5%*1.5NP=1%*1.5NP，其中NP=1million，所以净收益=1% *1.5*1,000,000=$15,000这里的1.5是不是所有现金流都要放大1.5 times 是作为杠杆
