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Churning · 2020年04月08日

问一道题:NO.PZ2018062007000061

问题如下:

The notional principal of a swap is:

选项:

A.

not exchanged in the case of an interest rate swap.

B.

a fixed amount whenever it is matched with a loan.

C.

equal to the amount owed by one swap party to the other.

解释:

A is correct. The notional principal of a swap is not exchanged in the case of an interest rate swap.

B is incorrect because an amortizing loan will be matched with a swap with a pre- specified declining (not fixed) notional principal that matches the loan balance.

C is incorrect because the notional principal is equal to the loan balance. Although the loan has an actual balance (the amount owed by the borrower to the creditor), the swap does not have such a balance owed by one swap party to the other.

老师问下c怎么理解 为什么错啊

1 个答案

xiaowan_品职助教 · 2020年04月08日

嗨,努力学习的PZer你好:


同学你好,C选项是说名义本金是指swap一方欠另一方的金额,这是不对的,

回忆一下基本的swap流程,A公司欠银行loan,为了改变自己的负债性质(例如从浮动变成固定),和dealer进行swap交易,这个交易的名义本金和loan的金额匹配。但A公司和dealer之间是没有债务关系的,A公司和银行之间才有债务关系。


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