NO.PZ2017121101000006
问题如下：
The CIO of a Canadian private equity company wants to lock in the interest on a three-month “bridge” loan his firm will take out in six months to complete an LBO deal. He sells the relevant interest rate futures contracts at 98.05. In six-months’ time, he initiates the loan at 2.70% and unwinds the hedge at 97.30. The effective interest rate on the loan is:
选项：
A.0.75%.
1.95%.
2.70%.
解释：
B is correct.
The CIO sells the relevant interest rate future contracts at 98.05, locking in a forward rate of 1.95% (= 100 – 98.05). After six months, the CIO initiates the bridge loan at a rate of 2.70%, but he unwinds the hedge at the lower futures price of 97.30, thus gaining 75 bps (= 98.05 – 97.30). The effective interest rate on the loan is 1.95% (= 2.70% – 0.75%).
老师，题目的各种解释我都看了，原版书课后题也看了，基本都理解了。现在就有一个地方不太理解，麻烦解释一下：
The CIO of a Canadian private equity company wants to lock in the interest on a three-month “bridge” loan his firm will take out in six months to complete an LBO deal.
公司CIO想锁定一笔六个月完成LBO的过桥贷款的利率。
He sells the relevant interest rate futures contracts at 98.05.
CIO卖出 Eurodollar futures 98.05，相当于锁定利率1.95
In six-months’ time, he initiates the loan at 2.70% and unwinds the hedge at 97.30.
六个月后，初始的贷款利率已经涨到了2.7，即 Eurodollar futures报价降低到了97.3
The effective interest rate on the loan is:
求有效利率是多少。
1、有效利率其实就是CIO开始锁定的利率，是不是直接100-98.05就求出来了，还有必要先求出 gaining 75 bps，然后再用2.7-75bps吗？
2、想锁定利率为什么是sell呢，担心利率上涨，不是应该直接long 利率么？还是说因为 Eurodollar futures 这个特有品种和利率关系是反着的，所以short， Eurodollar futures 降低了，short方赚钱（相当于long利率，利率涨了long赚钱）
谢谢
