通用电气的交易风险(Other Hedging) Currency Risk Sharing GE的销售收入（百万美元） 无风险分担 应收款价值 中性区 1.7640 风险分担合约 1.7540 使用远期合约 1.7601.7641.768 汇率（每￡的$价值） 制卧价贸易大孝
通用电气的交易风险(Other Hedging) Currency Risk Sharing GE的销售收入（百万美元） 应收款价值 无风险分担 风险分担合约 使用远期合约 中性区 1.7640 1.7540 1.760 1.764 1.768 汇率（每￡的 $价值）
通用电气的交易风险(Other Hedging) Currency Collars 基本思想：确定一个汇率波动的上下限 套期保值后的GE收入 未套期保值收入 1.764 使用范围远期套期保值收入 1.762 1.764 1.766 汇率（每￡的$价值） 制卧价贸易大孝
通用电气的交易风险(Other Hedging) Currency Collars 基本思想：确定一个汇率波动的上下限 套期保值后的GE收入 使用范围远期套期保值收入 未套期保值收入 1.764 1.762 1.764 1.766 汇率（每￡的 $价值）
Swap Agreements Back-to-Back Loans: A back-to-back loan,also referred to as a parallel loan or credit swap,occurs when two business firms in separate countries arrange to borrow each other's currency for a specific period of time. At an agreed terminal date they return the borrowed currencies. ■ Such a swap creates a covered hedge against exchange loss,since each company,on its own books,borrows the same currency it repays. 制卧价贸易大孝
Swap Agreements Back-to-Back Loans: A back-to-back loan, also referred to as a parallel loan or credit swap, occurs when two business firms in separate countries arrange to borrow each other’s currency for a specific period of time. At an agreed terminal date they return the borrowed currencies. Such a swap creates a covered hedge against exchange loss, since each company, on its own books, borrows the same currency it repays
Exhibit 4 Using a Back-to-Back Loan for Currency Hedging 1.British firm wishes to invest funds 2.British firm identifies a Dutch firm wishing in its Dutch subsidiary to invest funds in its British subsidiary British parent Dutch parent firm Indirect firm Financing Direct loan Direct loan in pounds in euros Dutch firm's British firm's British subsidiary Dutch subsidiary 3.British firm loans British pounds 4.British firm's Dutch subsidiary loans directly to the Dutch firm's British euros from the Dutch parent subsidiary The back-to-back loan provides a method for parent-subsidiary cross-border financing without incurring direct currency exposure. 制卧价贸易大岁
Exhibit 4 Using a Back-to-Back Loan for Currency Hedging 1. British firm wishes to invest funds in its Dutch subsidiary 2. British firm identifies a Dutch firm wishing to invest funds in its British subsidiary British parent firm Dutch parent firm Direct loan in pounds Direct loan in euros Indirect Financing British firm’s Dutch subsidiary Dutch firm’s British subsidiary 3. British firm loans British pounds directly to the Dutch firm’s British subsidiary 4. British firm’s Dutch subsidiary loans euros from the Dutch parent The back-to-back loan provides a method for parent-subsidiary cross-border financing without incurring direct currency exposure
Swap Agreements parallel loan 在美国 在巴西 法国母公司 美国的子公司 |$ Cr$ ↓ ↓ 美国母公司 法国的子公司 制纤价贺多大考
Swap Agreements parallel loan 在美国 在巴西 法国母公司 美国的子公司 ⏐＄ ⏐Cr ＄ ↓ ↓ 美国母公司 法国的子公司