The swaps market:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Miami
Kolb
1993
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturangaben |
| Physical Description: | 258 S. graph. Darst. |
| ISBN: | 1878975161 |
Staff View
MARC
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| 100 | 1 | |a Marshall, John F. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The swaps market |c John F. Marshall ; Kenneth R. Kapner |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Miami |b Kolb |c 1993 | |
| 300 | |a 258 S. |b graph. Darst. | ||
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| 500 | |a Literaturangaben | ||
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Record in the Search Index
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| adam_text | Contents
1 An Overview and Brief History of the Swaps Markets 1
1.1 Overview 1
1.2 The Swap Product Defined 3
1.3 The Origins of the Swaps Markets 4
1.4 The Economic Foundations of the Swap Product 9
1.5 Swap Facilitators 14
1.5.1 Brokers 15
1.5.2 Dealers 15
1.6 Futures 19
1.7 Options 21
1.8 Some Miscellaneous Points About Swaps 22
1.9 Summary 24
Review Questions 24
Notes 25
References and Suggested Reading 28
2 The Generic Swap Structure 31
2.1 Overview 31
2.2 The Structure of a Swap 32
2.3 Interest Rate Swaps 36
2.4 Currency Swaps 40
2.5 Commodity Swaps 44
2.6 Variants 46
2.7 Illustrating Cash Flows 47
2.8 Summary 50
Review Questions 51
Notes 52
References and Suggested Reading 54
3 Interest Rate Swaps 55
3.1 Overview 55
3.2 Indicative Pricing Schedules: The Interest Rate Swap 56
3.3 Adjustments to Indicative Pricing 63
3.3.1 Amortizing Swaps: A Role for Average Life 64
3.3.2 Payment Frequencies 68
3.3.3 Off Market Pricing 70
3.4 Market Imbalances and Pay/Receive
Rate Adjustments 73
3.5 Variant Forms of the Interest Rate Swap 74
3.6 Other Uses for Interest Rate Swaps 76
3.6.1 Hedging Interest Rate Risk 77
3.6.2 Deseasoning a Firm s Cash Flows 79
3.7 Summary 85
Review Questions 85
Notes 87
References and Suggested Reading 88
4 Currency Swaps 90
4.1 Overview 90
4.2 The Basic Structure of a Currency Swap 92
4.3 Indicative Pricing Schedules: Currency Swaps 96
4.4 Currency Swaps with No Initial
Exchange of Borrowings 100
4.5 Off Market Pricing 102
4.6 Circus Swaps 107
4.7 Other Uses for Currency Swaps 108
4.7.1 Hedging Price Risks: A Case Analysis 109
4.7.2 Exploiting Economies of Scale 113
4.7.3 Gaining Access to New Markets 114
4.8 Variants 115
4.9 Summary 116
Review Questions 117
Notes 119
References and Suggested Reading 119
5 Commodity Swaps and Equity Swaps 120
5.1 Overview 120
5.2 Commodity Swaps 121
5.3 The Plain Vanilla Equity Swap 122
5.4 Equity Swap Dealers 124
5.5 Variants of the Basic Equity Swap 125
5.6 Institutional Considerations 127
5.7 Summary 130
Review Questions 130
Notes 131
References and Suggested Reading 131
6 Swaps, Structured Solutions,
and Financial Engineering 133
6.1 Overview 133
6.2 Financial Engineering as a Profession 134
6.3 Combining Swaps to Build Complex Structures 135
6.3.1 Structured Solutions Using Commodity Swaps:
A Case 135
6.3.2 Structured Solutions Using Equity Swaps:
A Case 138
6.4 Structuring Solutions with Swaps
and Other Derivatives 140
6.5 Creating Synthetic Instruments 142
6.5.1 Synthesizing a Dual Currency Bond 143
6.5.2 Synthesizing a Foreign Pay Zero 147
6.5.3 Synthetic Equity 148
6.6 Arbitraging Markets 149
6.7 Qualitative Differences Between Synthetic
and Real Structures 150
6.8 Choosing Among Financing Alternatives—
The All in Cost 153
6.8.1 All in Cost: An Example 154
6.9 Summary 158
Review Questions 159
Notes 160
References and Suggested Reading 161
7 The Pricing of Interest Rate Swaps 162
7.1 Overview 162
7.2 Short Dated Swaps 164
7.2.1 Using Eurodollar Futures to Price Swaps 164
7.3 Long Dated Swaps 172
7.3.1 Swap Pricing: The Conventional View 173
7.3.2 Swap Pricing: A More Complete Model 175
7.3.3 Comparative Statics 179
7.3.4 Pressure Toward an Equilibrium 179
7.3.5 Swap Futures 181
7.4 Implied Forward Pricing 182
7.5 A Final Note on Spreads Over Treasury 185
7.6 Summary 185
Review Questions 186
Notes 187
References and Suggested Reading 190
8 Managing a Swap Portfolio 192
8.1 Overview 192
8.2 Risk Exposures for the Swap Dealer 192
8.2.1 Interest Rate Risk and Spread Risk 193
8.2.2 Exchange Rate Risk 197
8.2.3 Credit/Default Risk 198
8.2.4 Mismatch Risk 199
8.2.5 Basis Risk 200
8.2.6 Sovereign Risk 202
8.2.7 Delivery Risk 203
8.3 Quantifying and Managing the Exposure 204
8.3.1 Quantifying and Managing Default Risk 205
8.3.2 Managing Interest Rate Risk and
Exchange Rate Risk 207
8.4 Miscellaneous Portfolio
Management Considerations 211
8.5 Treatment of Swaps under the New
International Capital Standards 212
8.6 Swap Documentation 215
8.7 Summary 223
Review Questions 224
Notes 225
References and Suggested Reading 227
9 Hedging Business Cycle Risk:
The Next Major Wave in Derivatives? 230
9.1 Overview 230
9.2 Macroeconomic Risk: A Form of Quantity Risk 231
9.3 Macroeconomic Swaps and Options: The Concept 232
9.4 The Viability of Macroeconomic
Swaps and Options 235
9.5 Testing the Macro Swap Concept 235
9.6 Hedging the Dealer s Book 237
9.7 Summary and Conclusions 239
Review Questions 239
Notes 240
References and Suggested Reading 240
Index 243
|
| adam_txt |
Contents
1 An Overview and Brief History of the Swaps Markets 1
1.1 Overview 1
1.2 The Swap Product Defined 3
1.3 The Origins of the Swaps Markets 4
1.4 The Economic Foundations of the Swap Product 9
1.5 Swap Facilitators 14
1.5.1 Brokers 15
1.5.2 Dealers 15
1.6 Futures 19
1.7 Options 21
1.8 Some Miscellaneous Points About Swaps 22
1.9 Summary 24
Review Questions 24
Notes 25
References and Suggested Reading 28
2 The Generic Swap Structure 31
2.1 Overview 31
2.2 The Structure of a Swap 32
2.3 Interest Rate Swaps 36
2.4 Currency Swaps 40
2.5 Commodity Swaps 44
2.6 Variants 46
2.7 Illustrating Cash Flows 47
2.8 Summary 50
Review Questions 51
Notes 52
References and Suggested Reading 54
3 Interest Rate Swaps 55
3.1 Overview 55
3.2 Indicative Pricing Schedules: The Interest Rate Swap 56
3.3 Adjustments to Indicative Pricing 63
3.3.1 Amortizing Swaps: A Role for Average Life 64
3.3.2 Payment Frequencies 68
3.3.3 Off Market Pricing 70
3.4 Market Imbalances and Pay/Receive
Rate Adjustments 73
3.5 Variant Forms of the Interest Rate Swap 74
3.6 Other Uses for Interest Rate Swaps 76
3.6.1 Hedging Interest Rate Risk 77
3.6.2 Deseasoning a Firm's Cash Flows 79
3.7 Summary 85
Review Questions 85
Notes 87
References and Suggested Reading 88
4 Currency Swaps 90
4.1 Overview 90
4.2 The Basic Structure of a Currency Swap 92
4.3 Indicative Pricing Schedules: Currency Swaps 96
4.4 Currency Swaps with No Initial
Exchange of Borrowings 100
4.5 Off Market Pricing 102
4.6 Circus Swaps 107
4.7 Other Uses for Currency Swaps 108
4.7.1 Hedging Price Risks: A Case Analysis 109
4.7.2 Exploiting Economies of Scale 113
4.7.3 Gaining Access to New Markets 114
4.8 Variants 115
4.9 Summary 116
Review Questions 117
Notes 119
References and Suggested Reading 119
5 Commodity Swaps and Equity Swaps 120
5.1 Overview 120
5.2 Commodity Swaps 121
5.3 The Plain Vanilla Equity Swap 122
5.4 Equity Swap Dealers 124
5.5 Variants of the Basic Equity Swap 125
5.6 Institutional Considerations 127
5.7 Summary 130
Review Questions 130
Notes 131
References and Suggested Reading 131
6 Swaps, Structured Solutions,
and Financial Engineering 133
6.1 Overview 133
6.2 Financial Engineering as a Profession 134
6.3 Combining Swaps to Build Complex Structures 135
6.3.1 Structured Solutions Using Commodity Swaps:
A Case 135
6.3.2 Structured Solutions Using Equity Swaps:
A Case 138
6.4 Structuring Solutions with Swaps
and Other Derivatives 140
6.5 Creating Synthetic Instruments 142
6.5.1 Synthesizing a Dual Currency Bond 143
6.5.2 Synthesizing a Foreign Pay Zero 147
6.5.3 Synthetic Equity 148
6.6 Arbitraging Markets 149
6.7 Qualitative Differences Between Synthetic
and Real Structures 150
6.8 Choosing Among Financing Alternatives—
The All in Cost 153
6.8.1 All in Cost: An Example 154
6.9 Summary 158
Review Questions 159
Notes 160
References and Suggested Reading 161
7 The Pricing of Interest Rate Swaps 162
7.1 Overview 162
7.2 Short Dated Swaps 164
7.2.1 Using Eurodollar Futures to Price Swaps 164
7.3 Long Dated Swaps 172
7.3.1 Swap Pricing: The Conventional View 173
7.3.2 Swap Pricing: A More Complete Model 175
7.3.3 Comparative Statics 179
7.3.4 Pressure Toward an Equilibrium 179
7.3.5 Swap Futures 181
7.4 Implied Forward Pricing 182
7.5 A Final Note on Spreads Over Treasury 185
7.6 Summary 185
Review Questions 186
Notes 187
References and Suggested Reading 190
8 Managing a Swap Portfolio 192
8.1 Overview 192
8.2 Risk Exposures for the Swap Dealer 192
8.2.1 Interest Rate Risk and Spread Risk 193
8.2.2 Exchange Rate Risk 197
8.2.3 Credit/Default Risk 198
8.2.4 Mismatch Risk 199
8.2.5 Basis Risk 200
8.2.6 Sovereign Risk 202
8.2.7 Delivery Risk 203
8.3 Quantifying and Managing the Exposure 204
8.3.1 Quantifying and Managing Default Risk 205
8.3.2 Managing Interest Rate Risk and
Exchange Rate Risk 207
8.4 Miscellaneous Portfolio
Management Considerations 211
8.5 Treatment of Swaps under the New
International Capital Standards 212
8.6 Swap Documentation 215
8.7 Summary 223
Review Questions 224
Notes 225
References and Suggested Reading 227
9 Hedging Business Cycle Risk:
The Next Major Wave in Derivatives? 230
9.1 Overview 230
9.2 Macroeconomic Risk: A Form of Quantity Risk 231
9.3 Macroeconomic Swaps and Options: The Concept 232
9.4 The Viability of Macroeconomic
Swaps and Options 235
9.5 Testing the Macro Swap Concept 235
9.6 Hedging the Dealer's Book 237
9.7 Summary and Conclusions 239
Review Questions 239
Notes 240
References and Suggested Reading 240
Index 243 |
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| genre_facet | Lehrbuch |
| id | DE-604.BV021934354 |
| illustrated | Illustrated |
| index_date | 2024-07-02T16:06:31Z |
| indexdate | 2024-07-09T20:47:43Z |
| institution | BVB |
| isbn | 1878975161 |
| language | English |
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| physical | 258 S. graph. Darst. |
| publishDate | 1993 |
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| spelling | Marshall, John F. Verfasser aut The swaps market John F. Marshall ; Kenneth R. Kapner 2. ed. Miami Kolb 1993 258 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Literaturangaben Swaps (Finance) Derivat Wertpapier (DE-588)4381572-8 gnd rswk-swf Swap (DE-588)4199581-8 gnd rswk-swf Termingeschäft (DE-588)4117190-1 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Termingeschäft (DE-588)4117190-1 s DE-604 Swap (DE-588)4199581-8 s Derivat Wertpapier (DE-588)4381572-8 s Kapner, Kenneth R. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015149508&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Marshall, John F. Kapner, Kenneth R. The swaps market Swaps (Finance) Derivat Wertpapier (DE-588)4381572-8 gnd Swap (DE-588)4199581-8 gnd Termingeschäft (DE-588)4117190-1 gnd |
| subject_GND | (DE-588)4381572-8 (DE-588)4199581-8 (DE-588)4117190-1 (DE-588)4123623-3 |
| title | The swaps market |
| title_auth | The swaps market |
| title_exact_search | The swaps market |
| title_exact_search_txtP | The swaps market |
| title_full | The swaps market John F. Marshall ; Kenneth R. Kapner |
| title_fullStr | The swaps market John F. Marshall ; Kenneth R. Kapner |
| title_full_unstemmed | The swaps market John F. Marshall ; Kenneth R. Kapner |
| title_short | The swaps market |
| title_sort | the swaps market |
| topic | Swaps (Finance) Derivat Wertpapier (DE-588)4381572-8 gnd Swap (DE-588)4199581-8 gnd Termingeschäft (DE-588)4117190-1 gnd |
| topic_facet | Swaps (Finance) Derivat Wertpapier Swap Termingeschäft Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015149508&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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