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#asset-swap #finance #gale-using-and-tradning-asset-swaps
In MVA asset swap, the coupons received by the buyer are cancelled by matching fixed payments to the seller on a swap for the life of the bond
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Flashcard 149651461

Tags
#asset-swap #finance #gale-using-and-tradning-asset-swaps
Question
What's the formula for MVA asset swap?
Answer
\((P-100)df(T)=C\sum_{i=1}^{n_{fix}}df(t_i)-\frac{P}{100}\sum_{i=1}^{n_{float}}a_i(L_i+S)df(t_i)\)

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Flashcard 149651477

Tags
#asset-swap #finance #gale-using-and-tradning-asset-swaps
Question
What's the relation between par-par asset swap spread and MVA asset swap spread? Which is smaller (if the bond is at premium) and why? Give the formula.
Answer
\(S_{MVA}=S_{par/par}\frac{100}{P}\)

MVA is smaller because it has smaller collateral requirements (smaller present value of the "loan").

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Flashcard 149653211

Tags
#asset-swap #finance #gale-using-and-tradning-asset-swaps
Question
In MVA asset swap, the buyer’s receipts on the floating leg of the swap, which is based on a notional amount equal to [...], are adjusted by a fixed spread such th at the future value of the swap equals the excess paid over par, P-100
Answer
the dirty price of the bond

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In MVA asset swap, the buyer’s receipts on the floating leg of the swap, which is based on a notional amount equal to the dirty price of the bond, are adjusted by a fixed spread such th at the future value of the swap equals the excess paid over par, P-100

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Flashcard 149653218

Tags
#asset-swap #finance #gale-using-and-tradning-asset-swaps
Question
In MVA asset swap, the buyer’s receipts on the floating leg of the swap, which is based on a notional amount equal to the dirty price of the bond, are adjusted by a fixed spread such th at the [...] value of the swap equals the excess paid over par, P-100
Answer
future

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In MVA asset swap, the buyer’s receipts on the floating leg of the swap, which is based on a notional amount equal to the dirty price of the bond, are adjusted by a fixed spread such th at the future value of the swap equals the excess paid over par, P-100

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Flashcard 3628110318860

Tags
#asset-swap #finance #gale-using-and-tradning-asset-swaps
Question
rice of the bond paid, df(t) is the discount factor to time, t, T is the maturity of the bond, L is the Libor setting, and S is the MVA swap s
Answer
[default - edit me]

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国内の鋼材市況(スポット市場)は小幅に調整したものの、諸外国と比較して高値圏 を維持している。高炉も電炉も物流費、資材費などのコスト上昇で容易に値下げでき る環境ではないことが高値維持の背景と思われる。日本の輸出価格は国際市況に 対して遅行する傾向がある。11 月の熱延コイルの輸出価格は軟調だったが、国際市 況が反発傾向にあり、年明け以降に持ち直すだろう。もっとも、20/3 期の高炉各社の 業績は、数量減の影響が出るリスクがあり、楽観できないだろう。
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Flashcard 4737130695948

Question
2019 年 12 月 27 日 株式調査部 鉄鋼セクター:粗鋼生産 1 億トン割れが常態化?
Answer

内需減が響き、日本の粗鋼生産は減少基調が続く

この水準が常態化するのであろうか?

需要低迷が続けば、構造改革が加速する可能性も


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Flashcard 4737133055244

Question
内需減とコスト競争力の低下が背景
Answer

10 月の普通鋼受注の内需は前年同月比 11.1%減とマイナス幅が拡大。建設向けが

12.2%減、機械向けが 19.7%減、自動車向けが 10.6%減、造船向けが 11.4%増であ

った。五輪関連需要の一巡、米中貿易戦争、消費税引き上げの影響が出ているもの

と思われる。日本独自の鉄鉱石の値決め方式で 20/3 期 3Q は諸外国よりも割高な鉄

鉱石の契約価格となっているうえ、物流費、工事費など人手不足に起因した日本固

有のコスト上昇があり、輸出市場でのシェアが低下しているものと思われる。

米中貿易戦争の緊張緩和、景気刺激策もあり、2020 年下期には内需は回復すると

予想する。鉄鉱石も一時の高値からは調整している。よって、21/3 期の粗鋼生産は 1

億トン超まで回復すると弊社では予想するが、少子高齢化に伴う構造的な需要減も

あり、長期的には 1 億トン割れは常態化するリスクがあるだろう。


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Flashcard 4737176833292

Question
表 1:2007 年高点至 2019 年 10 月各国主要股票市场高收益个股行业分布 涨幅超 10 倍 涨幅超 5 倍 GICS 分类 日本 美国 韩国 欧洲 日本 美国 韩国 欧洲 原材料 2% 0% 9% 0% 2% 3% 14% 2% 通信服务 4% 4% 0% 0% 4% 3% 11% 6% 金融 2% 6% 0% 5% 2% 3% 3% 4% 可选消费 22% 13% 18% 10% 23% 17% 17% 6% 信息技术 20% 30% 27% 50% 26% 22% 19% 45% 必需消费 13% 4% 9% 0% 11% 4% 8% 0% 工业 24% 11% 0% 15% 23% 16% 11% 20% 房地产 2% 0% 0% 0% 1% 1% 0% 0% 医疗保健 9% 30% 36% 20% 8% 28% 17% 16% 能源 0% 2% 0% 0% 0% 1% 0% 0% 公用事业 0% 0% 0% 0% 1% 0% 0% 0% 资料来源:Bloomberg、光大证券研究所
Answer
[default - edit me]

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Flashcard 4737468599564

Question
[...] is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza produces a prostrating disease of a few days duration and one not soon forgotten.
Answer
Influenza

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Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of se

Original toplevel document

Influenza
ublok® Other weapons against flu Amantadine and Rimantadine Zanamivir and Oseltamivir Baloxavir marboxil Antibiotics Why so few drugs? The "Spanish" Flu The Swine Flu of 2009 Bird Flu The "Flu" <span>Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza produces a prostrating disease of a few days duration and one not soon forgotten. Influenza is not a case of low fever and sniffles that keeps you home in bed for a day a gastrointestinal upset ("stomach flu") Influenza was responsible for the most devastating plague







Flashcard 4737469648140

Question
Influenza is a [...] infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza produces a prostrating disease of a few days duration and one not soon forgotten.
Answer
viral

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Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary inf

Original toplevel document

Influenza
ublok® Other weapons against flu Amantadine and Rimantadine Zanamivir and Oseltamivir Baloxavir marboxil Antibiotics Why so few drugs? The "Spanish" Flu The Swine Flu of 2009 Bird Flu The "Flu" <span>Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza produces a prostrating disease of a few days duration and one not soon forgotten. Influenza is not a case of low fever and sniffles that keeps you home in bed for a day a gastrointestinal upset ("stomach flu") Influenza was responsible for the most devastating plague







Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches.
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Influenza
ublok® Other weapons against flu Amantadine and Rimantadine Zanamivir and Oseltamivir Baloxavir marboxil Antibiotics Why so few drugs? The "Spanish" Flu The Swine Flu of 2009 Bird Flu The "Flu" <span>Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza prod




Flashcard 4737473056012

Question
[...] is a viral infection of the lungs characterized by fever, cough, and severe muscle aches.
Answer
Influenza

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Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches.

Original toplevel document

Influenza
ublok® Other weapons against flu Amantadine and Rimantadine Zanamivir and Oseltamivir Baloxavir marboxil Antibiotics Why so few drugs? The "Spanish" Flu The Swine Flu of 2009 Bird Flu The "Flu" <span>Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza prod







Flashcard 4737474104588

Question
Influenza is a [...] infection of the lungs characterized by fever, cough, and severe muscle aches.
Answer
viral

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Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches.

Original toplevel document

Influenza
ublok® Other weapons against flu Amantadine and Rimantadine Zanamivir and Oseltamivir Baloxavir marboxil Antibiotics Why so few drugs? The "Spanish" Flu The Swine Flu of 2009 Bird Flu The "Flu" <span>Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza prod







Flashcard 4737475153164

Question
Influenza is a viral infection of the [...] characterized by fever, cough, and severe muscle aches.
Answer
lungs

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Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches.

Original toplevel document

Influenza
ublok® Other weapons against flu Amantadine and Rimantadine Zanamivir and Oseltamivir Baloxavir marboxil Antibiotics Why so few drugs? The "Spanish" Flu The Swine Flu of 2009 Bird Flu The "Flu" <span>Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza prod







Flashcard 4737476201740

Question
Influenza is a viral infection of the lungs characterized by [...].
Answer
fever, cough, and severe muscle aches

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Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches.

Original toplevel document

Influenza
ublok® Other weapons against flu Amantadine and Rimantadine Zanamivir and Oseltamivir Baloxavir marboxil Antibiotics Why so few drugs? The "Spanish" Flu The Swine Flu of 2009 Bird Flu The "Flu" <span>Influenza is a viral infection of the lungs characterized by fever, cough, and severe muscle aches. In the elderly and infirm, it is a major cause of disability and death (often as a result of secondary infection of the lungs by bacteria). Even in the young and healthy, influenza prod