# on 04-Jan-2020 (Sat)

#### Annotation 149651428

 #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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What's the formula for MVA asset swap?
$$(P-100)df(T)=C\sum_{i=1}^{n_{fix}}df(t_i)-\frac{P}{100}\sum_{i=1}^{n_{float}}a_i(L_i+S)df(t_i)$$

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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.
$$S_{MVA}=S_{par/par}\frac{100}{P}$$

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

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#### Flashcard 149653211

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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 [...], are adjusted by a fixed spread such th at the future value of the swap equals the excess paid over par, P-100
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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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
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

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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
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#### Annotation 4737129123084

 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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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？

この水準が常態化するのであろうか？

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#### Flashcard 4737133055244

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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

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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[default - edit me]

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[...] 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

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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

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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.
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

#### Annotation 4737471483148

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

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

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

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

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

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Influenza is a viral infection of the lungs characterized by [...].