《金融专业英语》课件-Chapter-3-Financial-Instruments.pptVIP

Four basic ways to exit a swap agreement Buy Out the Counterparty. （向对方支付） Enter an Offsetting Swap. （买入反向的互换） Sell the Swap to Someone Else. （把掉期卖给别人） Use a Swaption. （使用互换期权） Exiting a Swap Agreement What is an ‘Interest Rate Swap’ An interest rate swap is a forward contract that one stream of future interest payments is exchanged for another based on a specified principal amount. Fixed to Floating（固定换浮动） Floating to Fixed（浮动换固定） Float to Float（浮动换浮动） Interest rate swap（利率互换） 3.11 Options “Options give you options.” “Weapons of mass destruction. ——Warren Buffett Options are derivatives of financial securities — their value depends on the price of some other asset. e.g. wine is a derivative of grapes; ketchup is a derivative of tomatoes; a stock option is a derivative of a stock. using options as an effective hedge against a declining stock market to limit downside losses（对冲股市下跌，限制下跌损失） used to generate recurring income（产生经常性收入） used for speculative purposes such as wagering on the direction of a stock（投机目的） Options（期权） 3.12 Mortgage-Backed security What is a ‘Mortgage-Backed Security (MBS) Types of Mortgage-Backed Securities A mortgage-backed security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages. 抵押贷款支持证券，一种由抵押贷款或抵押贷款集合担保的资产支持证券 It is issued by either a federal government agency company, government-sponsored enterprise (GSE), or a private financial company. A mortgage-backed security is a way for a smaller regional bank to lend mortgages to its customers without having to worry about whether the customers have the assets to cover the loan. Instead, the bank acts as a middleman between the home buyer and the investment market participants. When an investor invests in a mortgage-backed security, he is essentially lending money to a home buyer or business. What is a ‘Mortgage-Backed Security (MBS) Pass-throughs （转手证券） structured as a trust（信托形式） in which mortgage payments a