Total Return Swap
来源:互联网 发布:淘宝优选好店有假货吗 编辑:程序博客网 时间:2024/06/05 08:08
http://www.investopedia.com/terms/t/totalreturnswap.asp#axzz1lnDvrq00
Definition of 'Total Return Swap'
A swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset, is usually an equity index, loans, or bonds. This is owned by the party receiving the set rate payment.
Total return swaps allow the party receiving the total return to gain exposure and benefit from a reference asset without actually having to own it. These swaps are popular with hedge funds because they get the benefit of a large exposure with a minimal cash outlay.
Investopedia explains 'Total Return Swap'
In a total return swap, the party receiving the total return will receive any income generated by the asset as well as benefit if the price of the asset appreciates over the life of the swap. In return, the total return receiver must pay the owner of the asset the set rate over the life of the swap. If the price of the assets falls over the swap's life, the total return receiver will be required to pay the asset owner the amount by which the asset has fallen in price.
For example, two parties may enter into a one-year total return swap where Party A receives LIBOR + fixed margin (2%) and Party B receives the total return of the S&P 500 on a principal amount of $1 million. If LIBOR is 3.5% and the S&P 500 appreciates by 15%, Party A will pay Party B 15% and will receive 5.5%. The payment will be netted at the end of the swap with Party B receiving a payment of $95,000 ($1 million x 15% - 5.5%).
- Total Return Swap
- total
- This is a prerequisite condition to test whether sufficient total swap space is available on system
- SELECT COUNT (with some conditions here) to return total rowcount for desired value only
- swap
- swap
- swap
- swap
- swap
- swap
- Swap:
- swap
- swap
- Swap
- swap
- Swap
- swap
- swap
- poj 3427 模拟
- 开源权限系统sshpermissions
- SQL语句大全
- Eclipse 自动提示(auto complete)强化
- poj2409
- Total Return Swap
- 将自己积累的一些重构经验写成半本书
- hadoop-扫盲篇
- 我在Facebook学到的10个经验
- Common.MessageBox
- LaTeX使用框架
- Linux扩展SWAP分区
- 日本漫游
- Latex用\ref引用图片出现编号为问号的问题