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  • Let's say that we've got company A over here,

  • and it takes out a $1 million loan,

  • and it pays a variable interest rate on that loan.

  • It pays LIBOR plus 2%.

  • And LIBOR stands for London Interbank Offer Rate.

  • It's one of the major benchmarks for variable interest rates.

  • And so it pays that to some lender.

  • This is the person who lent company A the money.

  • It pays them a variable interest rate every period.

  • So for example, in period one if LIBOR is at 5%,

  • then in that period, company A will pay 7%, or $70,000

  • to the lender in that period.

  • In period two, if LIBOR goes, let's say

  • LIBOR goes down a little bit to 4%,

  • then company A is going to pay 4 plus 2, which is 6%,

  • which is $60,000 in interest.

  • Let's say that we have another company, company B,

  • right over here.

  • It also borrows $1 million, but it borrows it at a fixed rate.

  • Let's say it borrows it at a fixed rate of 8%.

  • So in each period, regardless of what

  • happens to LIBOR or any other benchmark-- so

  • this is to probably another lender, or different lender,

  • than the person that A borrowed it from.

  • And it could be a bank, or it might

  • be another company, or an investor of some kind.

  • We will call this Lender 1 and Lender 2.

  • So regardless of the period, right now

  • company B will pay 8% of $1 million

  • in each period, which is about $80,000,

  • or exactly $80,000, each period.

  • Now let's say that neither of these parties

  • are really happy with that situation.

  • Company A doesn't like the variability,

  • the unpredictability in what happens to LIBOR,

  • so they can't plan for how much they have to pay.

  • Company B feels like they're overpaying for interest.

  • They feel like, wow, the people who are doing variable interest

  • rates, they're paying a less amount of interest

  • every period.

  • And maybe they also, company B also,

  • thinks that interest rates are going to go down,

  • or that short term, or that variable rate

  • is going to go down, LIBOR is going to go down.

  • So that's an even bigger reason why

  • they want to become a variable rate borrower.

  • So what they can do, and neither of them

  • can get out of these lending agreements,

  • but what they can do is agree to essentially swap

  • some or all of their interest rate payments.

  • So for example, they can enter into an agreement,

  • and this would be called an interest rate swap, where

  • company A agrees to pay B-- maybe,

  • let's make up a number here-- 7% on a notional $1 million loan.

  • So, the $1 million will never change hands,

  • but company A agrees to pay B 7% of that notional $1 million,

  • or $70,000 per period.

  • And in return, company B agrees to pay A a variable rate.

  • Let's say it's LIBOR plus 1%, right over here.

  • And this little agreement-- and they

  • agreed they would agree to do this for some amount.

  • And once again, this is LIBOR plus 1%

  • on a notional $1 million.

  • And that word notional just means that $1 million

  • will never change hands, and they're just

  • going to exchange the interest payments on $1 million.

  • And this agreement right over here

  • is called an interest rate swap.

  • And I'll leave you there.

  • In the next video, we'll actually

  • go through the mechanics to see that A is truly now paying

  • a fixed rate when you put in all of their different payments

  • into both the swap and the lender,

  • and Company B, after entering into this swap agreement,

  • is now really paying a variable interest rate.

Let's say that we've got company A over here,


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A2 初級

金利スワップ1|金融・資本市場|カーンアカデミー (Interest rate swap 1 | Finance & Capital Markets | Khan Academy)

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    林宜悉 に公開 2021 年 01 月 14 日