外汇风险概述.pptVIP

Financial Management of Operating Exposure If have stable SF revenues want to finance them with stable SF debt so that only net SF revenues at risk. Year 1 2 3 ... SF revenues SF10 mln SF10 mln SF10 mln ... SF interestliabilities -SF9 mln -SF9 mln -SF9 mln ... Net SF revenues SF1 mln SF1 mln SF1 mln ... Example: Swiss subsidiary of U.S. firm If well-established, can directly issue SF debt If new, use a currency swap U.S. firm issues dollar debt U.S. firm swaps that debt for SF debt with a swap dealer Currency swap 1. U.S. firm issues $ debt U.S. firm $ liabili