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INTERNATIONALFINANCE
TUTORIALFIVE
QUESTIONONEVaKaPlcexpectstoreceiveUSD100,000in3monthsSpotrateisUSD1.5=￡1Thecompany’ssterlingbalancesreceivecreditInterest@4%paVaKacanborrow3monthsUSDat3%paForwardrate3monthsforwardfixedis1.49?Assumethatthe3Monthperiodconsistsof90days Requirement:i.PrepareanumericalstatementtoshowthefinancialesofboththeMoneyMarketBorrowingandtheforwardii.Prepareabriefreportwhichcriticallyevaluatestheuseofmoneymarketborrowingandforwardsasatechniqueofhedgingiii.AfterreadingyourreportthedirectorsofVakaPlcdecidedtotakeouttheforward.HoweverthecompanydidnotreceivetheUSD100,000asitscustomerwentbankrupt.Assumingthatthespotrateontheforward’sdayofsettlementwasGBP/USD1.65,calculatethecloseoutpositionofthecompany.iv.RepeatQuestion(iii)butassumethatthespotrateonthesettlementdaywasGBP/USD1.352
QUESTIONONEANSWERCurrencyBorrowingTodayborrowUSD99,255.58today.(USD100,000?1.0075)TodayConverttheUSD99,255.58tosterlingatspotrateof1.50=GBP66,170.39.Thiswillreducethesterlingborrowingbythatamountfor3months.LoanwillamounttoUSD100,000inthreemonths@3%perannumRepayloanin3monthswiththecurrencyproceedsoftheexport.VaKahasgainedsterlinginterestonGBP66,170.39for3monthsat4%pa.Note:Interestforperiodsoflessthanoneyeariscalculatedtakingayearas360daysforUS$andas365daysforsterling.Soforsterlingtheinterestis66,170.39x(0.04x90/365)=￡652.64SototalvalueofsterlingforcomparisonisGBP66,823.03.3
QUESTIONONEANSWERForwardNomoneychangeshandstoday,allthathappensisthataforwardcontractissigned?Inthreemonthstime,USD100,000willbeconverted@1.49soVaKawillreceiveGBP67,114.09in3monthsTheforwardseemsmarginallybetter.4
QUESTIONONEANSWERiiThereareobviouslimitationstothismethodof
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