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NEW QUESTION: 1
John Rawlins is a bond portfolio manager for Waimea Management, a U.S.-based portfolio management firm. Waimea specializes in the management of equity and fixed income portfolios for large institutional investors such as pension funds, insurance companies, and endowments. Rawlins uses bond futures contracts for both hedging and speculative positions. He frequently uses futures contracts for tactical asset allocation because, relative to cash instruments, futures have lower transactions costs and margin requirements. They also allow for short positions and longer duration positions not available with cash market instruments. Rawlins has a total of approximately $750 million of assets under management.
In one of his client portfolios, Rawlins currently holds the following positions:
The dollar duration of the cheapest to deliver bond (CTD) is $10,596.40 and the conversion factor is
1.3698.
In a discussion of this bond hedge, Rawlins confers with John Tejada, his assistant. Tejada states that he has regressed the corporate bond's yield against the yield for the CTD and has found that the slope coefficient for this regression is 1.0. He states his results confirm the assumptions made by Rawlins for his hedging calculations. Rawlins states that had Tejada found a slope coefficient greater than one, the number of futures contracts needed to hedge a position would decrease (relative to the regression coefficient being equal to one).
In addition to hedging specific bond positions, Rawlins tends to be quite active in individual bond management by moving in and out of specific issues to take advantage of temporary mispricing. Although the turnover in his portfolio is sometimes quite high, he believes that by using his gut instincts he can outperform a buy-and-hold strategy. Tejada on the other hand prefers using statistical software and simulation to help him find undervalued bond issues. Although Tejada has recently graduated from a prestigious university with a master's degree in finance, Rawlins has not given Tejada full rein in decision- making because he believes that Tejada's approach needs further evaluation over a period of both falling and rising interest rates, as well as in different credit environments.
Rawlins and Tejada are evaluating two individual bonds for purchase. The first bond was issued by Dynacom, a U.S. telecommunications firm. This bond is denominated in dollars. The second bond was issued by Bergamo Metals, an Italian based mining and metal fabrication firm. The Bergamo bond is denominated in euros. The holding period for either bond is three months.
The characteristics of the bonds are as follows:
3-month cash interest rates are 1% in the United States and 2.5% in the European Union. Rawlins and Tejada will hedge the receipt of euro interest and principal from the Bergamo bond using a forward contract on euros.
Rawlins evaluates these two bonds and decides that over the next three months, he will invest in the Dynacom bond. He notes that although (he Bergamo bond has a yield advantage of 1% over the next quarter, the euro is at a three month forward discount of approximately 1.5%. Therefore, he favors the Dynacom bond because the net return advantage for the Dynacom bond is 0.5% over the next three months.
Tejada does his own analysis and states that, although he agrees with Rawlins that the Dynacom bond has a yield advantage, he is concerned about the credit quality of the Dynacom bond. Specifically, he has heard rumors that the chief executive and the chairman of the board at Dynacom are both being investigated by the U.S. Securities and Exchange Commission for possible manipulation of Dynacom's stock price, just prior to the exercise of their options in the firm's stock. He believes that the resulting fallout from this alleged incident could be damaging to Dynacom's bond price.
Tejada analyzes the potential impact on Dynacom's bond price using breakeven analysis. He believes that news of the incident could increase the yield on Dynacom's bond by 0.75%. Under this scenario, he states that he would favor the Bergamo bond over the next three months, assuming that the yield on the Bergamo bond stays constant. Rawlins reviews Tejada's breakeven analysis and states that though he is appreciative of Tejada's efforts, the analysis relies on an approximation.
The manager wants to completely hedge Bond Q for an expected 80 basis point change in interest rates.
The number of futures contracts required is closest to:
A. 82.
B. 99.
C. 112.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
To calculate the number of futures contracts necessary for the hedge, we must first obtain the dollar durations for the CTD and Bond Q:
The dollar duration for a given change in interest rates at time / is expressed as:
DDt = durationt x assumed change in interest rates x value of asset at rime t DDCTD = 9.48 x 0.008 x I39.72 = $10.5964 per S100 of par DDQ= 10.32 x 0.008 x $104.98 « $8.6671 per $100 of par
The number of futures contracts necessary for the hedge can be computed as:
The dollar Duration of Bond Q:
Therefore, sell 112 contracts.
(Study Session 10, LOS 3I.e.)
NEW QUESTION: 2
A "turn of the month" deposit would be a transaction:
A. Value last business day of a month against last business day of the following month
B. Value last business day of a month against first business day of the next month
C. Value first business day of a month against first business day of the following month
D. Value first business day of a month against last business day of the same month
Answer: B
NEW QUESTION: 3
Which mechanism will be often used by service providers to define their service offerings and to differentiate their services from their competitors?
A. SAA
B. SLM
C. SLC
D. SLA
Answer: D