Storm Drainage Design Project Essay Example | Topics and Well Written Essays - 2000 words - 1

Tempest Drainage Design Project - Essay Example ertical pivot utilizing various scales, however their level directions are the equivalent dependent on hourly readings from the 12 PM of October 12 to 11:00 at night of October 15, 1998. Precipitation information was plotted utilizing millimeters (mm) and the given perceptions were utilized with no guarantees. Then again, waterway information, which is typically plotted as a release in a unit of volume against time (cubic meters every second or liters every second) is drawn as an element of the given stream width (B) and the speed (V) of stream of the waterway (since release is a result of territory and water stream speed for this situation) every hour of perception. The most elevated point (top) of the blue line chart is 0.658 meter-BV every hour. The scale utilized was 1 x 10-1 m, with the end goal that 0.658 is spoken to as 6.58 x 10-1 m. This ought to clarify why the most elevated number in the vertical pivot is 7. It might be gathered from Figure 3 that in spite of the fact that perceptions were plotted each hour, the clocks were introduced at regular intervals because of space restrictions.). Be that as it may, the information were dissected utilizing the first qualities and units of the waterway level every hour of perception. Preceding the precipitation in 4:00 on October 13, the normal perusing of the stream range from the beginning of given perceptions for 28 continuous hourly readings is 0.262 mm. This will be the premise of the base stream. Following seven hours of precipitation, the primary pinnacle was seen at 11:00 of October 13 with a stature of 1.2 mm. This denotes the commencement of the rising appendage of the waterway flood where the stature of the stream additionally began to rise contrasted with base stream. The precipitation information had twin tops, with the subsequent pinnacle happening at 21:00 of October or 10 hours after the main precipitation top was watched. At 9:00 of October 14, 12 hours after the second pinnacle of the precipitation, the pinnacle stream of the waterway was recorded at 0.658 m. The measure of time for the pinnacle stream to return back to base stream or base stream time is 46 hours. A few variables which impact the qualities of

Power and Places Type Free Essays

We are going to discuss force and places type: - The force is essentially a restriction among ruler and a dominated. There are numerous structures and places of intensity: Among the spots of intensity, there are the White House, the Buckingham Palace, the Pentagon†¦ ? These spots are incredible on the grounds that they have political and military impact. Government is a representative who practices his capacity through foundations, for example, the courts or detainment facilities For this situation, the administered are residents who comply with the laws of the legislature. We will compose a custom article test on Force and Places Type or on the other hand any comparable subject just for you Request Now However, some of the time there is maltreatment of power,and we see protections from power, as when there was politically-sanctioned racial segregation in South Africa. In fact, there was a racial segregation among blacks and whites. The incredible figure of the opposition in South Africa was Nelson Mandela: he battled for his entire life against victimization dark, he was detained for quite a long while. ==========================================================================Among the types of intensity, there is, for instance, the intensity of the media. Without a doubt, the media assume a significant job inside today’s society. Media comprises of books, TV, motion pictures, music, web, radio, magazines, papers and so forth * Media have positive angles: we can remain educated about political, get-togethers effectively, you can have a ton of fun watching motion pictures and tuning in to the music. (Through papers, TV, radio †¦) * But media have additionally terrible/negative perspectives. To be sure, today, it has become an incredible weapon to impact the assessments of people. For instance, electronic media has the ability to control data, they can deny certain realities and uncover another, they can communicate in circle a subject to impact the vision of the mass of watchers (the presidential chosen one can pay for more presentation on TV†¦) Media show the lifestyle for the individuals who tails it. So media can impact the dressing habits of young people through theirs preferred film entertainers, and so forth. For instance, youngsters are explicitly focused in the promotions. We instruct them to eat Mc do’s burgers and drink coca cola. We can say that for this situation, PEOPLE ARE BRAINWASHED BY MEDIA. In Step by step instructions to refer to Power and Places Type, Papers

5 Steps You Can Take to Prevent Identity Theft

5 Steps You Can Take to Prevent Identity Theft 5 Steps You Can Take to Prevent Identity Theft 5 Steps You Can Take to Prevent Identity TheftHaving your identity stolen sucks. Here are some steps you can take to make sure your personal info doesnt end up all over the Dark Web.We recently told you what to do when you’re the target of identity theft. But you know what’s really nice? Not being the victim of identity theft in the first place!Thankfully, there are steps you can take to protect yourself and your sensitive personal info. Some of the experts from the previous piece have returned with great bits of advice on how identity theft can be prevented in the first place.1. Step up your password game.In our blog about being the target of identity theft, Drew Kellerman, founder of  Phase 2 Wealth Advisors in Gig Harbor, Washington offered advice about why you must change your passwords. Unsurprisingly, having a strong password is also a good way to prevent future identity theft.“It’s a risk to not change your passwords regularly AND to use the same passwords for all acco unts,” warned Justin Lavelle, Chief Communications Officer for  BeenVerified.com (@BeenVerified). “Stay away from family names, pet names, birth dates, street names from addresses at which you have lived, etc. Most of this information can be easily found by googling, checking public records or on social media.Include symbols, upper and lower case letters throughout the password (not just the first letter), and numbers. Nonsensical combinations are the safest, but if you must go with something that will be easier to remember, use password phrases instead of words.If you know a foreign language, combine words from another language with English to complete your phrase. And make sure you change your passwords frequently and make them at least 8 characters long and a variety of letters, numbers, symbols and upper and lower case.“Once you set yourself up with a password manager, you’ll never want to look back. Gone will be the days of trying to remember passwords or come up with s trong ones. A password manager creates unbreakable passwords and safely encrypts them. You only need to remember one password to access all of your passwords.“It’s never a good idea to use the same password for various accounts and websites. However, there are a few tricks you can use to create similar passwords with variations that make them difficult to figure out but make full sense to you.For example, if you want to sign up to Facebook you could add ‘FB’ or Instagram as ‘IG’ to the start or end of the password. You could also try a variation of the website’s name by mixing upper and lower cases, symbols, and numbers until you have a password that you like.”2. Get yourself another factor.When it comes to protecting your online accounts, one-factor authentication isnt cool. You know whats cool? Two-factor authentication.“Many companies, especially banks and other financial institutions, now have Two-Factor Authentication (2FA) when you log in,” Kellerman explai ned. “This adds a second layer of security and ‘authentication’ above and beyond just your username and password.“While some sites make 2FA mandatory, others offer it as an option. We highly recommend ‘turning on’ two-step verification with every website that offers it. This includes your online email account access. It takes just a few minutes and significantly strengthens your protection against hackers.”3. Stop delaying that browser update.We get it. It’s annoying having those “update” messages come up and having to restart your browser or computer seems is just too much of a hassle. But it’s important.“Surfing the web without an updated browser is like swimming with sharks,” cautioned Lavelle. “It’s not really a matter of if, but when, a cybercriminal will spot youâ€"floundering on the Internet without a cageâ€"and attack.Web browsers often have security updates which require a browser update to take effect. To make sure you’re using the latest ve rsion, visit the homepage of the browser you’re using. It will let you know directly when you arrive to the page.”4. Keep the cell to yourself.We know you’re popular. Everyone wants your digits! But maybe don’t give out those digits all willy-nilly.“Your cell phone number is linked to nearly everything about you,” Lavelle told us. “Giving it out so easily is like inviting a criminal into your home. You should treat your phone number like it’s your social security number. The path to personal information is the same.“You can do so much to protect your device from hackers. But if the actual physical device gets into the hands of a criminal, it will be a lot easier for them to extract or corrupt information. So, don’t leave your phone or laptop unattended in public places.”5. Beware public Wi-fi.Wi-Fi is such a magical development. But, much like magic in nearly any fiction, it can be used for good or evil.“Be cautious with public Wi-Fi,” advised Lavelle. “N ever do any online shopping, banking or other sensitive online activities on a public Wi-Fi network. Although coffee shops, grocery stores, and other public places may have convenient internet connections, they’re often not secure which could allow someone else to easily access your information.”So while identity theft is a pain, you can definitely lower your odds of having to face it. With this advice and the advice from the previous identity theft blog, you’ll be much better prepared to avoid these online jackals.To learn more about protecting yourself from fraudsters, check out these related posts and articles from OppLoans:Never Trust and Always Verify: How to Avoid Getting Scammed Over Email10 Common Scams: How They Work and How to Avoid ThemDating App Dangers: 7 Tips to Avoid Getting Scammed by a Fake RomanceSo Your Package Got Stolen … Now What?Do you have a question about scams and identity theft youd like us to answer?  Let us know! You can find us  on  Facebook  an d  Twitter.  |  InstagramContributorsDrew Kellerman is the founder of  Phase 2 Wealth Advisors in Gig Harbor, Washington.Justin Lavelle  is a Scams Prevention Expert and the Chief Communications Officer of  BeenVerified.com (@BeenVerified). BeenVerified is a leading source of online background checks and contact information. It helps people discover, understand and use public data in their everyday lives and can provide peace of mind by offering a fast, easy and affordable way to do background checks on potential dates. BeenVerified allows individuals to find more information about people, phone numbers, email addresses,  and property records.

The Factors Responsible For Valuation - 889 Words

6. Conclusion and Recommendation The findings from this study has rev ealed that the challenge fo r eliminating the factors responsible for valuation inaccuracy and variance in Nigeria falls across the academi a, practitioners and the regul atory bodies comprising of Nigerian Institution of Estate Surveyors and Valuers and Estate Surveyors and Valuers Registration Board of Nigeria since it has been established that valuation accuracy and consistency are at the heart of clients’ confidence and the profession needs to keep its house in order. Accordingly, it is recommended that the academic steering committee of th e regulatory bodi es-the Nigerian Institution of Estate Surveyors and†¦show more content†¦There is the need for continuity. Updating rules and guidance notes would ginger estate surveyors and valuers to achiev e enhanced accuracy, rationality and standardization if the rules and regulations are strictly enforced by the Institution without bias or favourism. Each State Chapter of NIESV should be encouraged to establish a property data bank and forward same on agreed periods to be reviewed periodically to make such data relevant. Such information so collated could serve as a reference point for comparison between states and among States for Nigerians who may which to invest in any State within the country. Such property databank would assist researchers in producing property market indices for performance measurement and accuracy test especially in the application of the investment method of valuation. The Estate Surveyors and Valuers Registration Board of Nigeria in conjunction with the Nigerian Institution of Estate Surveyors and Valuers should define and spell out the maxi mum acceptable margin of error in valuations as is done in developed countries. References Adegoke, O. J. (2008). Valuation variance in unfamilia r locations and the significance of caution in valuer behaviour. The estate surveyor and valuer, Jounal of th e Nigerian Estate Surveyors and Valuers, 31 (1), 7-13 Aluko, B. T. (1998). Property valuation: Are estate su rveyors andShow MoreRelatedTaking a Look at Customs Valuation710 Words   |  3 PagesCustoms Valuation What is Customs Valuation? Customs valuation can be defined as process to value to a good or service for the purposes of import or export. Basically, it will involve tariff concessions, implementing trade policy and others. For our information, this systems has been used a thousand of years ago among different cultures, and was been proven by evidence in the Roman Empire and the Han Dynasty. Further, the first recorded custom tariff was from 336 in Palmyra, an oasis city in theRead MoreInitial Public Offering For A Global Firm1196 Words   |  5 Pagesenable it to fund its operations such as expansion plans, generate profits as well as make its investors happy. For the IPO to go successfully there are a number of important factors and players that come into consideration. These include investment bankers, underwriters, pricing, demand and supply among other important factors. The role of investment Banker and underwriter Investment banker plays an integral role in the IPO process as when a firm decides to go public it must hire an investment bankerRead MoreAbstract . The Question About Accuracy.And Consistency1285 Words   |  6 Pagesconsistency in valuation practice has been subject of interest to the academicians, professionals and users of valuations not only in Nigeria or developing countries alone but also in the developed countries of the world such as UK, US A, Canada and Australia. Property valuation is the core of Estate Surveying and Valuation profession. Thus its accuracy and/or reliability is critical to the valuers, their clients and the stakeholders of valuation in general.Read MoreQuestions1450 Words   |  6 Pagesshould be segregated from the requisitioning and receiving functions. If one individual is responsible for the requisition, purchasing, and receiving functions, fictitious or unauthorized purchases can be made. This can result in the theft of goods and possibly payment for unauthorized purchases. The invoice-processing function should be segregated from the accounts payable function. If one is responsible for the invoice processing and the accounts payable functions, purchase transactions can beRead MoreHow Charitable Benefit Giving Charitable Giving972 Words   |  4 Pagesdifferent rules in regards to charitable giving. Other things to think about if dealing with individual are whether filing single, married filing jointly, married filing separately, or if they have any dependents. 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A Research Study On School Psychology - 1258 Words

A school psychologist is a position, that many students are familiar with, that helps to keep a supportive environment for both students and faculty. School Psychology is a general practice and health service provider specialty of professional psychology that is concerned with the science and practice of psychology with children, youth, families; learners of all ages, (School Psychology, n.d.). The school psychologist would meet with students to make sure that they are succeeding academically, socially, and emotionally; this includes both in school and out of school. They would conduct different types of research with children to help push them in the right direction. With children always growing, a school psychologist helps to push them to eventually become productive members of society. Having a school psychologist present in education leads to the creation of an effective school. School psychologists are a key position to have in a powerful school. They are found in most K-12 public schools and work with students, teachers, families, and other professionals to help improve the wellbeing of the school. Improving the school does not mean just getting better test scores, but helping with mental and behavioral health as well as building on school and family relationships. All students, at some point will hit a sang and a child s experience while in school will stick with them for the entirety of their lives. That s where the school psychologist comes in, SchoolShow MoreRelatedA Research Study On School Psychology865 Words   |  4 Pageslife to child development and pursue a career as a school psychologist, once I graduate. School psychology is a wide-ranging practice and health service provider concerned with offering an assortment of psychological diagnosis, assessments, and interventions, et cetera to all learners (i.e. children, youth and families) (America n Psychological Association (APA), (2015). 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Buckland Review Free Essays

Abstract Information Is a broad term that encompasses a wide variety of sources. In â€Å"Information as Thing†, Backhand attempts to define Information by breaking It down into information-as-process, information-as-knowledge, and information-as-thing. As he went on into tangibility versus intangibility, I saw a mere glimpse of the complexity behind it all but what really got me thinking was the discussion of what is usually thought of to be informative. We will write a custom essay sample on Buckland Review or any similar topic only for you Order Now The field of information sciences restricts information to consist strictly of data, documents and text, when in reality, like Backhand said, objects and events quite possibly could provide more Information. Luckily, there are changes being made In order to see that artifacts and objects can be seen as documents. Another viewpoint introduced was the fact that anything could have the capacity to be informational, as long as someone wanted it to be. Furthermore, not all things seen as informative are going to be utilized. Backhand has opened my eyes to a new world where information is not Just a term that is uncomplicated but is elaborate. An uncommon Approach Information is a broad but loaded term. With that said, it is awfully hard to pinpoint its exact meaning. Many uncommon but noteworthy viewpoints were discussed in Michael Backhand’s â€Å"Information as Thing†. This enlightening article presents a refreshing new twist on the way the word â€Å"information† is defined. For me, personally, Information has always been a term that has been Incredibly simple and straightforward. It was something self explanatory?no further explanation required. Because Backhand’s perspective is so drastically different to what I’m familiar with, I had to read this piece several times before I could even begin to empowered it. Before I could even grasp all the material covered in this article, I knew I was in for a bumpy ride. It quickly became clear to me that information was exceedingly more complicated than I perceived It to be. As I was skimming through the article for the first time, I wondered what approach Backhand would take to define this term. Laming the word â€Å"Information† to be ambiguous, Backhand decided to break it down into three distinguishable parts: information-as-process, information-as-knowledge, and information-as-thing. Moreover, he then separated them into tangible versus intangible, where information-as-process and information-as-knowledge are categorized as intangible, as opposed to Information-as-thing, which falls under the category of tangible. Since this was all still very foreign to me, my brain was feeling a little overwhelmed. I would have never have expected there to be so much gray area within information and information sciences. When I think of sources of information, the typical few immediately come to mind ?TV, books, and websites. As Backhand begins to introduce the various types of information, data, texts, and documents are among the first elements to be touched upon. While reading this, I was completely satisfied with those three resources. Topic. To my utter surprise, this was certainly not the case. Instead, my eyes settled on another italicized word that appeared at the break of the paragraph. Objects†, the paper stated. I was puzzled by this label and questioned Backhand’s ideas but soon came to the realization that he was spot on. Objects are definitely a great source of information?some may even argue that they are more informative than ATA, texts, or documents?but are frequently overlooked in the world of information studies. As I mulled over the thought some more, a certain o bject made its way into my mind. My charm bracelet, something I wear everyday, undeniably allows others to peer into the life of Chelsea Chin. Each charm is highly symbolic and reveals a little snippet about me. In my opinion, if a poll was taken about types of information, I’m sure the majority of people would have responded with at least one, if not all, of the big three, but if they were given the time to actually think about it and then given n follow-up assignment, I am confident that most people would have a list with the word â€Å"object† nested somewhere in there. With regards to the way the field of information science has fixated their time on data, text, and documents while ignoring objects, it is definitely difficult to hear but pleasant to see Outlet and the documentation movement giving it more attention. As I think the section is starting to wrap up, I am shocked yet again as I come across another italicized word: Events. Backhand brings up an excellent point when he refers to events as â€Å"informative henchmen†. There is no doubt that events are informative?they are Just harder to represent because they are fleeting. Backhand has come to the conclusion that â€Å"we are unable to say confidently of anything that it could not be information† (Backhand, 1991). The statement is valid but something Vive never really thought about. As we dive deeper into the article, it becomes apparent that there is really no solution to this problem. Take a desk for example. It is something that is often seen simply Just as a piece of furniture? nothing more, nothing less. If one really wanted to though, this desk could provide all sorts of information. It has the ability to imply that one was a student or held a job. Furthermore, the quality of the desk could also be something to look out for when examining the item if one is writing a review for the company that made it. From this example, it is easy to see that anything can be qualified as informational if placed into the correct situation, which is exactly the point Backhand is trying to get at. Sometimes people believe things are informational even when it is not assured hat people will utilize that thing. Just like the telephone book mentioned by Backhand, the terms of agreement is plenty informational, but no one really takes the time to read through that novel. Information has always been very black and white to me. Reading this article, however, has allowed me to see information in a different light. Backhand made an exceptional attempt to define the word â€Å"information† by dividing it further into three separate sections. Comparing his definition to mine, it is easy to see that my view was elementary and extremely transparent while his was well thought out and intricate. His arguments have really provoked a considerable amount thought in me: documents, data, and text are not the only resources that provide information. Objects and events are equally as informational, if not more so. Everything has to the Backhand made some really great points that have given me a newfound appreciation for the field of information studies. References Backhand, M. (1991). Information as Thing. Journal of the American Society for Information science, 42(5), 351-360. How to cite Buckland Review, Papers

Interest Rate and Currency Swaps Essay Example

Interest Rate and Currency Swaps Paper CHAPTER 14 INTEREST RATE AND CURRENCY SWAPS SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS I. Describe the difference between a swap broker and a swap dealer. Answer: A swap broker arranges a swap between two counterparts for a fee without taking a risk position in the swap. A swap dealer is a market maker of swaps and assumes a risk position in matching opposite sides of a swap and in assuring that each counterparts fulfills its contractual obligation to the other. 2. What is the necessary condition for a fixed-for-floating interest rate swap to be Seibel? Answer: For a fixed-for-floating interest rate swap to be possible it is necessary for a quality spread differential to exist. In general, the default-risk premium of the taxed-rate debt will be larger than the default-risk premium tot the floating- rate debt. 3. Discuss the basic motivations for a counterparts to enter into a currency swap. Answer: One basic reason for a counterparts to enter into a currency swap is to exploit the comparative advantage of the other in obtaining debt financing at a lower interest rate than could be obtained on its own. A second basic reason is o lock in long-term exchange rates in the repayment Of debt service Obligations denominated in a foreign currency. 4. How does the theory of comparative advantage relate to the currency swap market? Answer: Name recognition is extremely important in the international bond market. Without it, even a creditworthy corporation will find itself paying a higher interest rate for foreign denominated funds than a local borrower of equivalent creditworthiness. We will write a custom essay sample on Interest Rate and Currency Swaps specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Interest Rate and Currency Swaps specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Interest Rate and Currency Swaps specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Consequently, two firms of equivalent creditworthiness can each exploit their, respective, name recognition by borrowing in their local capital racket at a favorable rate and then re-lending at the same rate to the other, S, Discuss the risks confronting an interest rate and currency swap dealer. Answer: An interest rate and currency swap dealer confronts many different types of risk. Interest rate risk refers to the risk of interest rates changing unfavorable before the swap dealer can lay off on an opposing counterparts the unplaced side of a swap with another counterparts. Basis risk refers to the floating rates Of two counterparts being pegged to two different indices. In this situation, since the indexes are not perfectly positively correlated, the swap ann. may not always receive enough floating rate funds from one counterparts to pass through to satisfy the other side, while still covering its desired spread, or avoiding a loss. Exchange-rate risk refers to the risk the swap bank faces from fluctuating exchange rates during the time it takes the bank to lay off a swap it undertakes on an opposing counterparts before exchange rates change. Additionally, the dealer confronts credit risk from one counterparts defaulting and its having to fulfill the defaulting partys obligation to the other counterparts. Mismatch risk refers to the difficulty of the dealer finding an exact opposite attach for a swap it has agreed to take. Sovereign risk refers to a country imposing exchange restrictions on a currency involved in a swap making it costly, or impossible, for a counterparts to honor its swap obligations to the dealer. In this event, provisions exist for the early tear-nation of a swap, which means a loss of revenue to the swap bank. 6. Briefly discuss some variants of the basic interest rate and currency swaps diagramed in the chapter, Answer: Instead of the basic fixed-for-floating interest rate swap, there are also zero-coupon-for-floating rate swaps where the fixed rate payer makes only one error-coupon payment at maturity on the notional value. There are also floating- for-floating rate swaps where each side is tied to a different floating rate index or a different frequency Of the same index. Currency swaps need not be fixed- for-fixed: fixed-formatting and floating-for-floating rate currency swaps are frequently arranged. Moreover, both currency and interest rate swaps can be amortizing as well as non-amortizing. 7. If the cost advantage of interest rate swaps would likely be arbitraged away in competitive markets, what other explanations exist to explain the rapid velveteen of the interest rate swap market? Answer: All types of debt instruments are not always available to all borrowers. Interest rate swaps can assist in market completeness. That is, a borrower may use a swap to get out of one type of financing and to obtain a more desirable type tot credit that is more suitable for its asset maturity structure. . Suppose Morgan Guaranty, Ltd. Is quoting swap rates as follows: 7. 75 8. 10 percent annually against six-month dollar LABOR for dollars and II II percent annually against six-month dollar LABOR for British pound sterling. At hat rates will Morgan Guaranty enter into a $/E currency swap? Answer: Morgan Guaranty will pay annual fixed-rate dollar payments of 75 percent against receiving six-month dollar LABOR flat, or it will receive fixed-rate annual dollar payments at 8. 10 percent against paying six-month dollar LABOR flat. Morgan Guaranty will make annual fixed-rate E payments at 1 1. 25 percent against receiving six-month dollar LABOR flat, or it Will receive annual fixed-rate E payments at 11. 65 percent against paying six-month dollar LABOR flat. Thus, Morgan Guaranty Will enter into a currency swap in Which it would pay annual axed-rate dollar payments of 7. 75 percent in return for receiving semi-annual fixed-rate E payments at II . 65 percent, or it Will receive annual fixed-rate dollar payments at 8. 0 percent against paying annual fixed-rate E payments at 11. 25 percent. 9. A U. S. Company needs to raise It plans to raise this money by issuing dollar- denominated bonds and using a currency swap to convert the dollars to euros. The Corcoran expects interest rates in both the United States and the Euro zone to fall. A. Should the swap be structured with interest paid at a fixed or a floating rate? B. Should the swap be structured with interest received at a fixed or a floating rate? SFA Guideline Answer: a. The U. S. Many would pay the interest rate in euros. Because it expects that the interest rate in the Euro zone Will fall in the future, it should choose a swap with a floating rate on the interest paid in euros to let the interest rate on its debt float down. B. The US. Company would receive the interest rate in dollars. Because it expects that the interest rate in the United States will fall in the future, it should choose a swap with a fixed rate on the interest received in dollars to prevent the interest ate it receives from going down, *10. Assume a currency swap in which two counterparts of comparable credit risk each borrow at the best rate available, yet the nominal rate of one counterparts is higher than the other, After the initial principal exchange, is the counterparts that is required to make interest payments at the higher nominal rate at a financial disadvantage to the other in the swap agreement? Explain your thinking. Answer: Superficially, it may appear that the counterparts paying the higher nominal rate is at a disadvantage since it has borrowed at a lower rate. However, f the forward rate is an unbiased predictor of the expected spot rate and if RIP holds, then the currency with the higher nominal rate is expected to depreciate versus the other. In this case, the counterparts making the interest payments at the higher nominal rate is in effect making interest payments at the lower interest rate because the payment currency is depreciating in value versus the borrowing currency. PROBLEMS I. Alpha and Beta Companies can borrow for a five-year term at the following rates: Alpha Beta Moodys credit rating Fixed-rate borrowing cost 12. 0% Floating-rate borrowing cost LABOR LABOR* a. Calculate the quality spread differential (SD). B. Develop an interest rate swap in which both Alpha and Beta have an equal cost savings in their borrowing costs. Assume Alpha desires floating. Rate debt and Beta desires fixed-rate debt. No swap bank is involved in this transaction. Solution: a. The SD (12. 0% 10. 5%) minus (LABOR * LIBIDO- . 5%. B. Alpha needs to issue fixed-rate debt at and Beta needs to issue floating rate-debt at BOOR 1%. Alpha needs to pay LABOR to Beta. Beta needs to pay 10 75% to Alpha. It this is done, Alphas floating-rate all-in-cost is: 4 LABOR 10. 5% = LABOR . 25% savings over issuing floating-rate debt on its own. Betas fixed-rate all-in- cost is: LIBIDO 1% 10. 75% LABOR 11. 75%, a savings over issuing fixed- 2. Do problem 1 over again, this time assuming more realistically that a swap bank is involved as an intermediary. Assume the swap bank is quoting five-year dollar interest rate swaps at 10. 7% 10. 8% against LABOR flat. Alpha will issue fixed-rate debt at 10. 5% and Beta will issue floating rate-debt at LABOR * 1%. Alpha Will receive 10. 7% from the swap bank and pay it LABOR. Beta Will pay 10. % to the swap bank and receive from it LABOR. If this is done, Alphas floating- rate all. In. Cost is: 10. 5% LABOR 10. 7% LABOR . .20%, a . 20% savings over issuing floating-rate debt on own. Betas fixed-rate Allan-cost is: LIBIDO 10. 8% LABOR 1 1. 8%, a . 20% savings over issuing fixed. Rate debt. 3. Company A is a Aerated firm desiring to issue five-year Ferns. It finds that it Gang issue Erne at six-month LABOR . 125 percent or at three-month LABOR * . 125 percent. Given its asset structure, three-month LABOR is the preferred index, Company B is an A-rated firm that also desires to issue verifier Pros. It finds it can issue at six-month LABOR + 1. Percent or at three-month LABOR + . 625 percent. Given its asset structure, six-month LABOR is the preferred index. Assume a notional principal of Determine the SD and set up a floating-for-floating rate swap where the swap bank receives , 125 percent and the two counterparts share the remaining savings equally. Solution: The quality spread differential is [(Six-month Al BOOR + 1. 0 percent) minus (Six-month LABOR . 125 percent) z] _875 percent minus [(Three-month LABOR * . 625 percent) minus (Three-month LABOR -e . 25 percent) . 50 percent, which equals 375 percent. If the swap bank receives . 25 percent, each counterparts is to save . 125 percent. To affect the swap, Company A would issue Ferns indexed to six-month LABOR and Company B would issue Erne indexed three-month LABOR. Company B might make semi-annual payments of six-month LABOR 125 percent to the swap bank, which would pass all of it through to Company A. Company A, in turn, might make quarterly payments of three-month LABOR to the swap bank, which would pass through three-month LABOR . ASS percent to Company B. On an annulled basis, Company B will remit to the swap bank six- month LABOR * . 125 percent and pay three-month LABOR . 25 percent on its Ferns. It will receive three-month LABOR , 125 percent from the swap bank. This arrangement results in an all-in cost of six-month LABOR . 825 percent, which is a rate . 125 percent below the F-Runs indexed to six-month LABOR 4 percent Company B could issue on its own. Company A will remit three-month LABOR to the swap bank and pay six-month LABOR 4 . 1 AS percent on its Ferns. It will receive six-month LABOR + . 125 percent from the swap bank. This arrangement results in an all-in cost of three-month LABOR for Company A, which is _ 125 percent less than the Ferns indexed to three-month LABOR + . 25 percent it could issue on its own. The arrangements with the two counterparts net the swap bank . 1 AS percent per annum, received quarterly. A corporation enters into a five-year interest rate swap with a swap bank in which it agrees to pay the swap bank a fixed rate of 3. 75 percent annually on a notional amount of and receive LABOR. As of the second reset date, determine the price of the swap from the corporations viewpoint assuming that the fixed-rate side Of the swap has increased to 10. 25 percent. Solution: On the reset date, the present value Of the future floating-rate aments the corporation will receive from the swap bank based on the notional value Will be The present value Of a hypothetical bond issue Of ?15,000. 000 with three remaining 9. 75 percent coupon payments at the new fixed. Rate of 10. 25 percent is ?1 This sum represents the present value of the remaining payments the swap bank will receive from the corporation. Thus, the swap bank should be willing to buy and the corporation should be willing to sell the swap for = ?185,696. 5. Karl Ferris, a fixed income manager at Angus Capital Management, expects the current positively sloped U. S. Treasury yield curve to shift parallel upward. Ferris owns two $1 corporate bonds maturing on June 15, 1999, one with a variable rate based on 6-month LIST. Dollar LABOR and one with a fixed rate. Both yield SO basis points over comparable IS_S. Treasury market rates, have very similar credit quality, and pay interest semi-annually. Ferris wished to execute a swap to take advantage of her expectation of a yield curve shift and believes that any difference in credit spread between LABOR and LLC. S. Treasury market rates will remain constant. A. Describe a six-month U. S. Dollar LABOR-based swap that would allow Ferris o take advantage Of her expectation. Discuss, assuming Ferris expectation is correct, the change in the swaps value and how that change would affect the value Of her portfolio. [NO calculations required to answer part a. ] Instead Of the swap described in part a, Ferris would use the following alternative derivative strategy to achieve the same result. . Explain, assuming Ferris expectation is correct, how the following strategy achieves the same result in response to the yield curve shift. [No calculations required to answer part b. ] Settlement Date 1215-97 03-15-98 0615-98 09-15-98 12-15-98 03-15-99 Nominal Arteriolar Futures Contract Value 1000. 000 c. Discuss one reason why these two derivative strategies provide the same result. SFA Guideline Answer a. The Swap Value and its Effect on Ferris Portfolio Because Karl Ferris believes interest rates will rise, she will want to swap her fixed-rate corporate bond interest to receive six-month U. S. Dollar LABOR, She will continue to hold her variables six-month U. S. Dollar LABOR rate bond because its payments will increase as interest rates rise. Because the credit risk between the U. S. Dollar LABOR and the US. Treasury market is expected to main constant, Ferris can use the LIST. Dollar LABOR market to take advantage tot her interest rate expectation without affecting her credit risk exposure. To execute this swap, she would enter into a two-year term, semi-annual settle, nominal principal, pay fixed-receive floating IS. S, dollar LABOR swap. If rates rise, the swaps mark-to-market value will increase because the U. S. Dollar LABOR Ferris receives will be higher than the LABOR rates from which the swap was priced. If Ferris were to enter into the same swap after interest rates rise, she would pay a higher fixed rate to receive LABOR rates. This higher fixed rate valued be calculated as the present value of now higher forward LABOR rates. Because Ferris would be paying a stated fixed rate that is lower than this new higher- present-value fixed rate, she could sell her swap ATA premium. This premium is called the replacement cost value Of the swap. B. Arteriolar Futures Strategy The appropriate futures hedge is to short a combination of Arteriolar futures contracts with different settlement dates to match the coupon payments and principal. This futures hedge accomplishes the same objective as the pay fixed-receive floating swap described in Part a. By discussing how the yield- curve shift affects the value of the futures hedge, the candidate can show an understanding of how Arteriolar futures contracts can be used instead of a pay fixed-receive floating swap. It rates rise, the mark-to-market values of the Arteriolar contracts decrease; their yields must increase to equal the new higher forward and spot LABOR rates. Because Ferris must short or sell the Arteriolar contracts to duplicate the pay fixed-receive variable swap in part a, she gains as the Arteriolar futures contracts decline in value and the futures hedge increases in value. As the contracts expire, or if Ferris sells the remaining contracts prior to maturity, she will recognize a gain that increases her return. With higher interest rates, the value of the fixed-rate bond will decrease. Fifth hedge ratios are appropriate, the value of the portfolio, however, will remain unchanged because of the increased value of the hedge, which offsets the fixed-rate bonds decrease. Why the Derivative Strategies Achieve the Same Result Arbitrage market forces make these bono strategies provide the same result to Ferris. The two strategies are different mechanisms for different market artisans to hedge against increasing rates. Some money managers prefer swaps; others, Arteriolar futures contracts. Each institutional market participant has different preferences and choices in hedging interest rate risk, The key is that market makers moving into and out of these two markets ensure that the markets are similarly priced and provide similar returns. As an example of such an arbitrage, consider what would happen it tankard market LABOR rates were lower than swap market LABOR rates. An arbitrageur would, under such circumstances, sell the futures/bombard contracts and enter into a received fixed-pay variable swap. This arbitrageur could now receive the higher fixed rate of the swap market and pay the lower fixed rate of the futures market. He or she would pocket the differences between the two rates (without risk and without having to make any [net] investment. ) This arbitrage could not last. As more and more market makers sold Arteriolar futures contracts, the selling pressure would cause their prices to fall and yields to rise, Which would cause the present value cost of selling the Arteriolar contracts also to increase. Similarly, as more and more market makers offer to receive fixed rates in the swap market, market Akers would have to lower their fixed rates to attract customers so they could lock in the lower hedge cost in the Arteriolar futures market. Thus, Arteriolar forward contract yields would rise and/or swap market receive-fixed rates would fall until the two rates converge. At this point, the arbitrage opportunity would no longer exist and the swap and forwards/futures markets would be in equilibrium. 6. Rene Company asks Paula Scott, a treasury analyst, to recommend a flexible way to manage the companys financial risks. Two years ago, Rene issued a $25 million (U. S. ), five-year floating rate note (FRR). The PORN pays an annual coupon equal to one-year LABOR plus 75 basis points, The FRR is non-callable and will be repaid at par at maturity. Scott expects interest rates to increase and she recognizes that Rene could protect itself against the increase by using a pay-fixed swap. However, Renees Board of Directors prohibits both short sales of securities and swap transactions. Scott decides to replicate a pay-fixed swap using a combination of capital market instruments. A. Identify the instruments needed by Scott to replicate a pay-fixed swap and scribe the required transactions. B. Explain how the transactions in Part a are equivalent to using a pay-fixed a. The instruments needed by Scott are a fixed-coupon bond and a floating rate note (PORN). The transactions required are to: ; issue a fixed-coupon bond with a maturity of three years and a notional amount of $25 million, and ; buy a $25 million FRR of the same maturity that pays one-year LABOR plus 75 BSP. B. At the outset, Rene will issue the bond and buy the FRR, resulting in a zero net cash flow at initiation. At the end of the third year, Rene will repay the fixed- upon bond and will be repaid the FRR, resulting in a zero net cash flow at maturity, The net cash flow associated with each of the three annual coupon payments will be the difference between the inflow (to Rene) on the FRR and the outflow (to Rene) on the bond. Movements in interest rates during the three-year period will determine whether the net cash flow associated with the coupons is positive or negative to Rene_ Thus, the bond transactions are financially equivalent to a plain vanilla pay-fixed interest rate swap. A company based in the United Kingdom has an Italian subsidiary. The subsidiary generates ?25,000,000 a year, received in equivalent semiannual installments of The British company wishes to convert the Euro cash flows to pounds twice a year. It plans to engage in a currency swap in order to lock in the exchange rate at which it can convert the euros to pounds. The current exchange rate is ?1. 5/E. The fixed rate on a plain vanilla currency swap in pounds is 7. 5 percent per year, and the fixed rate on a plain vanilla currency swap in euros is 6. 5 percent per year. A. Determine the notional principals in euros and pounds tort a swap with semiannual payments that will help achieve the objective. B. Determine the semiannual cash flows from this swap. CPA Guideline Answer a. The semiannual cash flow must be converted into pounds is ?12,500,000. In order to create a swap to convert ?12,500,000, the equivalent notional principals are Euro notional principal ?12, 065/2) Pound notional principal = = IOWA,257 b. The cash flows from the swap will now be ; company makes swap payment = = Company receives Swap payment = = The company has effectively converted Euro cash receipts to pounds. 8. Gaston Bishop is the debt manager for World Telephone, Which needs ?3. 33 billion Euro financing for its operations. Bishop is considering the choice between issuance of debt denominated in: [I Euros or U. S. Lars, accompanied by a combined interest rate and currency swap. A. Explain one risk World would assume by entering into the combined interest rate and currency swap. Bishop believes that issuing the u. S. -dollar debt and entering into the swap can lower Worlds cost of debt by 45 basis points. Immediately after selling the debt issue, World would swap the U. S. Dollar payments for Euro payments throughout the maturity of the debt. She assumes a constant currency exchange rate throughout the tenor of the swap. Exhibit 1 gives details tort the two alternative debt issues.