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NEW QUESTION: 1
Mark Rolle, CFA, is the manager of the international bond fund for the Ryder Investment Advisory. He is responsible for bond selection as well as currency hedging decisions. His assistant is Joanne Chen, a candidate for the Level 1 CFA exam.
Rolle is interested in the relationship between interest rates and exchange rates for Canada and Great Britain. He observes that the spot exchange rate between the Canadian dollar (C$) and the British pound is C$1.75/£. Also, the 1-year interest rate in Canada is 4.0% and the 1-year interest rate in Great Britain is
11.0%. The current 1-year forward rate is C$1.60/£.
Rolle is evaluating the bonds from the Knauff company and the Tatehiki company, for which information is provided in the table below. The Knauff company bond is denominated in euros and the Tatehiki company bond is denominated in yen. The bonds have similar risk and maturities, and Ryder's investors reside in the United States.
Provided this information, Rolle must decide which country's bonds are most attractive if a forward hedge of currency exposure is used. Furthermore, assuming that both country's bonds are bought, Rolle must also decide whether or not to hedge the currency exposure.
Rolle also has a position in a bond issued in Korea and denominated in Korean won. Unfortunately, he is having difficulty obtaining a forward contract for the won on favorable terms. As an alternative hedge, he has entered a forward contract that allows him to sell yen in one year, when he anticipates liquidating his Korean bond. His reason for choosing the yen is that it is positively correlated with the won.
One of Ryder's services is to provide consulting advice to firms that are interested in interest rate hedging strategies. One such firm is Crawfordville Bank. One of the loans Crawfordville has outstanding has an interest rate of LIBOR plus a spread of 1.5%. The chief financial officer at Crawfordville is worried that interest rates may increase and would like to hedge this exposure. Rolle is contemplating either an interest rate cap or an interest rate floor as a hedge.
Additionally, Rolle is analyzing the best hedge for Ryder's portfolio of fixed rate coupon bonds. Rolle is contemplating using either a covered call or a protective put on a T-bond futures contract.
The hedge that Rolle uses to hedge the currency exposure of the Korean bond is best referred to as a:
A. forward hedge.
B. proxy hedge.
C. cross hedge.
The hedge is best described as a currency proxy hedge. In a proxy hedge the manager enters a forward contract between the domestic currency and a second foreign currency that is correlated with the first foreign currency. Proxy hedges are utilized when forward contracts on the first foreign currency are not actively traded or hedging the first foreign currency is relatively expensive. Notice that in currency hedging, the proxy hedge is what we would usually refer to as a cross hedge in most other financial transactions.
(Study Session 10, LOS31.1)