英语翻译一、什么是利率互换利率互换是指交易双方约定在未来的一定期限内,根据约定数量的同种货币的名义本金交换利息额的金融合约.利率互换可以有多种形式,最常见的利率互换是在固

Question

英语翻译
一、什么是利率互换
利率互换是指交易双方约定在未来的一定期限内,根据约定数量的同种货币的名义本金交换利息额的金融合约.利率互换可以有多种形式,最常见的利率互换是在固定利率与浮动利率之间的转换.最初,利率互换主要是为了满足在固定利率和浮动利率市场上具有不同比较优势的双方降低融资成本的需要,随着越来越多的投资者利用利率互换进行利率风险管理或资产负债管理,利率互换市场发展迅猛,目前已成为全球最大的金融市场之一.
二、利率互换交易的原理及特点
(一)利率互换的原理
利率互换交易的基本原理就是大卫•李嘉图的比较优势理论与利益共享.首先,根据比较优势理论,由于筹资双方信用等级、筹资渠道、地理位置以及信息掌握程度等方面的不同,在各自的领域存在着比较优势.因此,双方愿意达成协议,发挥各自优势,然后再互相交换债务,达到两者总成本的降低,进而由于利益共享,最终使得互换双方的筹资成本都能够得到一定的降低.下面举一个简单的例子进行说明.
假设有A、B两家公司,其信用等级及各自在固定利率市场和浮动利率市场上的借款成本如下表所示:
A公司 B公司
信用等级 AAA BBB
固定利率 9% 10.50%
浮动利率 6个月LIBOR+0.2% 6个月LIBOR+0.5%
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Answer 1

First,what is the interest rate swap
Interest rate swap transaction refers to the two sides agreed in the future a certain period of time,according to the agreement with the number of currencies in the name of the principal amount of interest on the exchange of financial contracts.Interest rate swaps can take many forms,the most common is the interest rate swap In the fixed-rate and floating interest rates between the conversion.Initially,the interest rate swap is to meet in the fixed-rate and floating interest rates on the market with different comparative advantages of both sides to lower the cost of financing needs,as more and more investors to use For interest rate swaps or interest rate risk management,asset-liability management,interest rate swap market is developing rapidly,has become one of the world's largest financial markets.
Second,interest rate swaps and the principle features of
(A) the principle of interest rate swaps
Interest rate swap transaction is the basic principle • David Ricardo's theory of comparative advantage and benefit-sharing.First of all,according to the theory of comparative advantage,as the credit rating of both fund-raising,fund-raising channels,as well as the geographical location of information in areas such as the degree of master,in their respective areas of comparative advantage there is.As a result,both sides are willing to reach an agreement to play their respective advantages,and then exchange the debt to both reduce the total cost,and because of shared interests and ultimately make the two sides exchange the fund-raising costs are certain to be lower.Below give a simple example for that.
Assuming there are A,B the two companies,and its credit rating in their respective markets,fixed-rate and floating interest rates on the market cost of borrowing in the following table:
A Company B Company
AAA BBB credit rating
Fixed interest rate of 9% 10.50%
Floating interest rates for 6 months LIBOR +0.2% 6-month LIBOR +0.5%
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