This case is designed as an introduction to foreign exchange transaction exposure and what can be done about it using the forward currency and money markets. A small furniture manufacturer has contracted to purchase some specialized machinery with deutschemark payments over the next twelve months. Market spot and forward currency prices are provided, together with Eurocurrency deposit rates for the same maturities. The mechanics of the hedging transactions are specified, and it is possible to calculate the all-in cost of each hedging option adjusted for the timing of the required payments.
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