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Section B – TWO questions ONLY to be attempted Sembilan Co, a listed company, recently issued debt finance to acquire assets in order to increase its activity levels. This debt finance is in the form. of a floating rate bond, with a face value of $320 million, redeemable in four years. The bond interest, payable annually, is based on the spot yield curve plus 60 basis points. The next annual payment is due at the end of year one. Sembilan Co is concerned that the expected rise in interest rates over the coming few years would make it increasingly difficult to pay the interest due. It is therefore proposing to either swap the floating rate interest payment to a fixed rate payment, or to raise new equity capital and use that to pay off the floating rate bond. The new equity capital would either be issued as rights to the existing shareholders or as shares to new shareholders. Ratus Bank has offered Sembilan Co an interest rate swap, whereby Sembilan Co would pay Ratus Bank interest based on an equivalent fixed annual rate of 3·76?% in exchange for receiving a variable amount based on the current yield curve rate. Payments and receipts will be made at the end of each year, for the next four years. Ratus Bank will charge an annual fee of 20 basis points if the swap is agreed. Required: (a) Based on the above information, calculate the amounts Sembilan Co expects to pay or receive every year on the swap (excluding the fee of 20 basis points). Explain why the fixed annual rate of interest of 3·76?% is less than the four-year yield curve rate of 3·8%. (6 marks) (b) Demonstrate that Sembilan Co’s interest payment liability does not change, after it has undertaken the swap, whether the interest rates increase or decrease. (5 marks) (c) Discuss the factors that Sembilan Co should consider when deciding whether it should raise equity capital to pay off the floating rate debt. (9 marks)
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【多选题】下列属于企业文化为企业创造价值的途径有()。
A.
文化可以简化信息处理
B.
文化补充了正式控制
C.
文化可以促进合作并减少讨价还价成本
D.
文化成为维持竞争优势源泉
【简答题】下列各项中,属于企业文化为企业创造价值的途径有( )。 A、文化带动员工积极性 B、文化简化了信息处理 C、文化补充了正式控制 D、文化促进合作并减少讨价还价成本
【多选题】关于套利的定义,下列说法错误的有( )。
A.
套利的潜在利润基于价格的上涨或下跌
B.
在进行套利交易时,交易者应注意合约的绝对价格水平
C.
“暂时出现不合理价差”为套利提供利润空间
D.
“相同或相关资产”能够在套利后使“暂时出现不合理价差”趋向合理,实现利润
【单选题】引入哪类基团可使黄酮类化合物脂溶性增加
A.
-OCH3
B.
-CH2OH
C.
-OH
D.
单糖
【多选题】关于套利交易,下列说法错误的有( )
A.
套利的潜在利润基于价格的上涨或下跌
B.
在进行套利交易时,交易者应注意合约的绝对价格水平
C.
套利交易在本质上是一种对冲交易
D.
交易者同时持有多头和空头头寸
【多选题】下列属于企业文化为企业创造价值的途径有()
A.
文化简化了信息处理
B.
文化补充了正式控制
C.
文化促进合作
D.
文化成为维持竞争优势的源泉
【单选题】关于套期保值交易,下列说法错误的是
A.
套期保值者一般持有现货头寸,可以为多头,也可以为空头
B.
套期保值者在衍生品市场持有与现货市场相反的头寸
C.
套期保值交易一定会带来利润,有效降低风险
D.
套期保值者可以利用远期、期货或期权
【单选题】引入哪类基团可使黄酮类化合物脂溶性增加
A.
-CH2OH
B.
邻二羟基
C.
-OCH3
D.
–OH
【多选题】下列各项中,属于企业文化为企业创造价值的途径有( )。
A.
文化带动员工积极性
B.
文化简化了信息处理
C.
文化补充了正式控制
D.
文化促进合作并减少讨价还价成本
【单选题】引入哪类基团可使黄酮类化合物脂溶性增加
A.
-OCH 3
B.
-CH 2 OH
C.
邻二羟基
D.
单糖
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