Which of the following is a use of a currency swap?
A. To exchange an investment in one currency for an investment in another currency
B. To exchange borrowing in one currency for borrowings in another currency
C. To take advantage situations where the tax rates in two countries are different
D. All of the above
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Which of the following describes an interest rate swap?
A way of converting a liability from fixed to floating
B. A portfolio of forward rate agreements
C. An agreement to exchange interest at a fixed rate for interest at a floating rate
D. All of the above
Which of the following is closest to the bid-offer spread on the swap rate for a plain vanilla interest rate swap?
A. 3 basis points
B. 8 basis points
C. 13 basis points
D. 18 basis points
Which of the following describes the waterfall typically used for mortgages pre-crisis?
A distribution of cash flows to tranches with priority given to tranche with the highest rating
B. A distribution of cash flows to tranches in proportion to their outstanding principals
C. A distribution of losses to tranches so that tranches bear losses in proportion to their outstanding principals
D. None of the above
Which of the following describes a subprime mortgage?
A. The rate of interest is less than the prime rate of interest
B. The loan-to-value ratio is below average
C. The life of the mortgage is less than 25 years
D. The credit risk is high
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