NGHIP V

FORWARD

Gi thit

Ngy k kt hp ng k hn: 21/5/2008

Ngy thanh ton:
21/7/2008
Tk (USD/VND) = 18450
Cng ty mua k hn 100,000USD v phi tr
1,845,000,000 VND
Ts (21/7/2008) = 18,600
Ts (21/8/2008) = 18,650
Li sut USD:
1.5 - 2%/nm
Li sut VND: 12 14%/nm
Ph chuyn i: 10 im/ngy
K qu:
15% gi tr hp ng
2

Cc tnh hung
Hp ng nhp khu b ph sn
Hng ha giao mun 1 thng (vic thanh ton

chm hn 1 thng)
Hng ha giao sm 1 thng (vic thanh ton

sm hn 1 thng)

Hp ng nhp khu b ph sn
Lin
S tin
h vi
DNNH
b
v
thit
tinhi
hnh
=
hy
S tin
hp
ng
k
qu
Forward
ti NH

Vn tin hnh
v hon thnh
hp ng
Forward

1,845,000,000 x 15%
= 276,750,000 VND
4

Vn tin hnh hp ng Forward

n hn thanh ton hp ng Forward ri bn
giao ngay USD:
TR = 100,000 x 18,600 = 1,860,000,000 VND

C=

DN li:

1,845,000,000 VND
15,000,000 VND

NOTE

Khi hp ng nhp khu b hy, DN

cha h bit t gi USD/VND ngy 21/7,

do DN cn phi d on c tnh hnh

t gi nhm a ra quyt nh ng n

c th ti thiu ha ri ro

Hng ha giao mun 1 thng

Hon thnh
hp ng
Forward

S dng
nghip v
SWAP

Hon thnh
hp ng
Forward

Bn giao ngay s USD mi c

c, mua k hn mi 1 thng

Bn giao ngay s USD mi c

c, mua k hn mi 1 thng
Bn USD thu VND
100,000 x 18,600.00 = 1,860,000,000 VND

Mua k hn 1 thng 100,000 USD

Tk = 18,793.75
S VND phi tr:
100,000 x 18,793.75 = 1,879,375,000 VND
DN l:

19,375,000 VND
9

Bn giao ngay s USD mi c c, n lc thanh

ton mua giao ngay
Bn USD
100,000 x 18,600

= 1,860,000,000 VND

Gi 1,860,000,000 VND k hn 1 thng. n ngy 21/8, DN c:

1,860,000,000 x (1 + 12%/12) = 1,878,600,000 VND
Mua giao ngay 100,000 USD vi gi:
100,000 x 18,650

= 1,865,000,000 VND

DN li:
1,878,600,000 1,865,000,000 =

13,600,000 VND

10

Gi USD k hn 1 thng

Gi 100,000 USD k hn 1 thng. n ngy 21/8/08,

DN c:
100,000 x (1 + 1.5%/12)

= 100,125 USD

DN li 125 USD = 125 x 18,650 = 2,331,250 VND

(tnh theo t gi spot ngy 21/8)

11

S dng nghip v SWAP

Chuyn i t hp ng k hn 2 thng sang k hn 3
thng. Theo chi ph SWAP cho th t gi k hn mi l:

Tk = 18,450 + 10x30 = 18,750

S tin phi tr khi o hn:
18,750 x 100,000 = 1,875,000,000 VND
DN l: 1,875,000,000 1,845,000,000 = 30,000,000VND

12

Hng ha giao sm 1 thng

Thc hin nghip v SWAP chuyn i t k hn 2
thng sang 1 thng. Lc ny t gi k hn mi l:
Tk = 18,450 + 10 x 30 = 18,750
S VND DN phi tr:

18,750 x 100,000 = 1,875,000,000 VND

DN l:

30,000,000 VND

13

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