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 Chapter 8 Interest Rate Risk and Swaps ▪ 43

CHAPTER 8

INTEREST RATE RISK AND SWAPS

1. Reference Rates. What is an interest “reference rate,” and how is it used to set rates for individual
borrowers?

A reference rate—for example, U.S. dollar LIBOR—is the rate of interest used in a standardized
quotation, loan agreement, or financial derivative valuation. LIBOR, the London Interbank Offered
Rate, is by far the most widely used and quoted.

2. My Word is My LIBOR. Why has LIBOR played such a central role in international business and
financial contracts? Why has this been questioned in recent debates over its value reported?

No single interest rate is more fundamental to the operation of the global financial markets than the
London Interbank Offered Rate (LIBOR). But beginning as early as 2007, a number of participants in
the interbank market on both sides of the Atlantic suspected that there was trouble with LIBOR. The
three-month and six-month maturities are the most significant maturities due to their widespread use
in various loan and derivative agreements, with the dollar and the euro being the most widely used
currencies.

The issues related to LIBOR have been increasingly complicated in recent years—beginning with the
origin of the rates submitted by banks. First, rates are based on “estimated borrowing rates” to avoid
reporting only actual transactions, as many banks may not conduct actual transactions in all maturities
and currencies each day. As a result, the origin of the rate submitted by each bank becomes, to some
degree, discretionary.

Secondly, banks—specifically money-market and derivative traders within the banks—have a number
of interests that may be impacted by borrowing costs reported by the bank that day. One such
example can be found in the concerns of banks in the interbank market in September 2008, when the
credit crisis was in full bloom. A bank reporting that other banks were demanding it pay a higher rate
that day would, in effect, be self-reporting the market’s assessment that it was increasingly risky. In
the words of one analyst, akin “to hanging a sign around one’s neck that I am carrying a contagious
disease.” Market analysts are now estimating that many of the banks in the LIBOR panel were
reporting borrowing rates that were anywhere from 30 to 40 basis points lower than actual rates
throughout the financial crisis.

3. Credit Risk Premium. What is a credit risk premium?

The cost of debt for any individual borrower will therefore possess two components, the risk-free rate
of interest (kUS$), plus a credit risk premium (RPM$Rating) reflecting the assessed credit quality of the
individual borrower. For an individual borrower in the United States, the cost of debt (kDebt$) would
be:

kDebt$ = kUS$ + RPM$Rating

The credit risk premium represents the credit risk of the individual borrower. In credit markets, this
assignment is typically based on the borrower’s credit rating as designated by one of the major credit

© 2016 Pearson Education Limited

 Chapter 8 Interest Rate Risk and Swaps ▪ 44

rating agencies, Moody’s, Standard & Poors, and Fitch. An overview of those credit ratings is
presented in Exhibit 8.3. Although each agency utilizes different methodologies, all include the
industry in which the firm operates, its current level of indebtedness, its past, present, and prospective
operating performance, among a multitude of other factors.

4. Credit and Repricing Risk. From the point of view of a borrowing corporation, what are credit and
repricing risks? Explain steps a company might take to minimize both.

For a corporate borrower, it is especially important to distinguish between credit risk and repricing
risk. Credit risk, sometimes termed roll-over risk, is the possibility that a borrower’s creditworthiness
at the time of renewing a credit—its credit rating—is reclassified by the lender. This can result in
changing fees, changing interest rates, altered credit line commitments, or even denial. Repricing risk
is the risk of changes in interest rates charged (earned) at the time a financial contract’s rate is reset.
A borrower that is renewing a credit will face current market conditions on the base rate used for
financing, a true floating-rate.

5. Credit Spreads. What is a credit spread? What credit rating changes have the most profound impact
on the credit spread paid by corporate borrowers?

The cost of debt changes with credit quality, as a credit spread is added to the basic Treasury rate for
the maturity in question. The costs of credit quality—credit spreads—are quite minor for borrowers
of investment grade but rise dramatically for speculative grade borrowers.

6. Investment Grade Versus Speculative Grade. What do the general categories of investment grade
and speculative grade represent?

Although there is obviously a wide spectrum of credit ratings, the designation of investment grade
versus speculative grade is extremely important. An investment grade borrower (Baa3, BBB-, and
above) is considered a high-quality borrower that is expected to be able to repay a new debt
obligation in a timely manner regardless of market events or business performance. A speculative
grade borrower (Ba1 or BB+ and below) is believed to be a riskier borrower and, depending on the
nature of a market downturn or business shock, may have difficulty servicing new debt.

7. Sovereign Debt. What is sovereign debt? What specific characteristic of sovereign debt constitutes
the greatest risk to a sovereign issuer?

Debt issued by governments—sovereign debt—is historically considered debt of the highest quality,
higher than that of non-government borrowers within that same country. This quality preference
stems from the ability of a government to tax its people and, if need be, print more money. Although
the first may cause significant economic harm in the form of unemployment and the second
significant financial harm in the form of inflation, they are both tools available to the sovereign. The
government therefore has the ability to service its own debt, one way or another, when that debt is
denominated in its own currency. When that debt is denominated in a foreign currency, however,
servicing that debt can potentially pose a great risk to the sovereign issuer.

8. Floating Rate Loan Risk. Why do borrowers of lower credit quality often find their access limited to
floating-rate loans?

As opposed to fixed rate loans, where the lender accepts both the risk of changing interest rates and
changing credit quality of the borrower on loan origination, a floating-rate loan shifts interest rate risk

© 2016 Pearson Education Limited

 Chapter 8 Interest Rate Risk and Swaps ▪ 45

to the borrower. Lenders are not generally willing to accept both risks when lending to lower credit
quality borrowers.

9. Interest Rate Futures. What is an interest rate future? How can they be used to reduce interest rate
risk by a borrower?

Interest rate futures are relatively widely used by financial managers and treasurers of nonfinancial
companies. Their popularity stems from the high liquidity of the interest rate futures markets, their
simplicity in use, and the rather standardized interest rate exposures most firms possess.

If a financial manager were interested in hedging a floating-rate interest payment due at a short-term
future date, she would need to sell a future to take a short position. This strategy is referred to as a
short position because the manager is selling something she does not own (as in shorting common
stock). If interest rates rise by March, as the manager fears, the futures price will fall, and she will be
able to close the position at a profit. This profit will roughly offset the losses associated with rising
interest payments on her debt. If the manager is wrong, however, and interest rates actually fall by the
maturity date, causing the futures price to rise, she will suffer a loss that will wipe out the “savings”
derived from making a lower floating-rate interest payment than she expected. So by selling the
futures contract, the manager locks-in an interest rate.

10. Interest Rate Futures Strategies. What would be the preferred strategy for a borrower paying
interest on a future date if they expected interest rates to rise?

They should sell an interest rate futures—take a short position.

11. Forward Rate Agreement. How can a business firm that has borrowed on a floating-rate basis use a
forward rate agreement to reduce interest rate risk?

A forward rate agreement (FRA) is an interbank-traded contract to buy or sell interest rate payments
on a notional principal. These contracts are settled in cash. The buyer of an FRA obtains the right to
lock in an interest rate for a desired term that begins at a future date. The contract specifies that the
seller of the FRA will pay the buyer the increased interest expense on a nominal sum (the notional
principal) of money if interest rates rise above the agreed rate, but the buyer will pay the seller the
differential interest expense if interest rates fall below the agreed rate. Maturities available are
typically 1, 3, 6, 9, and 12 months, much like traditional forward contracts for currencies.

12. Plain Vanilla. What is a plain vanilla interest rate swap? Are swaps a significant source of capital for
multinational firms?

A plain vanilla interest rate swap is a swap to pay fixed/receive floating, or alternatively, pay
floating/receive fixed. The plain vanilla interest rate swap is not a source of capital; it only alters the
interest rate price on repayment of a theoretical—notional—debt principal.

13. Swaps and Credit Quality. If interest rate swaps are not the cost of government borrowing, what
credit quality do they represent?

Although in principle the swap market does not “price” or “trade” credit quality, the fundamental
fixed rates of interest used by the swap market are based on AA credit quality borrowers.

© 2016 Pearson Education Limited

 Chapter 8 Interest Rate Risk and Swaps ▪ 46

14. LIBOR Flat. Why do fixed for floating interest rate swaps never swap the credit spread component
on a floating rate loan?

Interest rate swaps are not sources of capital and, therefore, are not intended to price debt as a market
or banker would in assessing a borrower’s credit quality. Instead, the swap market only alters the
repayment mechanism of existing debt. Because floating-rate loans are priced at LIBOR + a credit
risk premium, and the market is not assessing credit risk, the credit risk premium adjustment to
LIBOR on interest rate swaps is zero or flat.

15. Debt Structure Swap Strategies. How can interest rate swaps be used by a multinational firm to
manage its debt structure?

All companies will pursue a target debt structure that combines maturity, currency of composition,
and fixed/floating pricing. The fixed/floating objective is one of the most difficult for many
companies to determine with any confidence, and they often just try to replicate industry averages.

Companies that have very high credit quality and therefore advantaged access to the fixed-rate debt
markets, companies of A or AA like WalMart or IBM, often raise large amounts of debt in long
maturities at fixed rates. They then use the plain vanilla swap market to alter selective amounts of
their fixed-rate debt into floating-rate debt to achieve their desired objective. Swaps allow them to
alter the fixed/floating composition quickly and easily without the origination and registration fees of
the direct debt markets.

Companies of lower credit quality, sometimes those of less than investment grade, often find the
fixed-rate debt market not open to them. Getting fixed-rate debt is either impossible or too costly.
They will generally raise their debt at floating-rates and then periodically evaluate whether the plain
vanilla swap market offers any attractive alternatives to swap from paying-floating to paying-fixed.
The plain vanilla swap market is of course also frequently used by many firms to alter their
fixed/floating debt structure to changing interest rate expectations.

16. Cost-Based Swap Strategies. How do corporate borrowers use interest rate or cross currency swaps
to reduce the costs of their debt?

All firms are always interested in opportunities to lower the cost of their debt. The plain vanilla swap
market is one highly accessible and low cost method of doing so.

These lower costs achieved through the plain vanilla swap market may simply reflect short-term
market imperfections and inefficiencies or the comparative advantage some borrowers have in
selected markets via selective financial service providers. The savings may be large—30, 40, or even
50 basis points on occasion—or quite small. It is up to the management of the firm and its corporate
treasury to determine how much savings is needed to spend the time and effort in executing the
swaps. Banks promote the swap market and will regularly market deals to corporate treasuries. A
corporate treasurer once remarked to the author that “unless the proposed structure or deal can save
me 15 or 20 basis points, at a minimum, do not bother calling me to push the deal.”

17. Cross-Currency Swaps. Why would one company with interest payments due in pounds sterling
want to swap those payments for interest payments due in U.S. dollars?

It might be that the company in its continuing business received regular cash inflows in U.S. dollars
and would prefer to match the currency inflows with a same-currency cash outflow. Swapping pounds
sterling interest payments for dollar interest payments would fulfill that objective.

© 2016 Pearson Education Limited

 Chapter 8 Interest Rate Risk and Swaps ▪ 47

18. Value Swings in Cross-Currency Swaps. Why are there significantly larger swings in the value of a
cross-currency swap than there is in a plain vanilla interest rate swap?

Cross-currency swaps are subject to both changes in interest rates and changes in exchange rates. The
two risks together combine to cause potentially large swings in the relative legs of the swap structure.

19. Unwinding a Swap. How does a company cancel or unwind a swap?

Unwinding a currency swap requires the discounting of the remaining cash flows under the swap
agreement at current interest rates, then converting the target currency back to the home currency of
the firm.

20. Counterparty Risk. How does organized exchange trading in swaps remove any risk that the
counterparty in a swap agreement will not complete the agreement?

Counterparty risk is the potential exposure any individual firm bears that the second party to any
financial contract will be unable to fulfill its obligations under the contract’s specifications. Concern
over counterparty risk has risen in the interest rate and currency swap markets as a result of a few
large and well-publicized swap defaults. The rapid growth in the currency and interest rate financial
derivatives markets has actually been accompanied by a surprisingly low default rate to date,
particularly in a global market that is, in principle, unregulated.

Counterparty risk has long been one of the major factors that favor the use of exchange-traded rather
than over-the-counter derivatives. Most exchanges, like the Philadelphia Stock Exchange for currency
options or the Chicago Mercantile Exchange for Eurodollar futures, are themselves the counterparty
to all transactions. This allows all firms a high degree of confidence that they can buy or sell
exchange-traded products quickly and with little concern over the credit quality of the exchange itself.
Financial exchanges typically require a small fee of all traders on the exchanges, to fund insurance
funds created expressly to protect all parties. Over-the-counter products, however, are direct credit
exposures to the firm because the contract is generally between the buying firm and the selling
financial institution. Most financial derivatives in today’s world financial centers are sold or brokered
only by the largest and soundest financial institutions. This structure does not mean, however, that
firms can enter continuing agreements with these institutions without some degree of real financial
risk and concern.

© 2016 Pearson Education Limited

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