cat2025-02-28 00:57:53
cat老师您好，对于利率看跌期权，此时市场利率为3%，lender行权以5%收益进行投资，同时在市场以3%收益进行投资，从计算上可以理解lender赚了2%，但是同时进行两笔投资，lender实操怎样收回这2%？
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Essie2025-02-28 13:26:27
Essie同学你好，lender在利率期权中获利的2%，乘以合约中的名义本金，是以现金的方式从short方给到long方。
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180****86962025-02-28 20:51:49
In the case of a put option on interest rates, if the market interest rate is 3%, and the lender exercises the option to invest at a 5% yield, the lender effectively earns a 2% spread. This means the lender has the right to invest at the higher 5% yield, while the prevailing market rate is lower at 3%. From a calculation perspective, the 2% difference represents the extra return earned due to exercising the option. However, to practically "collect" this 2%, the lender would typically execute two separate transactions: one where they enter into a fixed-rate investment (at 5%) and another where they invest in a lower-yielding, short-term instrument (at 3%) in the open market. The net gain is realized as the difference in returns between the two investments. The lender could receive the 5% return on the option-exercised investment and reinvest the 3% return from the market investment. Over time, the actual cash flow from this profit would depend on how the investments are structured.
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