Marist Manufacturing Corp (MMC) is a pension sponsor which enters into a swap with Oz Assets...
Marist Manufacturing Corp (MMC) is a pension sponsor which enters into a swap with Oz Assets (OA)-an Australian investment manager. The notional amount is $80million. Each year, MMC agrees to pay OA the return realized on the S&P index minus 200 basis points and receive from OA the annual return realized on the Australian stock market index (S&P/ASX). In the first year, the S&P returns 11% and the S&P/ASX returns 16%. What are the payments the two parties make to each other?
Homework Answers
MMC pays (11%-2%=9%) to OA and OA pays 16% to MMC
MMC pays 9%*80=7.20 million to OA
OA pays 16%*80=12.80 million to MMC
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