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# Company $mathrm{X}$ is based in the United Kingdom and would like to borrow $$50$$ million at a fixed rate of interest for five years in U.S. funds. Because the c...

## Question

###### Company $mathrm{X}$ is based in the United Kingdom and would like to borrow $$50$$ million at a fixed rate of interest for five years in U.S. funds. Because the company is not well known in the United States, this has proved to be impossible. However, the company has been quoted $12 %$ per annum on fixed-rate five-year sterling funds. Company $Y$ is based in the United States and would like to borrow the equivalent of $$50$$ million in sterling funds for five years at a fixed rate of interes

Company $mathrm{X}$ is based in the United Kingdom and would like to borrow $$50$$ million at a fixed rate of interest for five years in U.S. funds. Because the company is not well known in the United States, this has proved to be impossible. However, the company has been quoted $12 %$ per annum on fixed-rate five-year sterling funds. Company $Y$ is based in the United States and would like to borrow the equivalent of $$50$$ million in sterling funds for five years at a fixed rate of interest. It has been unable to get a quote but has been offered U.S. ?ollar funds at $10.5 %$ per annum. Fiveyear govemment bonds currently yield $9.5 %$ per annum in the United States and $10.5 %$ in the United Kingdom. Suggest an appropriate currency swap that will net the financial intermediary $0.5 %$ per annum.

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