Bank loan interest rate:

Notes on enterprise credit rating, fixed interest rate and floating interest rate

AAA 7% 6% (market benchmark interest rate) The two interest rates have the same expected income for banks and the same expected financing cost for enterprises.

BBB 8% 6%+0.25%

CCC 9% 6%+0.5% H company, AAA enterprise, borrowed 50 million yuan from Bank B ... with a fixed loan interest rate of 7%;

Company L, a CCC-level enterprise, borrowed 50 million yuan from Bank B ... The floating loan interest rate was 6.5%;

Intermediary: M Investment Bank, which collects 0. 1% of the loan amount from both parties respectively. Under the coordination of the intermediary, both parties agree that:

Company L undertakes the equity of Company H 1.75%, and then both parties exchange the obligation to pay interest, that is, pay interest to each other. Each interest payment is guaranteed by the intermediary company and transferred to the other party, and the intermediary agency charges a one-time service fee of 0. 1%. 1.h company pays floating interest rate and intermediary service fee: 7%-1.75%+0.1%= 5.25%+0.1%= 5.35%.

At first, if you borrow a loan with floating interest rate, you have to pay back 6%.

2.l Company pays the fixed interest rate and intermediary service fee: 6.5%+1.75%+0.1%= 8.25%+0.1%= 8.35%.

At first, if you borrow a loan with a fixed interest rate, you will pay 9%.

Both parties obtained a loan 0.65% lower than the original loan terms.

3. If the market interest rate has not changed,

Banks should get:

Interest charged from Company L (floating) =6.5%

Interest charged to Company H (solid) =7%

Total *** 13.5%

The result is: 6.5%+5.25%+1.75% =13.5%.

Therefore, the interest income of banks is not small. The total free cake is 1.5%. Among them: H company 0.65%, L company 0.65% and intermediary company 0.2%.

It is brought about by the sale of credit by high credit rating companies.

Specific calculation: 1.5% = (9%-7%)-(6.5%-6%) After the fee of the intermediary company is confirmed, if the remaining free cakes are shared by both parties, how can the commitment of Company L be determined?

1.5% of the free cakes, 0.2% has been decided to give to the intermediary company. There is still 1.3% left, and both sides demand 0.65%.

From the point of view of H Company, it is required to change the fixed interest rate to floating interest rate, so as to obtain 0.65% income, that is, to obtain a loan with floating interest rate of 6%-0.65% = 5.35%. Then the share of company L to X should be:

7%―X+0. 1%=5.35%

X = 7%+0.1%-5.35% =1.75% interest rate swap can not only avoid interest rate risk, but also bring arbitrage opportunities for banks and reduce financing costs. Theoretically, this kind of income can be regarded as the income brought by comparative advantage.

Suppose two banks have different credit ratings, one is AAA and the other is BBB. Because of its high credit rating, AAA bank's financing cost is lower than BBB bank's in both long-term and short-term financial markets. However, compared with the financing cost of AAA bank in the long-term market, the financing cost of BBB bank is still in a relatively favorable position (that is, not too unfavorable). In a sense, BBB bank has a comparative advantage in the short-term financial market, while AAA bank has a comparative advantage in the long-term financial market. Through interest rate swap, the two banks can avoid entering a relatively inferior market for financing, and at the same time, they can change the way of interest payment. Interest rate swaps occur because there are two preconditions:

(1) there is a difference in weight overweight.

② Interest rate swap with opposite financing intention has advantages and less risk. Because the interest rate swap does not involve the principal, the two sides only exchange interest rates, and the risk is limited to the interest payable, so the risk is relatively small;

② The influence is slight. This is because the interest rate swap has no influence on the financial statements of both parties, and the current accounting standards do not require the interest rate swap to be listed in the notes to the statements, so it can be kept confidential;

③ Low cost. Through communication, both sides realized their wishes and reduced the financing cost;

(4) Simple procedures and quick transactions. The disadvantage of interest rate swap is that there is no standardized contract like futures trading, and sometimes the other party of the swap may not be found. Interest rate swap The trading mechanism of interest rate swap is an agreement that the two parties bound by the contract exchange cash flows according to a certain principal within a certain period of time. In interest rate swap, if the existing position is debt, the first step of swap is the interest income matching the debt interest; After matching with the existing insurance position, the borrower creates the required position through the second step of swap transaction. Interest rate swap can change interest rate risk.

Fixed rate payer: paying a fixed interest rate in interest rate swap transactions; Accepting floating interest rates in interest rate swap transactions; Buy swap; It is a long position in swap transactions; Known as the payer; It is a short position in the bond market; Sensitive to long-term fixed interest rate liabilities and floating interest rate asset prices. Floating rate payer: paying floating rate in interest rate swap transactions; Accepting a fixed interest rate in interest rate swap transactions; Selling swaps; Is a short position in swap transactions; Call the recipient; This is a bull market in the bond market; Sensitive to long-term floating interest rate liabilities and fixed interest rate asset prices.