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A company based in the United Kingdom has an Italian subsidiary. The subsidiary generates €21 million a year, received in equal semiannual installments. The British company wishes to convert the euro cash flows to pounds twice a year. It plans to engage in a currency swap in order to lock in the exchange rate at which it can convert the euros to pounds. The current exchange rate is €1.53/£. The fixed rate on a plain vanilla currency swap in pounds is 6.1 percent per year, and the fixed rate on a plain vanilla currency swap in euros is 6 percent per year.
Problem 1: Determine the notional principals in euros (millions XXX.XXX) for a swap with semiannual payments that will help achieve the objective.
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