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Question
It is June, and Marcus will need to borrow $10,000,000 for 90-days in September. If today's yield on 90-day bank bills is 6.5% and contracts for September and December exercise are quoted at 94.25 and 94.35 respectively, and he believes that interest rates will only ease to 6.0% by September.
i) What futures position should Marcus take to hedge this exposure?
If in September, the September and December futures prices were 96.30 and 96.20 respectively, ii) What profit (loss) would Marcus realize on this futures position?
iii) If Marcus issues commercial paper with a face value of $10 million in September, what will be his net proceeds from the hedged position?
[Note any assumptions you consider necessary.]
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