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- BOYSEN,Die Zinslast Des Bundes in Der Schuldenkrise. Wie Lukrativ Ist Der Sichere Hafen.2012
- Financial Derivatives
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- chap02aem421
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- 证券市场基础知识(陈共_周升业_吴晓求)
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- Lecture 2 - Determining the Term Structure of Interest Rate Through Bootstrapping
- 132012059 Chpt 12 Derivatives and Foreign Currency Concepts and Common Transactions
- Derivatives
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(see also Hull, Chapter 16; Wilmott, Chapter 35)

After we have finished with the ‘Greek alphabet’, let us move on to discuss a new class of

financial instruments called interest rate derivatives, that is, products whose payoffs

depend in some way on the level of interest rates. These instruments amount to a huge

chunk of all trades in financial derivatives, especially, in the over-the-counter markets. The

amusing thing about these products is that even within the same financial company there

may exist more than one model to price these derivatives. There is no consensus about

which model to use. Moreover, almost every month there appears a new model. In spite of

such a mess, it is still possible to observe that all pricing models fall into two main classes:

those with an underlying security (such as options) and those without an underlying asset

(‘pure’ interest rate derivatives).

The goal of the next two lectures is to introduce two categories of pricing methods used for

valuing interest rate derivative contracts and give examples of some products.

• The first category of pricing models considers the interest rate derivative on an

interest bearing security (usually bond) as an option on a share by assuming that the

underlying source of risk is the price of the underlying security or its yield.

• The second category deals with instruments on fixed income securities and the

securities themselves, as functions of the term structure of interest rates. This type

of derivatives is known as yield curve models, i.e., models that describe the

probabilistic behaviour of the yield curve over time. These products can also be

called “pure interest rate derivatives”, since they do not have an underlying asset.

It is important to point out the differences between the assumptions of the BS world and

the conditions of a reasonable bond option-pricing model. There are four main differences,

which must be addressed when applying the BS model to bond option pricing:

1) The underlying bond usually pays a coupon. The coupon payment made on the

bond has a significant effect on the value of the bond option. The effect is similar to

the effect of a dividend on the value of a share option.

2) The underlying bond ages because of the fact that it has a stated maturity. The BS

model assumes that the price of the underlying security follows a lognormal

distribution. This implies that the distribution of the rate of return remains the same

through time. This assumption is not realistic for bonds, which have a known and

finite maturity. The ageing problem of the bond implies that the rate of return on

the bond is distributed with a variance which decreases through time, since

alternatively; the bond price must converge to par (or face value) at maturity. The

figure below shows how the uncertainty about the price of a share and a bond

changes as one looks further into the future:

102

Continues Time Methods In Finance

Share

Bond

Bond Maturity

Time

as one looks further ahead. Whereas in the case of a bond, it first increases and then

decreases. There is no uncertainty at all about the bond’s price when it matures, since

its price must be equal to face value at this time. This is known as the pull to par

phenomenon.

stochastic bond prices. The uncertainty of bond prices originates from uncertainty

about the behaviour of the rate of interest through time. Applying the BS model to

the pricing of a bond is equivalent to assuming that the behaviour of the rate of

interest is known during the life of the option. This is equivalent to assuming that

the price of any default free bond, which has maturity shorter than the maturity of

the option, is constant. This assumption is not unrealistic when the maturity of the

option is short relative to the maturity of the underlying bond. However, this

becomes less realistic as the maturity of the option increases for a given maturity of

the underlying bond. The bond aging effect becomes important.

4) The bond option may be American. The fact that a bond option is an American

option is important when there is a high probability that the option will be exercised

before its expiration date. The probability of early exercise increases when:

• The option is a call option and the underlying bond pays coupon;

• The option is an in-the-money put in an environment where rates are expected

to decrease.

The importance of early exercise is increased by the ageing of the underlying bond

as the maturity of the option increases.

103

Continues Time Methods In Finance

various kinds of bonds, like US Treasury bond futures. For simplicity we consider a

European bond option on a bond B. The option gives the holder the right to buy or sell the

bond for a certain price E on a certain date T (in what follows, we will take the present

time t = 0).

The valuation of such a derivative is somewhat tricky. The appropriate pricing model was

proposed by Fisher Black in 1976, therefore, the model is called Black’s model. The

underlying of the option is the futures price of the bond, F. The main assumption of the

model is that the bond has a lognormal probability distribution at maturity date of the

option, like in the standard Black-Scholes model (therefore, these two models are, in fact,

very similar). The source of the bond price random behaviour comes from the uncertainty

in the interest rate. The above conditions are sufficient for using the risk-neutral valuation

method for pricing options on bond futures.

using differential equations in valuing financial derivatives. Therefore, it is important to

understand how the latter technique can be used for options on bond futures. Now I would

like to explain how this could be done.

The tricky point si that since we are valuing a European option, we do not care about the

values of B and F prior to the option maturity time T. We just require B to be log-normally

distributed at the option expiry date. This assumption will still stand, if we further assume

that during the life-time of the option, B follows a geometric Brownian motion:

dB = µ Bdt + σ BdW ,

with constant parameters µ and σ. Since, in reality, the bond value does not necessarily

follow geometric Brownian motion, the variable σ is not strictly speaking a volatility. It is

nothing more than a parameter with the property that σ T is the standard deviation of

lnB(T).

Now we can use the Black-Scholes equation. All we have to do is to replace the share S

with the bond spot price B. The futures on a bond with the spot price B is calculated using

the formula 1

F = (B – I)er(T - t),

1

Here we made a somewhat controversial assumption that the short-term interest rate is constant. Over short

time horizons most practitioners accept this, since the uncertainty of the bond value originates from the

random behaviour of the long-term interest rate associated with the maturity date of the bond (up to 30

years). Then, instead of the futures price, we can use the forward price of the bond.

104

Continues Time Methods In Finance

where I is the present value of the coupons that will be paid during the life of the option

and r is the zero-coupon yield for maturity T. You can find the corresponding BS equation

for the option in Lecture VII.2 of the lecture notes (options on futures).

Since we have reduced the problem to the BS equation, we can use the BS formula for the

option value. For a European call it is given as follows2

where

ln( F / E ) + σ 2T / 2

d1 = ,

σ T

d 2 = d1 − σ T .

The important point to be made is that since the interest rate is now considered as non-

stochastic, the futures price coincides with the forward bond price and is equal to the

expected spot price at maturity of the option. Therefore, the formula for call can be

rewritten in the following equivalent form

Presented as above, the formula can be easily modified for the case when the payoff of the

option is made at time different from the maturity of the option. Assume that the payoff of

the option is calculated from the value of the bond B at time T but the payoff is delayed

until time T* where T*>T. In this case, the discounting to the present value has to be done

from time T* at the zero-coupon rate r*. That is,

Now I would like to demonstrate how the Black’s model could be used for valuing a

particular type of interest rate derivatives – swaptions.

Swaptions are options on interest rate swaps. They give the holder the right to enter into a

certain interest rate swap at a certain time in the future. The underlying is the futures price

of the swap rate, which is very similar to the futures price of the bond.

2

If we didn’t assume that the short-term interest rate is constant, we would get the following answer for a

call:

c = B(0;T)[F · N(d1) – E · N(d2)],

105

Continues Time Methods In Finance

Suppose a company knows that in six months it will enter into a five-year floating rate loan

agreement with resets every six months and knows that it will wish to swap the floating

interest payments for fixed interest payments to convert the loan into a fixed-rate loan.

At a cost, the company could enter into a swaption giving it the right to receive six-month

LIBOR (the London Interbank Offer Rate) and pay a certain fixed rate of interest, say 12%

per annum, for a five-year period starting in six months.

1) The fixed rate on a regular five-year swap in six months turns out to be less than

12% p.a., then the company will choose not to exercise the swaption and will enter

into a swap agreement in the usual way.

2) The fixed rate turns out to be greater than 12% p.a., then the company will choose

to exercise the swaption and will obtain a swap at more favourable terms than those

available in the market.

Swaptions, when used in this way, provide companies with a guarantee that the fixed rate

of interest they will pay on a loan at some future time will not exceed some level.

• A payer swaption: it is the right to buy a swap, i.e., pay a fixed rate of interest and

receive floating.

• A receiver swaption: it is the right to sell a swap, i.e., pay floating and receive

fixed.

A payer swaption will be exercised at maturity, if the swaption strike rate, the fixed rate

specified in the contract, is lower than the prevailing market fixed rate for swaps with the

same maturity. This is similar to the call payoff structure. The swaption can be closed out

by selling the low fixed rate swap obtained through the swaption for a gain, rather than

entering into that swap.

European swaptions are frequently valued assuming that the swap rate at the maturity of

the option is lognormal. Therefore, we can use the Black’s model for valuation of the

swaption.

• Consider a payer swaption that gives the right to pay RE and receive floating on a

swap that will last n years starting in T years.

• Assume that there are m payments per year under the swap and that the principle is

L.

• Suppose that the swap rate at the maturity of the swap option is R. Both R and RE

are expressed with a compounding frequency of m times per year.

The payoff from the swaption consists of a series of cash flows equal to

106

Continues Time Methods In Finance

L

max( R − R E ,0).

m

Here LR/m is the cash flow on a swap where the fixed rate is R and LRE/m is the cash flow

on a swap where the fixed rate is RE. At this point, you may have to refresh your memory

of discrete and continuous compounding, which we discussed at the beginning of this

course.

The cash flows are received m times per year for the n years of the life of the swap. They

are received at times T + 1/m, T+2/m, … T + mn/m measured in years from today. Each

cash flow is the payoff from a call option on R with a strike price RE.

Let us denote ti = T + i/m, where i takes values from 1 to mn. Then using the Black

formula, we can obtain the value of the cash flow received at time ti:

L −r * t

e [ FN (d 1 ) − RE N ( d 2 )]

i i

with

ln( F / RE ) + 12 σT

d1 = , d 2 = d1 − σ T ,

σ T

where F is the forward swap rate and r*i is the continuously compounded zero-coupon

interest rate 3 for maturity of ti.

The total value of the swaption is given as the sum of all discounted cash flows:

mn

L

∑ m

e −r* t [ FN (d 1 ) − RE N ( d 2 )] .

i i

i =1

LA

[ FN (d 1 ) − R E N (d 2 )]

m

with

mn

A = ∑ e −r * t . i i

i =1

Note that A can be seen as the present value of an annuity whose first payment occurs at

time T + 1/m and continues until time T + mn/m.

3

Note that we are using discretely compounded rates for cash flows and continuously compounded rates for

discounting of these cash flows.

107

Continues Time Methods In Finance

For a receiver swaption, that gives the holder the right to receive a fixed rate of RE instead

of paying it, the payoff of the swaption is

L

max( RE − R ,0).

m

This is a put option on R. The value of the swaption can be found using the put-call parity:

LA

[− FN (− d 1 ) + RE N (− d 2 )] .

m

The important point to be made is that the relevant volatility for the Black formula as

applied to swaptions is the volatility of the forward swap rate. Despite the fact that A is

itself a stochastic quantity, as long as one can hedge one’s position in the swaption using

the forward bond A, the volatility of A does not enter the valuation formula. So we can set

it to zero.

A Numerical Example

Suppose that the LIBOR yield curve is flat at 4% p.a. with continuous compounding.

Consider a European swaption that gives the holder the right to pay 5% in a three-year

swap starting in five years. The volatility measure for the swap rate is 20%. Payments are

made semi-annually and the principle is €100. Thus, we have

• r*i = 0.04

• RE = 0.05

• σ = 0.2

• L = €100

• T = 5 years

Since the swap is for three years, there will be six cash flows (remember that payments are

made every six months). Correspondingly, for the quantity A we get

Now we have to find the spot forward price of the spot swap rate. The latter is the LIBOR,

i.e., 4%. The forward rate is a semi-annually compounded rate. Therefore, we have to

convert the continuously compounded LIBOR into a semi-annually compounded forward.

We have to use the following formula

(1 + F/2)2 = er*.

We find

• F = 2(er*/ 2 – 1) = 4.583%.

108

Continues Time Methods In Finance

d1 = ≈ 0.0289 ,

0.2 × 5

d 2 = 0.0289 − 0 .2 × 5 ≈ −0.4183 ,

100 × 4.583

Swaption = × [(0 .0458 ) × N ( 0.0289 ) − (0 .05 ) × N ( −0 .4183 )] = 1 .5

2

Thus, we have found that the European style call swaption is worth €1.5.

There are other interest rate derivatives, which can be valued using the Black’s model.

These include caps and spreads.

109

Continues Time Methods In Finance

In the previous lecture we discussed contingent claims falling into the first category of

interest rate derivatives, that is, derivatives whose underlyings are interest-bearing

securities. Now I would like to talk about the second category of interest rate derivatives,

which are defined as functions of the yield curves. These instruments are not options and,

therefore, are more difficult to price because there is no underlying asset with which to

hedge.

The main assumption of the BS world was that the interest rate is a known function. This is

an acceptable conjecture for short-dated derivative products such as options. But these

were exactly the type of derivatives that we were discussing so far. However, in the

financial markets options are not the only tradable derivatives. There are many other

products such as bonds, for instance. The latter are examples of long-dated instruments

with maturities spreading up to 30 years. In dealing with derivative products with a longer

lifespan, we must inevitably address the problem of random interest rates.

A measure of future values of interest rates, widely used by traders, is the yield curve. It is

defined as follows

Y (t; T ) = − ,

T −t

where t is the current time and B(t;T) is the present value of a zero-coupon bond with

maturity time T.

In this case, the yield function Y(t;T) is constant and coincides with the interest rate:

Y = r.

However, for a non-constant interest rate, the yield is not equal to r. The yield curve is the

plot of Y(t;T) against time to maturity T – t. The dependence of the yield curve on the time

to maturity is called the term structure of interest rates. The disadvantage of Black’s model

discussed in the previous lecture is that it doesn’t fit very well the observed in the market

term structure. As you remember, all we cared for was the bond price distribution function

at the expiration date of the option. However, many traders do not feel comfortable about

an instrument, which doesn’t fit into the market data. The interest rate derivatives

discussed in the present lecture, do not have this fault.

It is observed from market data that yield curves typically come in three distinct shapes,

each associated with different economic conditions:

110

Continues Time Methods In Finance

T-t

• Increasing – this is the most common form for the yield curve. Future interest rates

are higher than the short-term rate, since it should be more rewarding to tie money

up for a long time than for a short time;

• Decreasing – this is typical of periods when the short rate is high but expected to

fall;

• Humped – again the short rate is expected to fall.

Bonds fall into the second category of “pure derivatives”, simply, because they do not have

any tradable underlying. They are functions of interest rates. The random behaviour of

bonds values is due to unpredictable changes in interest rates. Since there is uncertainty

about the future course of the interest rate, it is natural to model it as a random variable . In

the same way that we proposed a model for the share price as a lognormal random walk, let

us suppose that the interest rate r follows Brownian motion described by a stochastic

differential equation of the form

The functional forms of u(r,t) and w(r,t) determine the behaviour of the spot rate. The latter

is the interest rate for the shortest possible deposit. I will use this Brownian motion to

derive a partial differential equation for the price of a bond. The derivation will be very

similar to the way we derived the BS equation. When interest rates follow the stochastic

differential equation written above, a bond has a price of the form B(r,t); the dependence

on the maturity date T will be made explicit only when necessary.

Valuing a bond is technically more difficult than pricing an option, since there is no

underlying asset with which to hedge: one cannot go out and ‘sell’ an interest rate of 4.5%.

However, we have already learnt before that we always can hedge one derivative with

111

Continues Time Methods In Finance

another derivative. In this particular case of bonds, as the second derivative, we can choose

a bond with a different maturity date. For this reason we set up a portfolio containing two

bonds with different maturities, T1 and T2. The bond with maturity T1 has value B1 and the

bond with maturity T2 has value B2.We hold one of the former and short a quantity ∆ of the

latter:

Π = B1(r,t;T1) - ∆B2(r,t;T2).

The change in this portfolio in a time interval dt can be found by using Ito’s lemma:

∂B1 ∂B1 2 ∂ B1

2

∂ B2 ∂B2 2 ∂ B2

2

dΠ = dt + dr + 2 w

1

dt − ∆ dt + dr + 2 w

1

dt .

∂t ∂r ∂r 2

∂t ∂r ∂r 2

We can see that the random component in dΠ can be completely eliminated if we choose

the delta as follows:

∂ B1

∆ = ∂r ∂B2 .

∂r

Once we have eliminated all risk in the portfolio, it must give us return at the risk-free rate,

i.e., the spot rate. Otherwise, there would be an arbitrage opportunity. Thus, the change in

the portfolio must obey the following equation

d Π = rΠ dt.

In the last equation, gathering together all B1 terms on the left-hand side and all B1 terms

on the right-hand side, we find that

∂ B1 1 2 ∂ 2 B1 ∂B1 ∂ B2 1 2 ∂ 2 B2 ∂B 2

+2w − rB1 = +2w − rB2 .

∂t ∂r ∂r ∂t ∂r ∂r

2 2

This is one equation in two unknowns, B1 and B2. However, the left-hand side is

a function of T1 but not T2, and the right-hand side is a function of T2 but not T1. The only

way for this to be possible is for both sides to be independent of the maturity date. Thus,

we can drop the subscript from B and write

∂B 1 2 ∂ 2 B ∂B

+2w − rB = a( r, t )

∂t ∂r ∂r

2

for some function a(r,t), which will be explained in a moment. We can always present

a(r,t) in the form

112

Continues Time Methods In Finance

where we simply switched one unspecified function, a(r,t), for another, λ(r,t).

∂B 1 2 ∂ 2 B ∂B

+2w + (u − λw) − rB = 0 .

∂t ∂r 2

∂r

In order to solve this equation uniquely, we must impose appropriate boundary conditions.

One condition corresponds to the payoff on the maturity date and so

B(r,T) = Z,

where Z is the face value of the bond or B(T;T). Other boundary conditions depend on the

form of u(r,t) and w(r,t).

When the bond pays continuously coupon K, then the pricing equation takes the following

form

∂B 1 2 ∂2 B ∂B

+2w + (u − λ w) − rB + K = 0 .

∂t ∂r 2

∂r

There exists a very elegant interpretation of the mysterious function λ(r,t), which was

introduced above. Let us again consider the change in the bond value in a time step dt:

∂B ∂B 1 2 ∂ 2 B ∂B

dB = w dW + + 2w +u dt.

∂r ∂t ∂r 2

∂ r

Using the pricing equation, we can present the above change in the following form

∂B ∂B

dB = w dW + wλ + rB dt,

∂r ∂r

or

∂B

dB − rBdt = w (dW + λdt ).

∂r

The presence of the random increment dW shows that this is not a risk-less change. The

deterministic term may be understood as the excess return above the risk-free rate for

taking a certain level of risk. As a compensation for accepting the extra risk the portfolio

profits by an extra gain proportional to λ dt per unit of risk, dW. For this reason, this

function is often called the market price of risk.

113

Continues Time Methods In Finance

For shares, one can show that the market price of risk is

µ −r

λS = ,

σ

where µ and σ are the drift and the volatility of a share, respectively. From Black-Scholes

we know that neither λ nor µ show up in the equation. This is because of the risk-

neutrality. It turns out that in pricing bonds, we also have to use not the real random

variable with the drift u, but the risk-neutral spot rate with a drift u - λw, that is,

Because of the presence of the functions u(r,t), w(r,t) and λ(r,t), the pricing equation for

the second category of interest derivatives is very hard to solve exactly. These functions

are fixed by fitting a theoretical model into the observed yield curve. There have been

found only a very few examples, when the solution can be obtained in a close form.

The equation can be solved exactly, if the interest rate follows one of the two random

walks:

• (The Hull and White model) dr = (θ(t) - ϕ(t)r)dt +σ(t)dW. This fits current yield

curve, all current spot rate volatilities and all future short-rate volatilities;

• (The Cox, Ingersoll and Ross model) dr = γ (θ − r ) dt + σ r dW . This has some of

the propertie s of the HW model, but the stochastic term has a standard deviation

proportional to the square root of the spot rate. This means that as the short-term

interest rate increases, its standard deviation increases.

In the CIR model, γ, θ and σ are constant parameters. The HW model is a generalisation of

the Vasicek model with constant parameters. Unfortunately, even in these two cases, the

solutions are too complicated to be analysed in this course.

In most of the other cases, solutions can be found only using various numerical methods.

However, their discussion goes beyond the scope of this course.

Whenever, the solution of the bond pricing equation is known, one can consider options on

bonds. These instruments fall into the first category of interest rate derivatives and their

pricing methods can be adopted from the previous lecture.

2) What are the main assumptions of Black’s model for pricing options on bonds?

3) What is a swaption? What is its payoff?

114

Continues Time Methods In Finance

5) Can you explain what the market price of risk is?

115

Continues Time Methods In Finance

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