Examinando por Materia "INTEREST RATE SWAPS (IRS)"
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Publicación Acceso abierto Swaps de tasa de interés y de cruce de monedas como herramientas de cobertura para las empresas colombianas(2013-11-15) Arango, E. (Eduardo); Arroyave, J. A. (Jaime Alberto)This paper aims to provide the theoretical and practical elements of the use of interest rate swaps (IRS) and ross currency swaps (CCS) by Colombian companies, as hedging tools to manage their interest and exchange rates exposures. It will proffer a deep analysis of the advantages and challenges of the use of swaps in the Colombian economic environment and provide tailored solutions to obstacles faced in areas such as the understanding of the characteristics and the associated risks of the product, the valuation under the particularities of the Colombian financial markets, and the accounting and tax treatment and its effects. This article focuses in the design of a pricing model that, applying bootstrapping and cubic splines interpolation techniques, estimates the interest rates structure allowing Colombian real sector companies to obtain indicative IRS and CCS mark to market valuations.