1. What is the definition of a forward contract?

Analyze the advantages and disadvantages of

forward exchange contracts. How futures contract can overcome the disadvantages of forward
contracts? A forward contract is a type of financial agreement between two parties to buy or sell
an asset at a predetermined price and date in the future. The price and date are agreed upon at the
time the contract is made, and the transaction is settled at the end of the contract period. Forward
contracts are commonly used in commodities trading, foreign exchange, and other financial
markets. here are some advantages and disadvantages of forward exchange contracts:
Advantages:
1. Price certainty: Forward exchange contracts provide price certainty to both parties involved in
the transaction. This means that both parties know exactly what price they will pay or receive for
the currency at the time of the transaction, which can help to reduce uncertainty and risk.
2. Customization: Forward exchange contracts can be customized to meet the specific needs of
the parties involved. This means that the contract can be tailored to the exact amount of currency
needed, the specific exchange rate, and the date of the transaction.
3. Hedging: Forward exchange contracts can be used as a hedging tool to protect against
currency fluctuations. This is particularly useful for businesses that operate in multiple countries
and are exposed to currency risk. Disadvantages:
1. No flexibility: Once a forward exchange contract is entered into, it cannot be changed or
cancelled. This means that if the exchange rate changes significantly, one party may be at a
disadvantage.
2. Counterparty risk: There is always a risk that the other party involved in the transaction may
default on their obligations. This can be mitigated by working with a reputable counterparty, but
there is still some level of risk involved.
3. Opportunity cost: By entering into a forward exchange contract, one party may miss out on
potential gains if the exchange rate moves in their favor. This is a trade-off for the price certainty
provided by the contract. Futures contracts can overcome some of the disadvantages of forward
contracts in the following ways:
1. Standardization: Futures contracts are standardized contracts traded on exchanges, which
means that they have a fixed contract size, expiration date, and settlement method. This
standardization reduces the risk of default and makes it easier to trade the contracts.
2. Liquidity: Futures contracts are traded on exchanges, which means that they are more liquid
than forward contracts. This makes it easier to enter and exit positions, and reduces the risk of
being stuck with a contract that cannot be traded.
3. Mark-to-market: Futures contracts are marked-to-market daily, which means that gains and
losses are settled on a daily basis. This reduces the risk of default and ensures that both parties
have sufficient margin to cover their obligations.
4. Flexibility: Futures contracts can be closed out before the expiration date, which provides
more flexibility than forward contracts. This allows traders to take advantage of market
movements and adjust their positions as needed. Overall, futures contracts provide more
transparency, liquidity, and flexibility than forward contracts, which can help to reduce risk and
improve trading efficiency. However, futures contracts also have their own set of risks and
disadvantages, such as margin requirements and the potential for price volatility.
2. What is the definition of an options contract? Analyze the advantages and disadvantages of
options contracts? What is your understanding about option fees?
An options contract is a financial derivative that gives the buyer the right, but not the obligation,
to buy or sell an underlying asset at a predetermined price (strike price) and within a specified
time period. The buyer of an options contract pays a premium to the seller for this right. There
are two types of options contracts: call options and put options. A call option gives the buyer the
right to buy the underlying asset, while a put option gives the buyer the right to sell the
underlying asset. The seller of an options contract is obligated to sell or buy the underlying asset
if the buyer decides to exercise their option. Options contracts are commonly used for hedging,
speculation, and income generation. here are some advantages and disadvantages of options
contracts: Advantages:
1. Flexibility: Options contracts offer a high degree of flexibility to traders and investors. They
can be used for a variety of purposes, including hedging, speculation, and income generation.
2. Limited risk: The maximum loss that a buyer of an options contract can incur is limited to the
premium paid for the contract. This makes options contracts a popular choice for risk-averse
traders and investors.
3. Leverage: Options contracts offer traders and investors the ability to control a large amount of
underlying assets with a relatively small amount of capital. This can lead to significant profits if
the underlying asset moves in the desired direction.
4. Diversification: Options contracts can be used to diversify a portfolio and reduce overall risk.
Disadvantages:
1. Complexity: Options contracts can be complex financial instruments that require a good
understanding of the underlying asset and the options market. This can make them difficult for
novice traders and investors to use effectively.
2. Time decay: Options contracts have a limited lifespan, and their value decreases over time.
This means that traders and investors need to be careful when choosing the expiration date of
their options contracts.
3. Volatility: Options contracts are highly sensitive to changes in volatility, which can make
them difficult to predict and manage.
4. Counterparty risk: Options contracts are traded over-the-counter, which means that there is a
risk that the counterparty may default on their obligations. This risk can be mitigated by trading
options on regulated exchanges. Option fees are the costs associated with trading options
contracts. These fees can include commissions, exchange fees, and regulatory fees. The amount
of fees charged can vary depending on the broker, the exchange, and the type of options contract
being traded. Commissions are the fees charged by brokers for executing trades on behalf of their
clients. These fees can be a flat rate or a percentage of the trade value. Exchange fees are charged
by the exchange where the options contract is traded and can include fees for trading, clearing,
and settlement. Regulatory fees are charged by regulatory bodies to cover the costs of overseeing
the options market. It's important for traders and investors to understand the fees associated with
trading options contracts, as they can have a significant impact on the profitability of their trades.
Some brokers may offer lower fees for high-volume traders or for certain types of options
contracts, so it's important to shop around and compare fees before choosing a broker.

CHƯƠNG 2
Bài 1: HỢP ĐỒNG KỲ HẠN (Forward Contract)
Giả sử tỷ giá và lãi suất được niêm yết tại VCB ngày 6/8 nhưsau:
Tỷ giá Lãi suất
USD/VND: 20.830-20.870 VND: 9%-11%
JPY/VND: 211,27-216,44 USD: 2%-3%
JPY: 3%-5%
On August 6, Trilimex company signed an import contract worth 92,000 USD due on December
10 and an export contract worth 32,628,000 JPY due on November 10. Trilimex contacts VCB
for forward trading of these two foreign currencies. Question: What exchange rate does VCB
offer for Trilimex? With the signed contract, how will Trilimex lock in its receivables and
payables?
Lời giải:
 Trilimex Company faces exchange rate risk
With an export contract worth 32,628,000 JPY. If JPY increases in price compared to VND, the
receivable converted into VND of this contract increases and Trilimex company has more profit.
On the contrary, if JPY depreciates compared to VND, the receivable converted into VND will
decrease and Trilimex company will suffer a loss.
With an import contract worth 92,000 USD. If USD appreciates compared to VND, the amount
payable in VND of this contract increases and Trilimex company will suffer a loss. On the
contrary, if USD depreciates compared to VND, the amount payable converted into VND will
decrease and Trilimex company will have more profit.
 Trilimex Company contacted VCB to sign a forward selling contract of 32,628,000 JPY
for 96 days and a forward buying contract for 92,000 USD for 126 days
- JPY forward buying rate
 [ LSTG VND −LSCV JPY ] × n
F m=Sm + S m ×
100 ×360
[ 9−5 ] × 96
F m=211.27+211.27× =213.52
100 ×360
 Trilimex Company will lock in receivables at a level
32.628.000 JPY × 213.52 = 6.966.730.560 VND
- USD forward selling rate

[ LSCV VND −LSTGUSD ] × n

F b=Sb + S b ×
100 ×360
[ 11−2 ] ×126
F b=20.870+20.870 × =21.527
100 ×360
 Trilimex Company will lock in payables at a level
92.000 USD × 21.527 = 19.374.300.000 VND
Bài 2: HỢP ĐỒNG GIAO SAU
Suppose Vietnam has just organized a foreign currency futures market. On the morning of the
second day, you buy while Ms. Bich sells a futures contract worth 10,000 USD and the futures
exchange rate at the time of agreement is USD/VND which is 20,850. The clearing house
requires you and Ms. Bich to make an initial deposit of 1.1 million VND and maintain this
deposit at a minimum of 1 million VND. Closing rates on Monday and following days are as
follows
Thứ hai Thứ ba Thứ tư Thứ năm Thứ sáu
Tỷ giá mở cửa 20.850 20.860 20.870 20.850 20.839
Tỷ giá đóng 20.860 20.870 20.850 20.839 20.824
cửa
What is the balance on your and Ms. Bich's account at the end of Friday? If you and Ms. Bich
want to continue holding the futures contract, what must you and Ms. Bich do? If you and Ms.
Bich do not want to keep the futures contract, what will you and Ms. Bich do?
Lời giải:
Mr. A and Ms. Bich buy and sell a futures contract)
a.
Trị giá hợp đồng 10.000 USD
Ký quỹ lần đầu Ký quỹ tối thiểu 1.000.000 VND Ký quỹ tối thiểu 1.000.000 VND
 1.100.000 VND
Tài khoản cô Bích (bên bán) Tài khoản ông A (bên mua)
Thời điểm Tỷ giá Nợ (−)/Có Ký quỹ Nợ (−)/Có Ký quỹ
Số dư Số dư
(+) thêm (+) thêm
Đầu ngày
20.850 − 1.100.000 − − 1.100.000 −
thứ hai
Cuối ngày + 100.000 1.200.000 -
20.860 - 100.000 1.000.000
thứ 2
Cuối ngày + 100.000 1.300.000 -
20.870 - 100.000 900.000 100.000
thứ 3
Cuối ngày - 200.000 1.100.000 -
20.850 + 200.000 1.200.000 −
thứ 4
Cuối ngày - 110.000 990.000 10.000
20.839 + 110.000 1.310.000 −
thứ 5
Cuối ngày - 150.000 850.000 -
20.824 + 150.000 1.460.000 −
thứ 6

b. If you and Ms. Bich want to continue keeping the futures contract, you don't need to do
anything. If you and Ms. Bich do not want to keep the futures contract, you can resell it
to someone else or reverse the contract.

Bài 3: HỢP ĐỒNG HOÁN ĐỔI TIỀN TỆ (CURRENCY SWAP CONTRACTS)

Thông tin về tỷ giá và lãi suất tại Ngân hàng TMCP Á Châu (ACB) ngày 15/8/N như sau
Tỷ giá Lãi suất
USD/VND: 20.830-20.870 VND: 9%-11%/năm
JPY/VND: 211,27-216,44 USD:0,02%-0,03%/tháng
JPY: 3%-5%/năm
Suppose you are a foreign currency trader, present the transactions that took place between the
bank and Hoang Long company when the company executed a foreign currency swap contract of
200,000 USD with a term from August 15, 2019. until December 20, 2019 in the case of:
a. Hoang Long Company sells spot and buys foreign currency forward)
b. Hoang Long Company buys spot and sells foreign currency forward)
Lời giải:
a. Hoang Long Company sells spot and buys forward
 ACB buys spot and sells forward
*) Effective date:
 ACB buys 200,000 USD with buying rate USD/VND = 20,830
For the account 200,000 USD = 20,830 VND × 200,000 = 4,166,000,000 VND
 ACB received 200,000 USD and spent 4,166,000,000 VND on Hoang Long company
 Hoang Long Company received 4,166,000,000 VND and spent 200,000 USD on ACB
 The two sides agreed on the 127-day forward exchange rate (August 15 - December 20)

( LSCV VND −LSTG USD ) × n

F b=Sb + S b ×
100 ×360
( 11−3 ) ×127
F b=20.870+20.870 × =21.459
100× 360
*) Date due:
 ACB received 21,459 × 200,000 USD = 4,291,000,000 VND and paid 200,000 USD to
Hoang Long company
 Hoang Long Company received 200,000 USD and spent 4,291,000,000 VND on ACB
b. Hoang Long Company buys spot and sells forward
 ACB sells spot and buys forward
*) Effective date
 ACB sells 200,000 USD with selling exchange rate USD/VND = 20,870
For account 200,000 USD = 20,870 VND × 200,000 = 4,174,000,000 VND
 ACB spent 200,000 USD on Hoang Long company and received 4,174,000,000 VND
 Hoang Long Company received 200,000 USD and spent 4,174,000,000 VND on ACB
 The two sides agreed on the 127-day term buying rate (August 15 - December 20

( LSTG VND −LSCV USD ) × n

F m=Sm + S m ×
100 ×360
( 9−5 ) ×127
F m=20.830+20.830 × =21.124
100 ×360
*) Due date
 ACB received 200,000 USD and spent 200,000 USD × 21,124 = 4,224,800,000 VND on
Hoang Long Company
 Hoang Long Company received 4,224,800,000 VND and spent 200,000 USD on ACB

Bài 4: HỢP ĐỒNG HOÁN ĐỔI TIỀN TỆ

Tỷ giá và lãi suất ngày 6/8/N được niêm yết tại VCB như sau:
USD/VND 20,830 20,870
JPY/VND 211,27 216,44
Lãi suất USD 2%/năm 3%/năm
Lãi suất VND 0,5%/tháng 0,65%/tháng
Lãi suất JPY 0,5%/năm 0,75%/năm
On August 6, Thai Hung Company signed an import contract worth 100,000 USD due on
December 25, 2019 and an export contract worth 85,000 JPY due on November 15, 2019. At the
same time, at the present time, the company needs to sell 100,000 USD to get VND to spend on
domestic production activities. Thai Hung Company contacts VCB to buy and sell USD and JPY
terms.
a. What derivatives does the company use?
b. Present the transactions taking place between Thai Hung company and VCB?
Lời giải:
a. Thai Hung Company contacted VCB and signed
- Futures contract selling 85,000 JPY
- 100,000 USD spot and forward swap contracts
b.
*) Forward contract: Thai Hung company sells 85,000 JPY for 101-day term (August 6 -
November 15
- Forward buying rate

( LSTG VND −LSCV JPY ) × n

F m=Sm + S m ×
100 ×360
( 0 ,5 ×12−0 ,75 ) × 101
F m=211, 27+211 ,27 × =214 , 38
100 ×360
- Contract expiration date
 Thai Hung Company delivered 85,000 JPY and received the amount from VCB
85,000 JPY× 214.38 = 18,222,300 VND
 VCB received 85,000 JPY and paid Thai Hung company 18,222,300 VND
*) Swap contract: Thai Hung company sells spot and buys forward 100,000 USD for a period of
141 days (August 6 - December 25)
- Effective date
 Thai Hung Company delivered 100,000 USD and received the amount from VCB
100,000 × 20,830 = 2,083,000,000 VND
 (VCB received 100,000 USD and paid Thai Hung company 2,083,000,000 VND)
 Forward selling rate

[ LSCV VND −LSTGUSD ] × n

F b=Sb + S b ×
100 ×360
[ 7 , 8−2, 0 ] ×141
F b=20.870+20.870 × =21.344
100 × 360

- Due date
 Thai Hung Company received 100,000 USD and paid VCB the amount
100,000 × 21,344 = 2,134,400,000 VND
 VCB delivered 100,000 USD and received 2,134,400,000 VND from Thai Hung
company

Bài 5: QUYỀN CHỌN MUA

Suppose you are an employee of the foreign currency trading department in charge of options
trading for Vietnam Foreign Trade Bank (VCB). On October 20, customer X came to buy
foreign currency call options. To limit the risk of the option, you exercise the option with the
partner bank and are offered the following price
Nội dung hợp đồng Quyền chọn mua Quyền chọn bán
Trị giá 500.000 EUR 500.000 EUR
Tỷ giá thực hiện 1,4372 1,4172
 Thời hạn 5 tháng 5 tháng
Phí mua quyền tính trên mỗi ngoại tệ 0,08 USD 0,07 USD

Kiểu quyền Kiểu Mỹ Kiểu Mỹ

a. Suppose, Vietcombank charges a transaction fee of 500 USD per contract. Determine the
total fees and charges per foreign currency unit that VCB Bank offers to customer X)
b. Calculate the break-even rate of customer X and state the meaning of the break-even rate?
Draw an illustrative graph?)
c. At what exchange rate in the market should customer X exercise the option? On the
expiration date, the exchange rate on the EUR/USD spot market is 1.4050. What decision
should customer X make regarding his options? With that decision, determine the profit and
loss of X and VCB.)
500
Lời giải: a. VCB fee given to X: 0 , 08+ =0,081 USD
500.000
The total cost X must be paid when buying a call option
0,081 × 500.000 = 40.500 USD
b. Breakeven rate = strike rate + call premium = 1.4372 + 0.081 = 1.5182
If the exchange rate on the spot market is exactly equal to the breakeven rate, which is 1.5182,
then the profit from exercising the option is only enough to offset the cost of buying the option.
Therefore, the option contract does not bring any benefit to X.
Đồ thị minh hoạ Lãi/Lỗ
Điểm hòa
vốn

Tỷ giá

- 40.500

c. If the spot exchange rate on the market > breakeven rate = 1.5182, then X can exercise the
option to earn profit.
If the exercise rate < the market spot rate < the breakeven rate, then X can exercise the option to
offset the loss due to the cost of buying the option when the contract has expired.
If the contract has not expired, X does not exercise the option and expects the exchange rate to
increase above the breakeven rate.
If the market spot rate < exercise rate, then X should not exercise the option.
d. Expiration date, EUR/USD exchange rate = 1.4050, X does not exercise the option)
 X
Rights purchase fee = 40.500 USD
Net profit = - 40.500 USD
 For VCB
Gain from exercising options with X: 40,500 USD
Loss due to not exercising options with partner banks: 0.08 x 500,000 = 40,000 USD
Net profit = 40.500 – 40.000 = 500 USD

( Suppose, on expiration date, EUR/USD exchange rate is 1.5250, X exercises the option
 X
Profit = (1,5250 − 1,4372) × 500.000 = 43.900 USD
Rights purchase fee = 40.500 USD
net profit = 43.900 – 40.500 = 3.400 USD
 For VCB
Exercise the call option as requested by X. Then, exercise the call option with the partner bank
Loss due to exercise of option with X
(1,5250 − 1,4372) × 500.000 = 43.900 USD
Interest due to exercising options with partner banks
(1,5250 − 1,4372) × 500.000 = 43.900 USD
Fee received for selling options for X = 40,500 USD
Partner bank's put option purchase fee = 0.08 × 500,000 = 40,000 USD
net profit = 43.900 – 43.900 + 40.500 – 40.000= 500 USD

Bài 6: QUYỀN CHỌN BÁN

Suppose you are an employee of the foreign currency trading department in charge of options
trading for Vietnam Foreign Trade Bank (VCB). On October 20, customer Y came to buy a
foreign currency put option. To limit the risk of the option, you exercise the option with the
partner bank and are offered the following price
Nội dung hợp đồng Quyền chọn mua Quyền chọn bán
Trị giá 500.000 EUR 500.000 EUR
Tỷ giá thực hiện 1,4372 1,4172
Thời hạn 5 tháng 5 tháng
Phí mua quyền tính trên mỗi ngoại tệ 0,08 USD 0,07 USD

Kiểu quyền KiểuMỹ KiểuMỹ

a. Suppose, Vietcombank charges a transaction fee of 500 USD per contract. Determine the
total fees and charges per foreign currency unit that VCB bank offers to customer Y)
b. Calculate customerY's breakeven rate and state the meaning of breakeven rate? Draw an
illustrative graph?
c. At what exchange rate in the market should customer Y exercise the option?
On the expiration date, the exchange rate on the EUR/USD spot market is 1.4050. What decision
should customer Y make regarding his options? With that decision, determine the profit and loss
of Y and VCB.)
Lời giải:
500
a. VCB fee given to Y: 0 , 07+ =0,071 USD
500.000
Total cost Y must pay when buying a put option 0.071 × 500,000 = 35,500 USD
b. Breakeven rate = exercise rate – put option premium = 1.4172 − 0.071 = 1.3462
If the exchange rate on the spot market is exactly equal to the breakeven rate, which is 1.3462,
then the profit from exercising the option is only enough to offset the cost of buying the option.
Therefore, the option contract does not bring any benefit to the customer.
Đồ thị minh hoạ

- 35.500

c. If the market spot rate < breakeven rate = 1.3462, Y can exercise the option to earn profit.
If the breakeven rate < the market spot rate < the exercise rate, Y can exercise the option to offset
the loss due to the cost of buying the option when the contract has expired.
If the contract has not expired, Y does not exercise the right and hopes that the spot exchange
rate on the market will fall below the breakeven rate.
If the market spot rate > strike rate, Y should not exercise the put option.
d. Expiry date, EUR/USD exchange rate = 1.4050, Y exercises the option to offset the cost
of buying the option
 Y
Profit = (1,4172 − 1,4050) × 500.000 = 6.100 USD
Rights purchase fee = 35.500 USD
Loss = 6.100 – 35.500 = −29.400 USD
 For VCB
Exercise the put option as requested by Y. Then, exercise the put option with the partner bank
Loss due to exercise of option with Y
(1,4172 − 1,4050) × 500.000 = 6.100 USD
Interest due to exercising options with partner banks
(1,4172 − 1,4050) × 500.000 = 6.100 USD
Fee received for selling options for Y = 35,500 USD
Partner bank's put option purchase fee = 0.07 × 500,000 = 35,000 USD
Net profit = 6.100 – 6.100 + 35.500 – 35.000= 500 USD

Exercise 1:
HFC is a financial company with main activities including raising capital and investing in the
financial market. Currently, the company has a long-term investment portfolio of 100 billion
VND with a term of 8 years with an interest rate of 12%/year. To have investment capital, the
company issues promissory notes to mobilize capital with a floating interest rate of VNIBOR
plus a margin of 2% as a risk premium. Recently, the State Bank of Vietnam has applied
financial liberalization policies, so VNIBOR can fluctuate depending on how HFC is affected by
interest rate risks?
+, HFC - received: 12%
 - Payable rate: VNIBOR + 2%
 Net interst rate: 12% - (VNIBOR + 2%)= 10% - VNIBOR
Exercise 2:
SFM is a small investment fund that mainly mobilizes capital from friends and relatives at a
fixed interest rate of 9%/year to form an investment fund. Recently, SFM formed a capital
mobilization portfolio of 100 billion VND for a 5-year term. Mobilized capital is used by SFM to
invest in Vietnam's financial market. At this time, VNIBOR is 9%, but in the future, no one
knows whether VNIBOR will increase or decrease depending on the credit supply and demand
situation in the market. SFM Director is considering investing 50 billion VND in Petrolimex
bonds with a term of 5 years with annual interest payments at an interest rate equal to VNIBOR
+ 0.75%. After graduation, you are recruited to work for SFM. Please analyze and explain the
impact of interest rate risk if SFM decides to invest in Petrolimex bonds.
+, SFM - Received interest rate: VNIBOR + 0.75%
- Payable interest rate: 9%
 Net interst rate: VNIBOR + 0.75% - 9% = VNIBOR – 8.25%
Exercise 3:
HFC and SFM are two familiar customers of ACB. Because HFC and SFM are concerned that
interest rate risk may impact the company's operations, they contact ACB and propose to
perform an interest rate swap transaction. Please:
a. Determine the swap interest rate agreed between ACB, HFC and SFM. Knowing that, ACB
accepts to enjoy 20% interest rate difference when performing interest rate swaps for customers.
b. Prove that, through swap transactions, parties including HFC, SFM and ACB are no longer
exposed to interest rate risk?
c. Prepare a payment table and determine the net profit for HFC, SFM and ACB participating in
the interest rate swap transaction in the first year, knowing that VNIBOR increased by 2% that
year?
Investment portfolio Petrolimex bonds
12% X% Y% VNIBOR + 0.75%
HFC VNIBOR ACB VNIBOR SFM
VNIBOR +2% 9%
Promissory Loan
ACB: - Receid interest rate: VNIBOR + X%
- Payable interest rate: VNIBOR + Y%
  Net interest rate: X% -Y% = ( 10% - 8.25%) x 0.2 = 1.75% x 0.2 = 0.35%
HFC: - Receid interest rate: VNIBOR + 12%
- Payable interest rate: VNIBOR + 2% +X%
 Net interest rate: X% -Y% = 10% - X%
SFM: - Receid interest rate: VNIBOR + 0.75% + Y%
- Payable interest rate: VNIBOR + 9%
 Net interest rate: Y% - 8.25%
10% - X% = Y% - 8.25% X% = 9.3%
X% - Y% = 0.35% Y%= 8.95%
Exercise 5:
BIBICO Company is considering investing VND 50 billion in Petrolimex bonds with a term of
10 years with annual interest payments at an interest rate equal to VNIBOR + 0.8%. The capital
source for investment used is bank loan capital with a fixed interest rate of 10%/year.
KIDOCO Company has a long-term investment portfolio of 50 billion VND with a term of 10
years with an interest rate of 14%/year. To have investment capital, the company issues
promissory notes to mobilize capital with a floating interest rate of VNIBOR plus a margin of
2.5%?
a. BIBICO and KIDOCO cooperate with VCB to prevent risks they encounter. Determine the
swap interest rate agreed between VCB with BIBICO and KIDOCO. Knowing that, VCB
accepts to enjoy 30% of the interest rate difference when performing interest rate swaps for
customers.
b. Prepare a net profit payment table of BIBICO and KIDOCO after performing the above
transactions
Investment portfolio Petrolimex bonds
14% Y% X% VNIBOR + 0.8%
BIBICO VNIBOR VCB VNIBOR KIDOCO
VNIBOR +2.5% 10%
Promissory Loan
ACB: - Receid interest rate: VNIBOR + Y%
- Payable interest rate: VNIBOR + X%
 Net interest rate: Y% - X% = ( 11.5% - 9.2%) x 30% = 0.69%
KIDOCO: - Receid interest rate: VNIBOR + 14%
- Payable interest rate: VNIBOR + 2.5% +Y%
 Net interest rate: 11.5% - Y%
BIBICO: - Receid interest rate: VNIBOR + 0.8% + X%
- Payable interest rate: VNIBOR + 10%
 Net interest rate: X% - 9.2%
X% - 9.2% = 11.5% -Y% X% = 10.005%
Y% - X% = 0.69% Y%= 10.695%