Board-Ansicht
Mix-Ansicht- Weshalb die Fed Die Zinsen herunter gepruegelt hat, und warum es den Druck aus - XERXES, 07.02.2002, 20:28
Weshalb die Fed Die Zinsen herunter gepruegelt hat, und warum es den Druck aus
den USA auf die EZB, die Zinsen zu senken gibt.
Aus dem SEC-Filing von Wal-Mart
Market Risk
Market risks relating to the Company’s operations result primarily from changes in interest rates and changes in currency exchange rates. The Company’s market risks at October 31, 2001 are similar to those disclosed in the Company’s Form 10-K/A for the year ended January 31, 2001. However, the Company added a cross-currency swap with a notional amount of $325 million during the first nine months of fiscal 2002. The fair value of this swap, which is designated as a cash flow hedge, was $10 million at October 31, 2001. Also during the first nine months of fiscal 2002, the Company added six interest rate swap instruments designated as fair value hedges as shown in the following table (in millions):
Rate Paid
USD Rate
Received
Notional Amount
Fair Value at
October 31,
2001
3-mo. US LIBOR plus 2.35%
7.500%
$ 500 $ 27
3-mo. US LIBOR plus.32%
5.875%
597
36
3-mo. US LIBOR plus 2.27%
8.000%
250
17
3-mo. US LIBOR plus 1.01%
7.250%
445
47
3-mo. US LIBOR plus.01%
5.450%
750
44
3-mo. US LIBOR plus.01%
5.450%
750
44
The fair value of the Company’s cross-currency derivative instruments designated as net investment hedges existing at January 31, 2001 increased from $1.1 billion at January 31, 2001 to $1.5 billion at October 31, 2001.
The fair value of the Company’s interest rate instruments, including the swaps discussed above, increased from $45 million at January 31, 2001 to $240 million at October 31, 2001.
The Company continues to evaluate its risk management strategies in light of the adoption of FASB 133. The information concerning market risk under the sub-caption"Market Risk" of the caption"Management’s Discussion and Analysis" on pages 19 through 22 of the Annual Report to Shareholders for the year ended January 31, 2001, that are exhibits to the Company’s Annual Report on Form 10-K/A for the year ended January 31, 2001 are hereby incorporated by reference into this Quarterly Report on Form 10-Q.
Page 15 of 19 (Form 10-Q)
(zum besseren verstaendnis, hier die Link:http://www.sec.gov/Archives/edgar/data/104169/000010416901500023/final10q.htm
US-Unternehmen haben im grossem Stil, Long-Term-Debt, ueber Swaps in variabele Verzinsung gedreht.
Schaut man sich die G+V aller Unternehmen an, so wird man feststellen, dass die Zinsbelastung in keinem Verhaeltnis zu den Verbindlichkeiten steht.
Durch die Swaps, mache ich aus einer, z.B. 10 Jahres Verbindlichkeit, eine 3 Monats-Libor, sprich variabele.
Statt 8,05 % zahle ich nur noch 3,5 % und weise sogar noch Zinseinkuefte aus, die Kapitalanlagen suggerieren.
Letzlich erpare ich mir, durch die immer steiler werdenden Zinskurve, Zinskosten von ca. 50%.
Was wuerde nun geschehen, wenn die FED ihre Bias aendern wuerde?
Ich muesste aus den Swaps raus, da meine Zinsbelastung nach oben schiessen wuerde.
Ergo befinden sich die USA nicht nur in einer Liquiditaetsfalle, sondern auch in einer Zinsfalle!
<ul> ~ http://www.sec.gov/Archives/edgar/data/104169/000010416901500023/final10q.htm</ul>
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