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Performance scenarios of a deal based on a 3X6 Forward

Performance scenarios of a deal based on a 3X6 Forward

PERFORMANCE SCENARIOS of a deal based on a 3X6 Forward

Rate Agreement on Libor in USD.

Parameters Abbreviation Value
FRA Fixed Rate Payer (%): P 6% (fixed leg)
Trade size (per Notional): TS $1,000,000
Margin %: M upon agreement between counterparties

BUY/LONG (Paying fixed/receiving floating) Opening Price Closing Price (incl. spread) Price change Profit / Loss
Favourable 6% 6.4% 0.4% $4000
Moderate 6% 6.2% 0.2% $2000
Unfavourable 6% 5.6% -0.4% -$4000
Stress 6% 5.3% -0.7% -$7000

SELL/SHORT(Paying Floating/Receiving fixed) Opening Price Closing price (incl. spread) Price change Profit / Loss
Favourable 6% 5.6% -0.4% $4000
Moderate 6% 5.8% -0.2% $2000
Unfavourable 6% 6.4% 0.4% -$4000
Stress 6% 6.7% 0.7% -$7000

Profit and loss calculated above are payable/receivable in 6 months from today. However, FRAs are settled once the LIBOR is fixed and known which is 3 months from today. All the Profit and loss amount are then discounted using the discount rate available which usually is the same of the LIBOR above.

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2021-02-02 • Updated

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