Urban Storm Water Management 2nd Edition Hormoz Pazwash - Solutions

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Suppose UK Trust plans to invest $15 million in a two-year FRN paying LIBOR.The FRN starts on 3/20 at 7.5% and is then reset the next seven quarters on 6/20, 9/20, and 12/20. UK Trust would like to establish a floor on the rates it obtains on the note. A money center bank is offering UK a floor for
Given the following interest-rate swap: Fixed-rate payer pays half of the YTM on a T-note of 6.5% Floating-rate payer pays the LIBOR Notional principal is $10 million Effective dates are 3/23 and 9/23 for the next three yearsa. Determine the net receipts of the fixed-rate payer and the
Explain how the fixed-payer and floating-payer positions in Question 1 could be replicated with positions in fixed-rate and floating-rate bonds.
What positions in a Eurodollar futures strip would be similar to the fixed-payer and floating-payer positions in Question 1? Show in the following table the cash flows for each strip position given the LIBOR scenario in Question
Note: The interest payments on the swap are determined by the LIBOR at the beginning of the period, whereas the futures position’s cash flows are based on the LIBOR at the end of its period. Eurodollar Closing Dates LIBOR fr Cash Flow from Short Position Cash Flow from Long Position 3/23/Y1 .055
Explain some of the differences between a plain vanilla swap position and a Eurodollar strip.
What are the dealer’s bid and ask quotes on a five-year swap with a quoted 60/70 swap spread over a T-note with a yield of 6.5%?
The table below shows a swap bank’s quotes on four generic swaps.Questions:a. Complete the table by calculating the swap bank’s fixed swap-rate spreads and swap rates for the four swaps.b. Explain in more detail the positions the swap bank is willing to take on the first swap contract.c.
The table below shows the effective dates on a 6%/LIBOR swap, the number of days between effective dates, and assumed LIBORs on effective dates. Complete the table by determining the swap’s fixed payments, floating payments, and net receipts received by the fixed- and floating-rate payers.
Suppose a swap bank can go long and short in three-year FRNs paying LIBOR and three-year T-notes yielding 5%.a. Given these securities, define the three-year generic par value swap the bank could offer its customers. Exclude the basis point that the swap bank might add to its bid and ask prices.b.
Given the5%yield on three-year T-notes and LIBOR yields on FRNs in Question 9, how much would the swap bank pay or charge to buy an existing floating-rate payer’s position on a three-year, 6%/LIBOR swap with a notional principal of$50 million, if it planned to hedge the purchase with positions in
If the swap bank in Question 9 were offering three-year generic 5%/LIBOR par value swaps, how much would it pay or charge to buy a floating-rate payer’s position on an existing three-year, 6%/LIBOR swap with a notional principal of $50 million, if it planned to hedge the purchase with a position
Explain the alternative ways a swap holder could close her swap position instead of selling it to a swap bank.
If the fixed rate on a new par value two-year swap were at 5%, how much would a swap dealer pay or charge to assume an existing fixed-payer’s position on a 5.5%/LIBOR generic swap with two years left to maturity and notional principal of $20 million? How much would the dealer pay or charge if the
Suppose the Star and Moon companies in Question 15 both have the same quality ratings with the following fixed- and floating-rate loan alternatives:Questions:a. Describe each company’s absolute and comparative advantages.b. What is the total possible interest rate reduction gain for both parties
Explain the idea of comparative advantage in terms of Questions 15 and 16.
Suppose a company wants to borrow $100 million for five years at a fixed rate.Suppose the company can issue both a five-year, 11%, fixed-rate bond paying coupons on a semiannual basis and a five-year FRN paying LIBOR plus 100 bp.a. Explain how the company could create a synthetic five-year
Who generally assumes the credit risk in a brokered swap?
Who assumes the credit risk in a dealer swap?
What is one of the problems with brokered swaps that contributed to the growth in the dealer-swap market?
What does the term warehousing mean?
What does the term running a dynamic book mean?
How do dealers typically quote the fixed rate and floating rate on swap agreements they offer?
Describe the comparative advantage argument that is often advanced as the reason for the growth in the swap market.
If one borrower has a comparative advantage in the fixed-rate market and another borrower has a comparative advantage in the floating-rate market, what is the total possible interest rate reduction gain for both borrowers from creating synthetic debt positions using swaps, given that one of the
If one borrower has a comparative advantage in the fixed-rate market and another borrower has a comparative advantage in the floating-rate market, what is the total possible interest rate reduction gain for both borrowers from creating synthetic debt positions using swaps, given that each party has
What is the criticism that is often advanced against the comparative advantage argument?
What is the hidden option and does it relate to a difference in credit spreads in the fixed and floating credit markets?
Explain how a company could take a swap position to replace its current floating-rate debt with a fixed-rate debt obligation.
Explain how a company could take a swap position to replace its current fixed-rate debt with a floating-rate debt obligation.
Explain how a company with investments in intermediate fixed-rate notes could take a swap position to create a floating-rate note. Why might a company want to do this?
Explain how an insurance company that expects lower rates in the future could change its currently immunized position to a more speculative one with a positive duration gap.
Define the YTM approach to valuing off-market swaps.
What is the problem with using the YTM approach to value off-market swaps?
The MEJ Development Company is constructing a $300 million office park development that it anticipates completing in two years. At the project’s completion, the company plans to refinance its short-term construction and development loans by borrowing $300 million through the private placement of
Suppose the MEJ Development Company in Question 2 hedges its planned$300 million bond sale in two years by taking a position in the forward swap contract offered by Star Bank. Also suppose that at the forward swap’s expiration date, 10-year T-bonds are trading at 7% and the fixed rate on 10-year
Suppose the MEJ Development Company in Question 2 hedges its planned$300 million bond sale in two years by taking a position in the forward swap contract offered by Star Bank. Also suppose that at the forward swap’s expiration date, 10-year T-bonds are trading at 5% and the fixed rate on 10-year
XSIF Investment Trust has bonds worth $20 million in par value maturing in one year. To maintain the duration and quality ratings of its overall bond fund, the trust plans to reinvest the principal in three-year, option-free bonds with a quality rating of A. Such bonds are currently trading 200
Suppose the XSIF Investment Trust in Question 5 hedges its planned $20 million bond investment in one year by taking a position in the one-year, 6.5%/LIBOR forward swap contract offered by Fort Washington Bank. Also suppose that at the forward swap’s expiration date, three-year T-notes are
Suppose a speculative hedge fund anticipating higher rates in several years purchased a two-year payer swaption on a three-year 6%/LIBOR generic swap with semiannual payments and a notional principal of $20 million for a price equal to 50 bp times the NP. Explain what the fund would do at the
Show graphically and in a table the values and profits/losses at expiration that the hedge fund in Question 7 would obtain from closing its payer swaption on a 6%/LIBOR swap with a notional principal of $20 million purchased at a price equal to 50 bp times the NP. Evaluate at fixed rates on
Suppose the speculative hedge fund in Question 7 was anticipating lower rates in several years and purchased a two-year receiver swaption on a three-year 6%/LIBOR generic swap with semiannual payments and notional principal of $20 million for a price equal to 60 bp times the NP. Explain what the
Show graphically and in a table the values and profits/losses at expiration that the hedge fund in Question 9 would obtain from closing its receiver swaption on a 6%/LIBOR swap with a notional principal of $20 million purchased at a price equal to 60 bp times the NP. Evaluate at fixed rates on
The Washington Investment Fund has a Treasury bond portfolio worth$100 million in par value that is scheduled to mature in one year. Washington plans to reinvest the $100 million of principal for another three years in similar fixed-income bonds. Currently, such bonds are trading to yield
The Ebersole Software Development Company has a $25 million, 8% fixedrate bond obligation maturing in one year. The company plans to finance the$25 million principal liability by issuing new five-year fixed-rate bonds. Currently, five-year T-notes are trading to yield 6% and Ebersole’s bonds are
The Zuber Bottling Manufacturing Company is considering financing the construction of its new $50 million facility by selling seven-year, 10% fixed-rate,option-free bonds at par through a private placement. The company’s investment banker has informed the company that it could also sell
Explain how a 10-year, 8%/LIBOR putable swap cancelable after five years can be created with positions in a 10-year 8%/LIBOR generic swap and a five-year payer swaption on a five-year 8%/LIBOR swap.
Explain how a 10-year, 8%/LIBOR callable swap cancelable after five years can be created with positions in a 10-year 8%/LIBOR generic swap and a five-year receiver swaption on a five-year 8%/LIBOR swap.
Given a borrower can issue floating-rate notes, callable bonds, and putable bonds and can take positions in comparable generic swaps, callable and putable swaps, and receiver and payer swaptions, define five ways the borrower could form synthetic fixed-rate positions.
Define the following swaps and give an example of their use: amortizing, accreting, and index amortizing swaps.
The table shows the annual loan rates U.S. and Canadian multinational companies can each obtain on a five-year, $100 million loan in U.S. dollars and an equivalent five-year, C$142.857 million loan in Canadian dollars.a. Suppose the U.S. multinational wants to borrow C$142.857 million for five
The table shows the annual loan rates U.S. and Mexican companies can each obtain on a five-year, $20 million loan in the United States and/or equivalently on a five-year 114.2857 million peso loan in the Mexican market.a. Explain the comparative advantages that exist for the U.S. and Mexican
What is the bond equivalent of a currency swap position in which the counterparty agrees to swap a three-year, 10% loan of $14.6 million for a three-year, 7% loan of £10 million?
What is the bond equivalent of a currency swap position in which the counterparty agrees to swap a three-year, 7% loan of £10 million for a three-year, 10% loan of $14.6 million?
What is the forward exchange rate equivalent of a currency swap position in which the counterparty agrees to swap a three-year, 10% loan of $14.6 million for a three-year, 7% loan of £10 million?
What is the forward exchange rate equivalent of a currency swap position in which the counterparty agrees to swap a three-year, 7% loan of £10 million for a three-year, 10% loan of $14.6 million?
What is the value of an existing currency swap position in which the counterparty agrees to swap a two-year, 10% loan of $14.6 million for a two-year, 7% loan of £10 million if the current dollar rate is 9%, sterling rate is 7.5%, and spot $/£ exchange rate is $1.45/£?
Describe comparative advantage in terms of U.S. and British multinational companies who can each obtain loans in dollars and pounds at the following rates: U.S. company British company Dollar Market (rate on $) Pound Market (rate on ) 11% 12% 8.25% 8.5%
Why does urbanization impact storm water?
What are the main impacts of urbanization on storm water runoff?
What are the impacts of urbanization on runoff quantity?
Why does urbanization increase storm water volume?
Does urbanization increase the peak rate of runoff? If your answer is yes, what are the reasons?
Does urbanization impact storm water quality? If so, what are the changes?
Does urbanization increase or decrease the sediment load? Explain your answer.
Why does sediment contribute to storm water contamination?
Is the sediment a problem during construction? If so, is it more of a problem than that of postconstruction? Explain your answer.
What does the settling velocity of a particle in water depend on? How is it related to particle size?
How is sediment commonly removed from storm water?
Does urbanization increase nutrients in runoff?
Name the prime nutrients present in storm water.
What are the sources of nutrients in urban storm water?
Do nutrients have adverse impacts on water bodies? If so, list the impacts.
Are there any heavy metals in urban runoff? If so, what are they?
Where does the heavy metal in urban runoff originate?
Are pathogens bacterial or viral organisms? What are their sources in storm water runoff?
Can pathogens cause human diseases? Name an infective disease associated with pathogen bacteria.
What is the main source of sodium chloride (salt) in urban runoff?
Can salt in drinking water affect our health?
Outline the most effective measures to reduce the use of salt on roads.
Are petroleum hydrocarbons present in urban runoff? If so, where do they come from?
Do single-family homes or compact developments have a smaller impact on runoff?Explain your reason.
To properly compare impacts of developments on runoff, what should the impacts be based on?
For a wide channel, assume a velocity distribution ofwhere v is the flow velocity at a distance of d from the bed, k is the surface roughness, and u*= o / is the shear velocity. Show that the velocity at 0.6 depth from the water surface approximates the average velocity in a section.Also show
A riprapped trapezoidal channel with a longitudinal slope of 0.3%, bottom width of 2 m, side slopes of 2:1 (2H,1V) is to carry 10 m3/s. Calculate the normal depth of water in this channel. Use: n = 0.03.
Solve Problem 2.2 for a channel width of 6 ft and 350 cfs discharge.
Calculate the normal capacity and full flow velocity for reinforced concrete pipes(RCPs) of 15, 18, 24, 30, and 36 in. diameter. The pipes are at 2% grade. Use Manning’s n = 0.012.
Solve the preceding problem in metric units for RCP pipes of 300, 375, 450, 600, 750, and 900 mm diameter.
Calculate the normal flow depth in a 24 in. pipe laid at 2% slope for a discharge equal to 65% of the pipe capacity.
Calculate the normal depth of flow in a 600 mm concrete pipe for a discharge equal to 70% of the pipe capacity. The pipe is at 1.5% slope. Base your calculations on n =0.013.
The design flow for a 24 in. RCP is calculated at 30 cfs. The pipe is at 2% slope and emanates from a manhole 3.5 ft deep. The invert of the pipe is set at the bottom of the manhole. Is this pipe adequate for the design flow?
A 500 mm concrete pipe is employed for conveying storm water at a rate of 400 L/s. The pipe is at 2% slope and emanates from an inlet 1.0 m deep. The invert of the pipe is set at the bottom of the inlet. Perform calculations to determine whether or not this pipe is adequate for the design flow.
A semicircular concrete channel 1.5 m in diameter is laid on a 0.5% slope. Calculate the maximum discharge, in m3/s, that this channel can carry when the brim full. Take n =0.013.
Redo Problem 2.10 for a semicircular channel of 60 in. diameter.
Calculate the normal depth of flow in a 120 cm concrete culvert (n = 0.012) on a slope of 0.5% for a discharge of 1 m3/s.
Redo Problem 2.12 for a 48 in. culvert and 35 cfs flow.
Select the size of pipe needed to carry a discharge of 10 m3/s at no more than 65% full.The pipe is at 1% grade. Use n = 0.013. Note that large pipe comes in 150 mm diameter intervals.
A circular concrete pipe culvert is to carry a discharge of 450 cfs on a slope of 0.008 and is to run no more than 60% (by depth) full. Concrete pipes are available in internal diameters that are multiple of 6 in. Choose a suitable culvert diameter. Use n = 0.012.
The critical depth in a storm drain, 60 in. diameter, is 2.2 ft. What is the critical discharge?
Redo Problem 2.16 for a critical depth of 66 cm in a 150 cm pipe.

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Urban Storm Water Management 2nd Edition Hormoz Pazwash - Solutions

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