-9,347 9177305 1.

0896 Buy USD Put

Notional Quotazione SPOT rate EUR rate USD rate Giorni FWD rate Nozionale 10,000,000 USD FX rate 12/11/15 0.960 0.982 1.004 1.026 1.048 1.070 1.092 1.114 1.136 1.158 1.180 1.202 1.224 1.246
Bid / Denaro 1.0860 0.0500% 0.4890% 1.0885 Premio 3.3387% USD per EUR Outright 9.17 9.17 9.17 9.17 9.17 9.17 9.17 9.17 9.17 9.17 9.17 9.17 9.17 9.17
Outright 10,000,000 248

GRAFICO
Ask / Lettera 1.0862 0.1500% 0.6590% 1.0908 FX Spot 1.0860 Acquisto Put 10.11 9.88 9.65 9.44 9.23 9.04 8.86 8.86 8.86 8.86 8.86 8.86 8.86 8.86
Bid/Ask Spread 0.0002 0.1000% 0.1700% 0.00222 Prezzo esercizio 1.0908 at-the-money-forward Vendita Call 9.47 9.47 9.47 9.47 9.47 9.47 9.45 9.27 9.10 8.93 8.77 8.62 8.47 8.32
Scadenza 8 mesi Collar 9.92 9.92 9.92 9.75 9.54 9.35 9.16 8.98 8.80 8.70 8.70 8.70 8.70 8.70
Bank Margin 9,357 check 10,003,444 Premio 307,431 in EUR Knock-in FWD 9.12 9.12 9.12 9.12 9.49 9.30 9.12 9.12 9.12 9.12 9.12 9.12 9.12 9.12
10,003,444
0 Sell USD Call FX rate 12/11/15 0.960 0.982 1.004 1.026 1.048 1.070 1.092 1.114 1.136 1.158 1.180 1.202 1.224 1.246
Spot FWD 11/12/2015 Nozionale 10,000,000 USD Incasso netto in euro 10,109,236 9,875,868 9,652,728 9,439,158 9,234,554 9,038,363 8,860,527 8,860,527 8,860,527 8,860,527 8,860,527 8,860,527 8,860,527 8,860,527
Azienda compra 9,208,103 9,186,671 -21,432 3/9/2015 Premio 3.2270% USD per EUR Put Premio -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431
Azienda vende 9,206,408 9,167,958 -38,449 248 FX Spot 1.0860 Put Esercizio opzione 0 0 0 0 0 0 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958
Delta 1,695 18,713 -29,941 8.27 Prezzo esercizio 1.0908 at-the-money-forward Put Senza esercizio opzione 10,416,667 10,183,299 9,960,159 9,746,589 9,541,985 9,345,794 0 0 0 0 0 0 0 0
Scadenza 8 mesi
9,207,255 9,177,315 29,941 Premio 297,142 in EUR FX rate 12/11/15 0.960 0.982 1.004 1.026 1.048 1.070 1.092 1.114 1.136 1.158 1.180 1.202 1.224 1.246
Incasso netto in euro 9,465,100 9,465,100 9,465,100 9,465,100 9,465,100 9,465,100 9,454,651 9,273,802 9,099,959 8,932,720 8,771,718 8,616,609 8,467,076 8,322,824
Buy USD ZC Collar Call Premio 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142
finanziamento 9,954,807 45,193 10,000,000 Nozionale 10,000,000 USD Call Esercizio subito opzione 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 0 0 0 0 0 0 0 0
9,164,801 3,157 9,167,958 Scadenza 8 mesi Call Senza esercizio opzione 0 0 0 0 0 0 9,157,509 8,976,661 8,802,817 8,635,579 8,474,576 8,319,468 8,169,935 8,025,682
Prezzo esercizio Call 1.0078

Ipotesi Cambio a scadenza Prezzo esercizio Put 1.1491 FX rate 12/11/15 0.960 0.982 1.004 1.026 1.048 1.070 1.092 1.114 1.136 1.158 1.180 1.202 1.224 1.246
1.0500 1.1500 Incasso netto in euro 9,922,604 9,922,604 9,922,604 9,746,589 9,541,985 9,345,794 9,157,509 8,976,661 8,802,817 8,702,463 8,702,463 8,702,463 8,702,463 8,702,463
Incasso esportazione 9,523,810 8,695,652 Buy USD Knock-in FWD ZC Collar Esercizio Put 0 0 0 0 0 0 0 0 0 8,702,463 8,702,463 8,702,463 8,702,463 8,702,463
Corrispettivo swap -355,851 472,306 Nozionale 10,000,000 USD ZC Collar Esercizio Call 9,922,604 9,922,604 9,922,604 0 0 0 0 0 0 0 0 0 0 0
Incasso netto 9,167,958 9,167,958 Premio Put 3.2837% USD per EUR ZC Collar Senza esercizio opzione 0 0 0 9,746,589 9,541,985 9,345,794 9,157,509 8,976,661 8,802,817 0 0 0 0 0
Premio Call Knock-in 2.7548% USD per EUR
Knock-in Call FX rate 1.040 FX rate 12/11/15 0.960 0.982 1.004 1.026 1.048 1.070 1.092 1.114 1.136 1.158 1.180 1.202 1.224 1.246
FX Spot 1.0860 Incasso netto in euro 9,119,259 9,119,259 9,119,259 9,119,259 9,493,286 9,297,095 9,119,259 9,119,259 9,119,259 9,119,259 9,119,259 9,119,259 9,119,259 9,119,259
Strike price Put 1.0908 K-in FWD Premio -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699 -48,699
Strike price Call Knock-in 1.0908 K-in FWD Esercizio Put 0 0 0 0 0 0 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958 9,167,958
Scadenza 8 mesi K-in FWD Esercizio Knock-in call 9,167,958 9,167,958 9,167,958 9,167,958 0 0 0 0 0 0 0 0 0 0
Premio Put 302,362 in EUR K-in FWD Senza esercizio opzione 0 0 0 0 9,541,985 9,345,794 0 0 0 0 0 0 0 0
Premio Call Knock-in 253,663 in EUR
Premio netto 48,699 in EUR FX rate 12/11/15 0.960 0.982 1.004 1.026 1.048 1.070 1.092 1.114 1.136 1.158 1.180 1.202 1.224 1.246
Call+Put Incasso netto in euro 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669 9,157,669
GRAFICO 8,8 Call+Put Incasso a cambio mercato 10,416,667 10,183,299 9,960,159 9,746,589 9,541,985 9,345,794 9,157,509 8,976,661 8,802,817 8,635,579 8,474,576 8,319,468 8,169,935 8,025,682
Call+Put Premio Put pagato -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431 -307,431
Call+Put Premio Call incassato 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142 297,142
10.2
Call+Put Effetto esercizio Put 0 0 0 0 0 0 10,449 191,298 365,141 532,380 693,382 848,491 998,024 1,142,276
Controvalore in € incassato

Call+Put Effetto esercizio Call -1,248,708 -1,015,341 -792,201 -578,630 -374,026 -177,836 0 0 0 0 0 0 0 0
9.7
dall'esportatore

Outright
9.2

8.7 Acquisto Put

8.2
FX 0.96 0.982 1.004 1.026 1.048 1.07 1.092 1.114 1.136 1.158 1.18 1.202 1.224 Vendita Call
rate
12/11
/15

GRAFICO 8,13

10.2

9.7
Outright
9.2

8.7 Collar

8.2
FX 0.96 0.982 1.004 1.026 1.048 1.07 1.092 1.114 1.136 1.158 1.18 1.202 1.224 Knock-in FWD
rate
12/11
/15
 Preventivo Prezzo
Data Offerta Prezzo Cambi spot alla
commessa in finale in
cambi spot offerto aggiudicazione
fase di offerta USD
87 1.15 Costi USD 100 USD 100 1 100.0
100 1 Costi EUR 100 EUR 110 0.87 95.7
26.7 0.75 Costi GBP 20 GBP 20 0.65 13.0
10 1 Utile EUR 10 208.7
224
4.5%
durata
3 97,059 100,000 1.00% 1.00%
2 97,059 98,765 0.875%

97,059 97786.977055 0.75%

97,787 98764.846826 1.00%
98,765 100000 1.25%
Se ad es. tre zero coupon bond pagano € 102,75 dopo 1 anno, 106,09 dopo 2
anni e 110,07 dopo 3 anni, rispetto ad un investimento iniziale di 100, i tassi
a termine per ognuno dei tre anni sono:
t 0,0,1 = ( 102,75 / 100,00 ) -1 = 2,75 %
t 0,1,2 = ( 106,09 / 102,75 ) -1 = 3,25 %
t 0,2,3 = ( 110,07 / 106,09 ) -1 = 3,75 %
JV cinese altergon CHN
actual 23.89% 76.11%

65.01% 20.62% 14.36% 100.00%

Altergon CHN altergon simest fondo totale Progr
1 aumento 520 165 115 800 800
2 aumento 930 295 205 1430 2230
3 aumento 804 255 178 1237 3467
2254 715 498 3467