航空公司在纸货市场上的套期保值交易策略

11995180%20%2OTC34NYMEXIPEBPshell54:305:00~5:301fixed-to-floatswap1-SwapSwapXSwapXYSwap45/10WTIone-yearFixedforFloatingSwap1--XY1220052200611210NYMEXWTI45/YSwapX45/YYNYMEXXXY45YXX45/Swap2Caps&FloorsCapsCapsFloorsFloorsCapsFloors3zero-costcollarmin-maxstrategySwapSwapZero-costcollarpremiumcollar2a2b2abWTIWTICappriceWTIFloorprice33XXSwapXY10one-yearWTIzero-costcollaragreement1048/42/WTI48/ceilingpriceXYWTI42/XYWTIX2WTIXXY1210NYMEXWTI48/5YSwap1ParticipationSwaps25~100%participationrate3WTI50%XY1210NYMEXWTIWTI$45/bbl50%50%5YSwapNYMEX2SpreadSwapsContinuousOilBackwardationSwapCOBS5NYMEXWTI3HybridStrategiesExtendableswapsDouble-upordouble-downswapsParticipatingcollarsSwapoptionsSwaptionsCross-commodityindexedswapsRangeswapsExtendablecollarsBarrierorknock-outoptionsOnetimesettlementoptions4WTICOBSYZ1220052200611210NYMEXWTI$45/bblYSwapExtendableswapsXY44/X43/XDouble-upSwapParticipatingCollarsSwapOptionsSwaptionCross-CommodityIndexedSwapRangeSwapsBarrierorKnock-OutOptions4swap$/$/$/SwapCallOptionPremium$50$50$55$50capfloor