472                                                    16

16.6.3    [) 

        
        .  -
 ()  (bond swapping)      
,       -
21.  ,  ,     
.       ,    
     ,     -
,       ,    
  .    ,   
   .       
       :

1.     (substitution swap).     -
     .    
   ,      -
      .

2.    (intermarket spread swap).     
           -
 ,   .     ,  -
        
.           ,  -
       
  .

3.      (rate anticipation swap).   -
          .

4.    (pure yield pickup swap).     -
     .     -
        ,  
  22.

  ,   30-  -
       7%.    -
   ,      7%.  -
,      ,    ,
   ,  7,10%.    -
    ,        
   (  )    -
, ,  , 10    .

        ,   
    10-     6%, ..  -
 6%.       100     -
 30-  10- .   ,   -
  ,          30-
    10-.    ,  
  ,    10-   .
 ,     ,     
  .

     ,     -
     .     ,
  .   ,      
,  ,    ,  ,   , 