利率上下限期权的中文解释
指结合利率上限(cap)和利率下限(floor)的期权,将利率限定在一个固定的区间。金融机构向贷款者出售利率上限期权,同时向其买入利率下限期权。如果两笔期权费(premium)相等,则双方皆不必付出期权费。
Collar的英文解释
A derivative
instrument which fixes interest payments within a certain range by combining a long cap and a short floor. The
premium generated from the sale of the floor may completely or
partlyfinance the
premium to be paid for the cap.