收益互换基础知识丨互换的分类

Group 1 - The article emphasizes the importance of yield swaps as a significant financial tool in capital markets, providing risk management and asset allocation services across various markets and products [1] - It highlights the flexibility and customizability of yield swaps, which leads to a lack of comprehensive understanding among many investors [1] - The article introduces a dedicated section on "Basic Knowledge of Yield Swaps" to help investors gain a better understanding of this efficient yet complex financial instrument [1] Group 2 - Yield swaps are defined as transactions where two parties agree to exchange payments based on a reference asset's returns over a specified period [3] - Equity yield swaps are primarily linked to assets such as stocks, ETFs, stock indices, and equity futures, and can be further categorized into long, short, and long-short swaps [3] - Non-equity yield swaps include transactions linked to bonds, bond indices, and commodities, both domestic and foreign [3] Group 3 - Other types of swaps include interest rate swaps, credit default swaps, foreign exchange swaps, and currency swaps [4] - Interest rate swaps involve the exchange of cash flows based on agreed principal amounts and interest rates, suitable for managing interest rate risk [4] - Credit default swaps provide credit protection, where the buyer pays a premium to the seller in exchange for compensation in the event of a credit event related to a reference entity [5] - Foreign exchange swaps involve two parties agreeing to exchange currencies at two different dates, with both near-term and long-term periods defined [6] - Currency swaps entail the exchange of principal amounts in two different currencies along with periodic interest payments in those currencies [7]