考虑利率互换以降低信贷成本

在提高运营生产率和质量的压力下，美国制造商在选择融资直接和长期支出的最具成本效益的手段方面也面临挑战。

当前的金融市场条件提供了使用利率掉期的机会，以减少公司在用于资助库存购买或其他当前需求的短期信贷额度上支付的利息金额。

An interest rate swap is essentially a contractual agreement between two parties to exchange interest rate payments for a defined period of time. The contractual terms are based on a notional principal amount that serves as a reference point, but is never exchanged.

Such swaps occur when two companies each have interest rate payment terms that are more beneficial to the other entity. One company, for example, might wish to swap its floating rate interest payments for another corporation’s fixed rate interest payments. Corporate credit ratings and an individual entity’s short-term and long-term financial priorities affect such decisions. Disparities and fluctuations in international currency valuations also influence interest rate swap objectives.

第一个利率掉期发生在1980年代初期。如今，国际市场上发生的利率掉期的年度价值总计数百万亿美元。可以发起利率掉期，以对冲利率风险，增强流动性，推测利率未来变动并降低资金成本。

掉期费率

利率互换可能很大。它们也可能很复杂。当用于投机目的时，它们也可能很冒险。但是，当前情况使它们成为降低公司短期信贷额度部分的利息支付的有吸引力且相对简单的选择。

短期信贷额度的利率基于美联储委员会建立的短期利率，而长期利率由各种金融市场力量设定。短期利率目前高于长期借贷利率，从而产生了倒债率曲线。

借助该收益曲线，制造商可以通过交换他们在另一个实体的长期利率的短期信用额度上支付的利率来实现大量利率节省。

要了解所实现的节省，请考虑以下方案：

假设一家公司拥有2000万美元的短期信用额度，目前，该公司的短期利率支付了6％，以购买库存并满足其他即时运营需求的资金。该公司有机会以4％的长期利率将短期利率交换为其信用额度的一半（1000万美元）。1000万美元的两个百分点利息点的不同，这是200,000美元，这一节省了可立即增强公司的现金流量和整体财务状况。

Such swaps incur a fee that is typically based on the differences in interest rates being traded. A variety of over-the-counter (OTC) brokers can arrange such interest rate swaps. For a company in good financial standing with a solid credit history, however, the best place to initiate such a swap is with the organization’s existing lender. Such institutions are familiar with company operations, and are likely in a position to offer better interest rate swap terms.

Interest rates and financial market conditions change over time, necessitating that companies pay continual attention to such fluctuations to determine what particular scenario works best for them. For current market circumstances, swapping short-term interest rates for lower long-term rates on a short-term line of credit can provide significant, immediate savings.

菲尔·西蒙斯（Phil Simoens），psimoens@weaverandtidwell.com, is a Tax Senior Manager with Weaver and Tidwell L.L.P.