题目：
You own $2,000,000 Face Value of bonds which will mature in one year from today(assume today is March 31, 2014). Explain 2 ways you would hedge your interest rate risk using Euro$ futures. The Euro$ futures information is provided and also available on Bloomberg.
答案：
Each Euro$ future equates to $250,000 of one year interest rate risk. Therefore you will require a total of 8 contracts.
Method 1——sell a strip today:2 futures each for June '14, Sept '14, Dec '14 and Mar'15 expiration
Method 2——sell 8 furtures for June '14 expiration; when that expires sell 6 for sep'14 expires sell 4 for Dec '14 expiration, when that expires sell 2 for Mar '15 expiration.
Method 3 ——sell 8 furtures for Mar'15 expiration today, in 3 months buy to cover 2 contracts, in another 3 months (six months from today) buy to cober 2 contractd, in another 3 months buy to cover 2 contracts.

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