Administración del riesgo cambiario

Determine Appropriate Risk Management Strategies

FX Risk Management Strategies

Las herramientas de cobertura de cambio de divisas te pueden ayudar a gestionar el riesgo cambiario con mayor eficacia, asegurar precios y costos y posiblemente aumentar las ganancias y reducir los gastos. PNC's dedicated team of senior foreign exchange consultants can help you identify exposures and determine the appropriate risk management tools to effectively hedge global risk, enabling you to benefit from favorable market conditions.

Customized solutions include:

  • Spot and Forward Contracts in all major and most emerging market currencies
  • Mitigate risk while preserving upside potential with Collar or Enhanced Collar and Participating Forward Contracts, as well as “Vanilla” options and Forward Extras
  • Full range of option structures including non-deliverable forwards and cross-currency interest rate swaps
  • Netting of intra-company payables across multiple currencies

Cambio de divisas

PNC offers a full range of FX services

Reference Materials

Foreign Currency Financing Product Sheet

Forward Contract

Overview of a Forward Contract

 

A contractual obligation to buy from or sell a fixed amount of foreign currency on a future maturity date at a predetermined exchange rate.

Advantages include:

  • Mitigate currency risk, as foreign exchange costs are determined upfront.
  • Establish contracts to match your organization’s cash flows — a requirement to qualify for ASC hedge accounting treatment.
  • Set up delivery dates to match your cash flows.
  • Contracts are available in any freely convertible currency.

Considerations for using a Forward Contract

  • Forward contracts are firm obligations so they should only be used in situations where there is a firm or definitive commitment or exposure.
  • You have no ability to participate in favorable rate movements.

Who Can Benefit from Using a Forward Contract?

  • Importers that purchase goods or services overseas and pay in a foreign currency.
  • Exporters that sell merchandise outside the United States and are paid in a foreign currency.
  • Organizations that receive foreign-denominated dividends or royalties.
  • Businesses that invest in foreign securities or make capital infusion payments and/or are involved in a foreign acquisition where the exchange of payment will not be in U.S. dollars.

Variations of Forward Contracts

 

Forward contracts can be customized in a variety of ways. All forward contracts protect against adverse currency fluctuation by locking in an exchange rate. However, customized product structures provide for flexibility in timing and hedging opportunities in regulated markets.

  • Window forward— Allows you to select a time frame (typically 30 days) during which you can draw down and make payment from an existing contract at the pre-agreed-upon exchange rate.
  • Non-deliverable forward— Allows you to hedge foreign currency risk where no traditional forward market exists. It is a synthetic type of hedge that is net settled in U.S. dollars. No delivery of foreign currency will occur under this type of forward contract.

Collar or Enhanced Collar

Overview of a Collar or Enhanced Collar

 

Global business exposure may motivate you to hedge your currency risk; however, you want the opportunity to achieve some benefit from a favorable move in the currency markets. A collar or enhanced collar, which can be structured with no upfront premium, may be the answer.

Advantages include:

  • Usually structured with no upfront premium.
  • Provides full protection (a floor) against adverse currency movements.
  • Allows participation in favorable currency moves up to a predetermined level (a cap).

Considerations for using a Collar or Enhanced Collar

  • Floor is less attractive than the forward rate.
  • Participation in favorable market movement is limited.

Who Can Benefit from Using a Collar or Enhanced Collar

  • Importers looking to reduce the cost of foreign payables.
  • Exporters looking to increase the value of foreign currency receivables.
  • Businesses that need to protect their budget at a defined rate, while benefiting from favorable currency moves.
  • Businesses that need to accommodate different views on currency direction, yet still meet hedging requirements.
  • Businesses that want to take advantage of positive currency fluctuations but do not want to pay a premium upfront.

Examples of How a Collar or Enhanced Collar Works

Your company protects against a strengthening euro by executing a collar with a 1.10 floor and 1.15 cap expiring in 3 months. If at expiry the EUR spot is:

  • Above 1.15, you purchase EUR at 1.15.
  • Below 1.10, you purchase EUR at 1.10.
  • In between this range, you purchase EUR at the prevailing market rate.

Participating Forward Contract

Participating Forward Contract

 

Global business exposure may motivate you to hedge your currency risk, but you still want the opportunity to benefit from a favorable move in the currency markets. A participating forward contract may be the answer.

Overview of a Participating Forward Contract:

  • Usually structured with no upfront premium.
  • Provides full protection (a cap or floor) against adverse currency movements.
  • Provides benefit from favorable currency moves on the participated portion of your exposure.
  • Participation level can be customized.

Considerations for Using a Participating Forward Contract

  • Cap (or floor) is less attractive than the forward rate.
  • Best utilized when a substantial favorable currency move is expected but otherwise carries a higher breakeven than a range forward contract.
  • Provides protection against unfavorable currency fluctuations, while allowing limited participation in favorable market movements up to a predetermined level or cap.

Who Can Benefit from Using a Participating Forward Contract

  • Importers looking to reduce the cost of foreign payables.
  • Exporters looking to stabilize the value of foreign currency receivables.
  • Businesses that need to protect their budget at a defined rate, while benefiting from favorable currency moves.
  • Businesses that need to accommodate different views on currency direction, yet still meet hedging requirements.
  • Businesses that want to take advantage of positive currency fluctuations with no upfront premium.

Examples of How a Participating Forward Contract Works

Your company protects against a strengthening euro by executing a participating forward contract with a 1.15 cap and a 50% participation level expiring in 3 months. If at expiry the EUR spot is:

  • Above 1.15, you purchase 100% of your EUR at 1.15.
  • Below 1.15 (for example, 1.05), you purchase 50% of your EUR at 1.15 and the balance at 1.05, creating a blended rate of 1.10.

Recursos relacionados

FINANZAS E INFORMES

Informes económicos

 

Los economistas de PNC proporcionan análisis y pronósticos de las tendencias económicas y financieras nacionales, regionales y globales proporcionadas en una variedad de publicaciones.
 

DOCUMENTO TÉCNICO

Chinese Renminbi Internationalization

The RMB market has experienced exponential change over the last few years and we expect the trend to continue. PNC can help you understand the implications and provide guidance.

Ideas, perspectivas y soluciones

Flujo de caja internacional

 

Obtener el control y la flexibilidad de tu flujo de caja internacional puede ayudar a tu empresa a crecer a nivel internacional.
 

PNC's Foreign Exchange Sales and Trading Desks

Atlanta1-855-852-4700

Boston1-888-627-8703

Charlotte1-855-543-4026

Chicago1-866-245-4696

Cleveland1-800-622-7400

Dallas1-855-852-4700

Denver1-844-763-0006

Detroit1-800-362-1066

Houston1-713-345-1580

Indianapolis1-800-622-7410

Los Angeles: 1-833-540-1286

Milwaukee: 1-844-290-1442

Philadelphia: 1-888-627-8703

Pittsburgh1-800-723-9106

San Francisco1-888-891-5265

Washington, D.C.: 1-877-856-6957


Hablemos

Share a few details about your company's foreign exchange needs and
we'll contact you within 1-2 business days.

Tenga en cuenta: Individuals can purchase and sell foreign currency bank notes at most of our PNC branches.
Please contact your local branch for more information.