a. An investor's current portfolio size is $55 million with a beta of 1.50. Here beta can be used as proxy of hedge ration. He has some open short position and he wants to use S&P 500 futures to hedge this position. S&P 500 futures are currently priced at $450 in the market. What will be the size of the future hedge to offset the risk associated with investor's portfolio? What action will be taken by the investor? b. A non-American bank is considering introducing some dollar denominated bonds in the market. How can the dollar denominated bonds be sold by the non-American bank outside the US? How to employ these funds? c. What is the structure of a syndicate for underwriting and selling the securities?