Your company has set up a commercial paper program in the amount of $50 million U.S. and is turning it over every 30 days. Recent economic predictions have noted that interest rates are likely to rise over the next year (the Fed is predicting 3 interest rate hikes in 2018/19). Set up a hedge structure using Eurodollar futures (contract size is $1 million) note the percentage hedged:

Contract month Price

Jan 98.36

Feb 98.31

Mar 98.24