Intressiriski

Intressiriski, or interest-rate risk, is the risk that changes in interest rates will affect the value of financial assets or the earnings and capital of institutions and individuals exposed to interest-bearing instruments. It arises because many assets and liabilities have cash flows or values that move with benchmark rates such as policy rates, interbank rates, or reference rates used in derivatives. The two main facets are market value risk for fixed‑income products and cash‑flow risk for borrowers and lenders with rate-sensitive obligations.

Common types include price risk (bond values fall when rates rise), reinvestment risk (income from coupons or maturing assets cannot be reinvested at the same rate), funding or maturity mismatch risk, yield-curve risk (non-parallel shifts alter cash flows), basis risk (funding rates diverge from instrument rates), and optionality risk (embedded options such as mortgage prepayment or issuer call provisions).

Measurement relies on duration and DV01 to estimate price sensitivity, complemented by scenario analysis, stress testing, and, for portfolios, value-at-risk. Institutions also analyze convexity and non-parallel shifts in the yield curve.

Management strategies encompass hedging with interest-rate derivatives (swaps, futures, options), asset-liability management, gap analysis, and careful product design to balance fixed- and floating-rate exposures. Diversification and prudent funding policies can reduce sensitivity.

Implications vary by sector: borrowers face higher debt service as rates rise; lenders and investors may see lower asset values or tighter margins. In banking, interest-rate risk in the banking book (IRRBB) is a regulatory focus, requiring quantification, reporting, and mitigation under adverse rate scenarios.

Intressiriski is a central concern for banks, pension funds, insurers, and corporations with large debt or investments, shaping pricing, strategy, and capital planning.