Derivatives- Value of the bond futures

CFA Level II Derivatives
#1

Reading 37 states that for forward contracts with underlying being bonds says that when we calculate the value of forward contracts at a certain time, we need to take the present value of the forward price at certain time minus the present value of the forward price we have established today.

In example 10 , the investor bought eurobund forward contract at $145 with 2 months at expiration and at 1 month to expire, the current forward price was $148. Thus, they have asked us to calculate the value of this forward contract at time 1.

I took the present value of the $145 forward contract and discounted it to time 1, but what I dont understand is why did the book take also the present value on the $148 when this price was already at time 1?

#2

forward price is the price you agree to pay at the agreed future date in exchange for the underlying security (in this case a bond). for the example given, the $148 is the price at time 1 an investor would agree to pay for the security at time 2 (you agree to pay this price at time 1, but only actually pay it at time 2), which is why the book discounts it to time 1.

#3

The value of any derivative is:

PV(what you will receive) – PV(what you will pay)

#4

many thanks to both of you