BarCap launches new currency
"We're very excited to introduce a new currency to the market, especially one with a zero interest rate," remarked Philippos Kassimatis, London-based co-head of foreign exchange structuring at the bank.
The European Borrowing Unit (EBU) is convertible only into euros. It is aimed at European clients that might already be trying to rein in funding costs by borrowing in low-yielding currencies, such as yen or Swiss francs.
Positions in EBU are financed by the bank with a basket of G-10 currency
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