Now you PRDC them...


Power-reverse dual-currency (PRDC) notes have represented something of a Trojan horse for dealers. The hybrid structures have been popular for more than a decade among a wide range of Japanese investors, from regional banks to pension funds. In simple terms, the product constitutes a carry trade in which investors receive coupons based on foreign currency interest rates on a yen-denominated principal amount. As the yen remained weak relative to the dollar, dealers generated a huge amount of PRDC

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here