Now you PRDC them...

pk-sinha

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

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