
Synthetic currency debuts
Barclays Capital has launched a synthetic currency aimed at reducing European funding costs for corporate clients, banks and hedge funds. The European Borrowing Unit (EBU) is convertible only into euros.
Launched on September 24, it is aimed at European clients that may already be trying to minimise funding costs by borrowing in low-interest rate currencies, such as yen or Swiss francs.
Positions in EBU are financed by the bank with a basket of G-10 currency forwards. The basket is dynamically
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