BarCap launches ‘new currency’ for financing

Barclays Capital has unveiled a synthetic currency intended to reduce funding costs for corporate clients, banks and hedge funds.

“We’re very excited to introduce a new currency to the market, especially one with a zero interest rate,” says Philippos Kassimatis, the bank’s London-based co-head of FX structuring.

The European Borrowing Unit (EBU) is convertible only into euros. It is aimed at European clients that may already be trying to rein in funding costs by borrowing in low-yielding currenci

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