“For a large multinational corporate, FX volatility in the current environment could have a massive impact on financial performance,” says Mark Bamford, global head of DCM syndicate at Barclays in New York. “Whether corporates use outright capital markets financings or swaps to hedge assets and revenues, this is now the most important issue to get right, right now.”
A number of US multinational took this on board very swiftly after the ECB’s PSPP announcement at the beginning of the year and the ‘reverse yankee’ phenomenon of the last few months took hold.
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