Market
The majority of investors are Japanese with 9 billion USD worth of notes issued in 2003 and the issued notional increasing every year thereafter up until 2008 when it sharply declined. Major participants in the market include issuers (usually Supranationals) of the notes under their Euro Medium Term Note program. Also heavily involved are PRDC swap hedgers - the major ones include Nomura Securities Co., Daiwa Securities Capital Markets, Mitsubishi UFJ Securities, Mizuho Securities, Deutsche Bank, UBS Investment Bank, JPMorgan Chase, Goldman Sachs, Citigroup, Barclays Investment Bank, Credit Suisse, BNP Paribas CIB, Bank of America Merrill Lynch and Royal Bank of Scotland.
Read more about this topic: Power Reverse Dual Currency Note
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—Ralph Waldo Emerson (1803–1882)
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—Robert Burns (1759–1796)