principal exchange rate linked securities (PERLS)
Debt instruments that make semiannual interest payments and have a yield linked to the exchange rate of a currency pair. Principal Exchange Rate Linked Securities (PERL) can be used to hedge forex risk, and while usually Denominated in U.S. Dollars, their payments are affected by where the dollar is trading relative to another currency at a given time.
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principal exchange rate linked securities (PERLS)
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