JP Morgan sells $350m exchangeable into Dufry to hedge derivatives

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JP Morgan sells $350m exchangeable into Dufry to hedge derivatives

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Restaurant Street Cafe, Gerechtigkeitsgasse, Bern Switzerland | Paul Mayall/DPA/PA Images

JP Morgan launched on Thursday January 4 the first European equity-linked bond of the year: a $350m bond exchangeable into shares of Dufry, the Swiss duty free retailer. The deal is designed to hedge derivatives positions the bank already held on Dufry shares.

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