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Boston Scientific Corporation: Net Investment Hedge (A)
內容大綱
This case focuses on a $1.5 billion Net Investment Hedge using currency forward contracts executed by Boston Scientific Corporation in April 2018. A Net Investment Hedge is intended to offset the balance sheet translation of a company's net investment in non-dollar functional entities. This hedge was motivated by changes in both U.S. tax law and U.S accounting rules, combined with favorable interest rates overseas. The transaction was predicted to generate approximately $150 million in interest savings over five years. Part (A) explores the initial decision to enter the hedge.