Received a solicitation from a Japanese bank for this savings product: It’s a 1 year CD. It’s renewable at bank’s option only, for 1 year at a time, up to 15 years. The APR is 31 basis points. They will also generously pay you somewhere between 30 and 50 bps in cash for buying.
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Even the description is calibrated for the unsophisticated: “one year CD extendable at the bank’s option 15 times” is exactly equivalent to “15 year CD callable once a year” but which sounds more appealing?
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BTW I’m certain that the framing to their regulator when measuring liquidity is 15NC1.
End of conversation
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