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You are treasurer of an international group which is based in the UK, quoted in the UK and with operations in the UK and the US. You are considering the currency in which your debt should be denominated. Your gearing (debt: tangible net worth) is relatively low at 28% but you still feel that even modest debt can be used for risk management purposes.
Your sales are 44% GBP and 56% USD. You have manufacturing operations in both your UK and US subsidiaries. There is very little cross border trade.
Which of the following possible currency proportions would you select for your debt?
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