One afternoon in early April, the treasurer of a large corporate was in a meeting with its hedge adviser. The corporate needed to borrow euros through a cross-currency swap and had asked a handful of banks for quotes.
One European bank eventually won the trade at a very narrow spread. Shortly after, the corporate was contacted by the bank with a new sales pitch, asking if they would be interested in buying corporate credit cards. The treasurer thought it was a bizarre request. But given that d