The not-so-happy experience of redemption of foreign currency convertible bonds (FCCBs) highlights the risk for the corporates in issuing such foreign currency bonds on the uncertain premise of ever increasing equity prices. Large unhedged forex exposure of corporate is not only a potential threat to the balance sheets of the corporates but also to financial stability.
10 Ben Broadbent (2016), “Central Banks and Digital Currencies,” speech, London School of Economics, 2nd  March; Yves Mersch (2017), “Digital Base Money: An Assessment from the ECB’s Perspective,” speech, Bank of Finland, 17th January. 4/4  BIS central bankers' speeches