In $1985,$ R$.$J$.$ Reynolds $($RJR for short$)$ acquired Nabisco Brands and financed the deal with a variety of financial instruments, including three dual$-$currency Eurobonds. The first dual$-$currency bond, lead$-$managed by Nikko, raised JPY$25$ billion $($which was equivalent to USD$105\mathrm{.}5$ million at the time of issue$).$ Coupons were paid in yen, but the required final principal payment was not JPY$25$ billion but USD$115\mathrm{.}956$ million. The coupon was $7\mathrm{.}75\%,$ even though a comparable fixed$-$rate Euroyen bond at that time carried only a $6\mathrm{.}375\%$ coupon. The actual $5-$year forward rate at the time was around JPY$/$USD $200.$

a$.$ Given the $$fat$$ coupon, is this bond necessarily a great deal for investors?

b$.$ At maturity in August $1990,$ the spot exchange rate was JPY$/$USD $144.$ Was the bond a good deal for investors assuming the position was unhedged?

c$.$ What was the actual IRR on the investment?

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