> Or they don't have a CFO that can do treasury and the opportunity cost / effort is not worth it? What's the CFO going to do when Eurobonds are negative too ?

> Or they don't have a CFO that can do treasury and the opportunity cost / effort is not worth it? What's the CFO going to do when Eurobonds are negative too ? Converting it un-necessarily into another currency introduces exposure to forex risk. "Investing", aside from the risk, is not cash or cash-equivalent, so that's out of the question. Hence the best answer is generally just splitting out into multiple Euro bank accounts.