Thanks Tom. The reluctance here to go down the route of deriving “synthetic discounting curves” is that this will then also impact “true discounting”. Say we have a Deal in EUR and its being reporting in both EUR and also in base currency $ .
If we synthesise the EURIBOR.EUR from the Forward FX rates , then whilst the $ PnL will now indeed be giving me same value if I was Converting using Forward FX and then using LIBOR.USD ( as the LIBOR.USD will not be synthetic ) , this does then mean that the EUR discounted value is now using a “synthetic discounting curves”.
Maybe I’ve missed something in your “mapping” comment above…
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