10-01-2023 | Konstantin Khorev | treasuryXL | LinkedIn | APIs, or application programming interfaces, have revolutionized the way that corporate treasury departments operate. Getting timely information about cash balances and transactions running through your bank accounts is crucial not only for treasury but also for other corporate functions: A/R, A/P, business operations and other departments
09-01-2023 | treasuryXL | Adesola Orimalade | LinkedIn |
Meet our newest expert for the treasuryXL community, Adesola Orimalade
Adesola is one of the few Treasury professionals around who has worked in both banking and corporate treasury, across various industries and in both Africa and Europe.
Since walking into his first role over a decade ago, he has built his competence in many areas of treasury including cash management, treasury operations and operational/liquidity risk management.
Aside from his professional background Adesola is passionate about using his professional knowledge and expertise to support voluntary organisations that operate within his areas of interest (homelessness, poverty, climate change etc). He currently serves on the board of a U.K. charity.
Having obtained a diploma in Town and Country planning and a first degree in Estate Management, my desired career path was to work for any of the regional or multilateral agencies devoted to development finance, urban renewal, housing etc. Growing up I had seen the slums in cities like Nairobi, Johannesburg and even Lagos. I wanted to make a difference.
Life however had a different plan for me, I started working in international banking operations at Citibank purely by accident.
It was during my time in international banking that I was first introduced to Treasury. Trade Finance as you know has a lot of opportunity to interface with Treasury and whether that’s in terms of arranging FX for importers to enable them to pay for machinery or raw materials purchased from abroad or issuing an advance payment guarantee on behalf of a contractor.
Later on I joined Standard Chartered Bank as the pioneer head of trade finance in Nigeria and as it was a small team I also served as back up to the treasury operations manager whenever she was away. It broadened my exposure to banking treasury as I got involved with managing risk across the front, middle and back office functions including taking responsibility for the confirmation and settlement of deals, position reporting and so on.
It wasn’t until 2005 however that I got into the corporate treasury which was again purely by accident. A large telecommunication service provider was seeking to enhance their corporate treasury and someone recommended me to the CFO. I was offered the deputy head of treasury role and was promoted into the Treasury Manager shortly thereafter.
That role was to fuel my passion for Treasury and although I had enjoyed my career in international trade, I wanted to build my future career path within the Treasury space.
As biased as this may sound, I believe that Treasury sits at the center of an organization, and we are therefore a significant player in many of the major decisions required especially those with financial implication.
That importance of Treasury and the ability to make a positive impact within the organization is what I really like about Treasury.
In addition, I also enjoy the fact that Treasury interfaces with a lot of internal and external stakeholders. Building and nurturing those relationships is also something I enjoy about working in Treasury.
Finally the treasury is impacted by a lot of socio-economic issues external to an organization. I enjoy being informed. I enjoy current affairs. I enjoy reading and understanding the world from an economic, social, environmental and political perspective. It is great to be in a career where my passion can relate with my day to day activities.
I view myself as a Treasury Generalist given that I have worked in both banking and corporate treasury. I have had the opportunity of working in organisations where I had responsibility for the typical front, middle and back office treasury functions.
The areas that give me a big boost however are Cash/Liquidity Management and building cash forecast models/tools, Working Capital Optimisation/Management, building greenfield treasury teams and/or functions as well as developing existing treasury teams and/or process re-engineering.
When I left Nigeria to relocate to the United Kingdom, I wanted to continue building my career in Treasury but the response from my looking for roles was ‘you lack U.K. Treasury experience’.
I was excited when I got my first role in Corporate Treasury and when I look back now my best experience is that I have been able to build my career twice in a lifetime on two different continents.
Very few people can say that .
Successfully managing the treasury function for an online travel company during the recent covid pandemic comes easily to mind. This is bearing in mind that the travel/airline industry was one of those that was significantly affected by the local and cross border restrictions that were introduced globally.
I think the recent experience from the pandemic means that businesses would continue to focus on cash visibility, liquidity and financial risk management and how technology can be used to achieve better cash forecasting.
Over the last couple of years I have been trying to get more young people involved in treasury; especially young people from ethnic minorities in the U.K and across Europe.
On one level treasury professionals can come across as being all technical and number crunchers so the idea is to show that the profession is all inclusive.
I have been to take that message to various institutions within Europe, sharing with them “What a day looks like in the life of a treasurer”. I ran workshops for that purpose at the University of Nottingham Business School and Cologne Business School.
Thanks for reading!
Kendra Keydeniers
Director Community & Partners, treasuryXL
21-12-2022 | treasuryXL | Treasurer Search | LinkedIn |
A few weeks back, the webinar together with Treasurer Search ‘How to be headhunted as a treasurer’ took place, in which some key points regarding the current treasury market had been discussed.
In our joint webinar , these and other topics were covered by recruitment consultants Pieter de Kiewit and Haia Aaraj. The webinar is free to watch.
20-12-2022 | treasuryXL | Dinesh Kumar | LinkedIn |
Meet our newest expert for the treasuryXL community, Dinesh Kumar.
Dinesh is specializing in architecting and leading large scale treasury technology transformations helping clients embrace the power of technology. He supports group wide treasury projects in the further development of a broad range of methods and processes in the related treasury IT systems, e.g., improvement of cashflow planning, FX management and treasury reporting.
He involves in designing overall organizational strategy in the field of treasury technology application services, including evaluating new processes, models, pricing, and tools and related competitive offerings delivered treasury Service providers.
Dinesh has successfully led large treasury transformations projects utilizing SAP S/4 HANA across US, Australia, and Middle East region.
After finishing my studies in Finance, I started working on stock and option trading platforms at a stock broker firm. I learned the basic concepts of stocks and options. I also built up experience at the front office, middle office, and back office. During my time at this stock broker firm I received a lot of exposure working on trading platforms.
After 2 years, I got a chance to work on a SAP treasury implementation for a giant telecom company. I worked on Money Markets, Derivatives, Forex and Cash Management. Since then I am working on Treasury transformation projects for various clients in various countries.
I love the diversity of challenges. You are dealing with the financial heart of the company and need to make sure that the right amount of blood reaches every cell. I was more into technology so turning treasury operations into systems was always challenging. I worked for many international clients, I had the opportunity to learn how different companies from different sectors and industries adapt their treasury operations and cash management as per various country regulations.
I have been working in various roles on different Treasury projects, from interim roles to system implementations. My core treasury expertise areas are the selection and implementation of Treasury Technology (i.e., SAP, Payment Hubs, SWIFT, integration with Trading Platforms), Treasury Analytics and Insight, Technology Integration and Optimization, and Application Managed Services.
For me, it’s working with different geographies, different people and cultural diversity that I personally feel is the greatest experience so far.
“Sound treasury management begins with a robust treasury policy”.
Treasurers play a unique role in managing a large portion of the balance sheet. In addition to the detailed understanding of the organization in which they operate, they are closest to macro-economic developments, particularly financial markets, and can offer valuable insights to support corporate strategy.
Increasingly over the last 10-15 years treasurers have been asked to play a bigger role, as a strategic partner to the board, advising on how best to build the business line with funds available. Treasurers, certainly in the larger companies, are now much more visible in the board room, recognized for the skills and knowledge they can bring to the table.
More and more treasurers are getting involved in ESG initiatives. Not only financing them but also embedding them into treasury processes and spearheading departmental sustainability projects. When discussing ESG in corporate treasury, green financing is often mentioned as one of the main instruments to support ESG goals.
I sense that treasurers generally are now exploring options other than multiple spreadsheets, excel data, and month-end accounting and reporting much more than they used before Covid. They are devoting more time and energy to enterprise digitalization and process automation. This is enhancing their ability to support the business round the clock from the office or virtually.
With the help of technologies like AI, we can make fact-based decisions much more rapidly in terms of resources available. Such advances are helping us to analyze M&A opportunities more critically, and explore funding, forecasting, and hedging options more forensically, even helping predict and shape our responses to supply chain disruptions.
Technology is allowing us to think and act differently, in a good way, and as treasurers, we have to seize it.
Finance and in particular treasury operations today are very dynamic and open to many uncertainties. And all the signs are that the current turbulence will continue for some time yet, perhaps worsen considerably.
In such a climate treasurers need a highly dynamic approach to fulfilling both their core and strategic responsibilities. They need to anticipate and react quickly to fast-moving developments.
They should not be afraid to act decisively, even though it may not be possible to do so based on having a clear direction and end-point certainty – inaction can also cause considerable damage.
Thanks for reading!
Kendra Keydeniers
Director Community & Partners, treasuryXL
14-12-2022 | Vasu Reddy | treasuryXL | LinkedIn |
The 3 fundamental treasury concepts being discussed currently include Working Capital Management, Bank Relationships and Treasury Transfer Pricing which are pivotal pillars for effectively and efficiently optimizing cash, liquidity, funding and managing risk for any Treasury function to support the achievement of the organizations business objectives and strategy. In the second blog of a series of 3, Vasu Reddy explains the best practices and benefits of Treasury Transfer Pricing.
Intercollegiate loans and intercollegiate services MUST be billed and charged at a market rate – i.e. as you would bill/pay a third party to avoid tax risk and margin loss.
Thank you for reading. If you want more explanation, I’d be happy to help!
Corporate Treasury, Finance Executive
01-12-2022 | Anastasia Kuznetsova | treasuryXL | LinkedIn |
The expression “Money makes the world go round” probably underscores the importance of the finance community for the transition to a greener economy. Financial market participants can significantly accelerate the transition to a more sustainable world by directing capital flows to the most sustainable projects, assets and companies.
Corporate Treasurers can have a substantial impact on business sustainability by allocating capital to green projects as well as incorporating ESG factors in their risk management processes. Below I will summarize some of the instruments Corporate Treasurers could use to support companies on their way to sustainability.
ESG debt is perhaps one of the most common instruments that may help companies to meet their ESG goals. For instance, to achieve environmental objectives, some companies issue green bonds. The proceeds from green bonds can only be spent on funding climate-related projects, including renewable energy, construction of green buildings, installation of air pollution control systems and etc. Most green bonds issued are “use of proceeds” bonds, which determine a range of eligible green project categories for which capital raised can be used. These bonds are also backed by the entire balance sheet of the issuer. Project bonds are another popular type of green bonds for which the proceeds are earmarked for specifically identified projects and are exclusively backed by the project’s assets. While green bonds might be more relevant for large public companies, private companies may still add ESG debt in their capital structures by arranging green loans which serve the same purpose as their public market bond equivalents.
Another type of ESG debt is sustainability-linked loans (SLLs), which are even more popular than green bonds and loans. The rise in popularity of SLLs may probably be explained by higher flexibility when it comes to the use of debt proceeds. Hence, the proceeds from SLLs can be spent on general corporate purposes but not exclusively earmarked for environmental projects. Moreover, SLLs are normally structured in the form of revolving credit facilities, which enables companies to fund their daily liquidity needs if they encounter a working capital deficiency. The purpose of SLLs from an ESG perspective is to encourage companies to achieve sustainability as quickly as possible. This is done by linking loan margin to a borrower’s sustainability performance. At first, sustainability performance targets (SPTs) for the borrower are established. After that, the borrower’s progress toward SPTs is monitored on annual basis via Key Performance Indicators (KPIs). If the targets are achieved, the loan’s margin will be reduced, enabling the borrower to benefit from lower interest payments. If the targets are missed, a step-up provision applies, increasing the loan’s margin and, thus, interest payments. Such an ESG Margin Ratchet provision incentivizes the borrower of SLLs to not only achieve but also maintain a certain level of ESG performance. The public markets equivalent of sustainability-linked loans is sustainability-linked bonds (SLBs) whose coupon payments are reduced (increased) if SPTs are met (missed).
On top of ESG-related loans and bonds, hybrid instruments such as green convertible bonds are becoming more and more popular. Thus, in 2020, Neoen, a French producer of renewable energy, issued €170M of the first ever green convertible bonds in Europe. This year, the company launched another €300M offering of green bonds convertible into new shares and/or exchangeable for existing shares.
Finalizing the topic of ESG debt, it is worth mentioning that when it comes to the EU’s finance providers, and particularly credit institutions who will soon have to disclose the percentage of green assets on their balance sheet under the EU Taxonomy, it is reasonable to expect that sustainability-linked debt will be favored by creditors. Specifically, being an underwriter of ESG debt could add prestige, and improve reputation and market positioning. In contrast, non-ESG debt may experience a pricing premium since such loans are likely to worsen the “greenness” of capital providers’ balance sheets.
Although currently ESG is not widely incorporated in foreign currency trades, some banks have already started to develop FX products that have a similar structure to SLLs. Such FX products will be linked to sustainability KPIs that will measure a company’s sustainability performance against pre-defined SPTs. If SPTs are successfully achieved, then a company may receive a rebate on its FX trades or a reduction in the required FX margin.
Sustainability-linked derivatives (SLDs) are another instrument that can be adopted by Treasurers to facilitate a transition of businesses to greener operations. SLDs are particularly relevant for companies, operating in “high-impact climate sectors” such as energy and agriculture. Cash flows of SLDs are connected to the sustainability performance of counterparties that is monitored via KPIs. Having met KPIs, a counterparty in a derivative transaction may receive a higher incoming payment, or be able to make a lower payment if the transaction results in a cash outflow. SLDs are OTC derivatives, meaning that counterparties can customise the derivatives’ terms and, thus, embed other ESG incentives, i.e. reduction in margin/spread, or payment of rebate upon achievement of pre-agreed sustainability targets.
Sustainable supply chain is one of the current ESG trends, particularly among retailers whose total carbon footprint mainly consists of Scope 3 emissions, which are essentially emissions of suppliers. That is why, more and more companies are trying to encourage procurers to reduce their emissions and, hence, decarbonize the supply chain. Corporate Treasurers can make a substantial contribution to this objective by arranging sustainable supply chain finance programmes. Programmes are based on early-payment principles. As a first step, a company sets up sustainability KPIs to monitor the ESG performance of its suppliers. The performance of suppliers may be measured once or twice per year. After meeting at least one of the established KPIs, a supplier is paid earlier than originally agreed. Hence, highly sustainable procurers will effectively receive better payment terms, which should encourage more suppliers to improve their sustainability performance.
Almost all the above-mentioned ESG products require the establishment of sustainability targets and KPIs. This unfortunately cannot be done by Treasurers on their own but instead should be done at the strategic level by company management. Sustainability targets must be ambitious, meaning that their achievement would require a substantial transformation of business models, e.g. switching to more sustainable suppliers; divestment or restructuring of high-carbon footprint units. Practice shows that not all management teams are capable of setting ambitious targets relevant to the business. Thus, the least Treasurers could do, besides the arrangement of ESG debt or other sustainability-linked products, is to question the adequacy of the chosen sustainability objectives within their organisations. In other words, Treasurers could make sure that the answer to the question “Why did your company set up its net-zero objective?” is not “Because everyone does it” but “Because it is relevant for our core business operations”.
Thank you for reading!
30-11-2022 | treasuryXL | LinkedIn |
As 2023 is approaching, we explored what Treasurers are particularly looking forward to in treasury for next year. What will be the Treasury Trend of 2023? Are treasurers curious to know what is going to happen in the area of Market and FX Risk Management, or just what the developments are going to be in e-commerce related to Treasury? Or will the understanding of APIs in Treasury be the story of 2023, or the role of Treasury within companies? We sought it out!
As 2023 is approaching, we explored what treasurers are particularly looking forward to in treasury for next year. What will become the trends in treasury management next year?Are treasurers curious to know what is going to happen in the area of Market and FX Risk Management, or just what the developments are going to be in Ecommerce related to Treasury? Or will the understanding of APIs in Treasury be the story of 2023, or the role of Treasury within companies? We sought it out! This topic was also the subject of discussion during the last webinar together with Nomentia, you can find the recording here.
Question: What are you particularly interested in that will develop in 2023 in treasury?
We see that Market and FX Risk Management stands out a little, and that there is less focus on trends in e-commerce and Treasury. What do those within treasuryXL say about this, and what are they looking forward to for next year?
Huub is especially interested in the developments in APIs for Treasury for in 2023.
“My personal interest is in the focus on APIs, which is good, as APIs offer new functionalities and convenience for treasurers”
With the current political and economic turmoil, it makes sense that market risk is back on the agenda. Interest rates are rising and emerging markets are becoming riskier. My personal interest is in the focus on APIs, which is good, as APIs offer new functionalities and convenience for treasurers. However, it is a jungle because everyone promises APIs, but few deliver on them, and the few that do make them have no standards.
We also see APIs that are ‘disguised’ file connections. This makes sense, because an API means linking two applications and this can be done through authentication, security and then exchange of a file. We see this a lot with Payment Service Providers. Getting reporting files for matching purposes, for example.
The webinar the other day was interesting because Niki and I represent two different areas of treasury that are important to Patrick, a very experienced treasurer, namely market risk and technology. Together with Pieter as moderator, it was fun to hear the different perspectives and experiences!
Kim Vercoulen (Treasurer Search)
Kim is especially interested in the developments of Market and FX Risk Management for in 2023.
” Important question for the treasurer will remain what to do about this.”
I chose for Market and FX Risk Management. I think especially with inflation and higher interest rates, this is going to have an impact on the treasurer’s work within the treasury department.
This is obviously all going to play through on companies’ costs, and pressure on selling prices will also increase. Important question for the treasurer will remain what to do about this.
How this will affect the treasury market compared to the current year remains to be seen. That is what we are going to witness at Treasurer Search.
29-11-2022 | Vasu Reddy | treasuryXL | LinkedIn |
The 3 fundamental treasury concepts being discussed currently include Working Capital Management, Bank Relationships and Treasury Transfer Pricing which are pivotal pillars for effectively and efficiently optimizing cash, liquidity, funding and managing risk for any Treasury function to support the achievement of the organizations business objectives and strategy. In the second blog of a series of 3, Vasu Reddy explains the best practices and benefits of Bank Relationships.
Strong Bank relationships (including Central Banks) are key to operating successfully in any country- locally, regionally or Globally.
– Size of Corporate/business
– Credit rating/balance sheet size
– Growth Plans – M&A, etc.
– # of bank relationships
-# of bank accounts
-# of Legal Entities
-Bank interaction, performance and evaluation
Thank you for reading!
Corporate Treasury, Finance Executive
28-11-2022 | treasuryXL | Nomentia | LinkedIn |
Recently, we had a panel discussion about a few major treasury trends for 2023 together with Nomentia and experts Pieter de Kiewit, Patrick Kunz, Niki van Zanten, and Huub Wevers. If you didn’t get the chance to attend the webinar, you can find the recording here.
During this interactive live discussion we covered some of the following topics:
21-11-2022 | treasuryXL | Kurt Smith | LinkedIn |
Meet our newest expert for the treasuryXL community, Kurt Smith.
Kurt is a Director of Marengo Capital, a corporate advisory company specialising in treasury, financial markets, corporate finance and private equity. Marengo Capital has a track record of, and passion for, creating and managing for long term enterprise value by aligning corporate strategy, finance and risk.
Kurt is also the Vice President and Technical Director of the Australian Corporate Treasury Association, a member of the Australian Payments Network Stakeholder Advisory Council, and a member of FX Markets Asia Advisory Board. His career includes senior positions across fund management, bank derivative trading, Fintech, private equity and corporate treasury. He has a Ph.D in Finance and is a graduate of the University of Cambridge.
Kurt is an engaging and compelling public speaker with substantial experience in presenting, being a panellist and master of ceremonies, for intimate and large audiences in Australia, Asia, Europe, and the United States. He is well known for providing unique insights into new and well-worn issues, balancing contrarian thinking with informed judgment, and communicating highly technical issues to non-technical audiences.
I started in financial markets, firstly as a portfolio manager with a macro fund, and secondly as an FX option trader and Head of Derivative Trading for a commercial bank. While I enjoyed the excitement, spontaneity, and commercial pressure of each day, I wanted something more fulfilling.
I became a Director in two FinTech companies commercialising option valuation and risk management technologies, one for the interbank exotic option market and the other for retail investors. Sourcing capital for product development was a constant challenge but also very rewarding. By this stage I was hooked on corporate treasury. Treasury allowed me to direct my passion for financial markets to create, operate and scale businesses by funding growth and making them financially sustainable.
I then moved to a $10B+ corporate to run their treasury, corporate finance and insurance businesses. My main responsibility was developing and implementing capital management and financial risk management strategies to ensure that the company target credit rating was achieved, while obtaining funding, allocating capital to investments, and hedging market exposures to reduce earnings volatility.
I am now a Director of Marengo Capital which specialises in creating and managing for value in corporate treasury and corporate finance. I am still involved in FinTech as the Group CFO of a cash flow securitization company; and I am also the Vice President and Technical Director of the Australian Corporate Treasury Association, which is engaging with and improving the treasury community in Australia.
I like that the success of the company is in your hands. The company can formulate exciting corporate strategies and business plans, but those strategies and plans will not be delivered unless capital is sourced, structured and allocated properly, and financial risks are hedged to provide corporate resilience to business cycle downturns and adverse economic conditions.
When you think about it, it is a massive responsibility. However, I prefer to think of it as a fantastic opportunity to make an impactful contribution.
My specialist expertise is in creating and managing for long term enterprise value. Increasing value is critical to increasing the capital funding capacity of the company and delivering into the main goals of Executives and the Board. Most treasurers consider treasury a cost centre and do not have ambition to add value. To me, that makes treasury a tax on the business, an overhead to be recovered by everyone else. I believe that there are a large number of ways that treasury can add substantial value, by increasing cash flow not just forecasting it, managing the capital structure to reduce the cost of capital, and evaluating the allocation of capital to investments to ensure value accretive and efficient returns.
While I get a kick out of applying commercial acumen to improve businesses, I really get a kick out of convincing others to do the same, from decision-makers to operational teams. I get very enthusiastic – but I truly believe that value is the key to financial sustainability, which is necessary for companies to do more of what they want to do.
I built a very high-functioning treasury and got team members to work on several projects simultaneously in small multi-disciplinary teams. Team leadership was based on expertise not the hierarchy, and it not only provided all team members with rapidly growing CVs to support their careers, it also provided opportunities for, and the most satisfying discovery of, junior employees with real talent fast tracking into leadership succession planning. This way of working was new to all of us, and we created a lot of value and had a lot of fun doing it!
I worked for a capital-intensive company that had rapidly growing capital expenditure to be funded predominantly by debt, during an expected aggressive interest rate tightening cycle. The rates market had already factored five sequential monetary policy tightenings into the yield curve, such that fixed rates for term debt were very high. Our analysis showed that in most foreseeable scenarios floating rates would outperform fixed rates, even during sharp tightening cycles. We went with the maximum allocation to floating rates, and over the next five years interest rates decreased markedly, and we used those decreases to gradually re-weight floating rate exposure back to their neutral weight.
This was a real risk management lesson for me, that is applicable now. One has to take emotion out decisions, especially fear, do the analysis and trust your instincts. Worked for us!
Communication is crucial, especially verbal communication.
Executives, Boards and operational teams do not understand treasury and corporate finance. Treasurers need to be able to communicate complex technical information in a persuasive and compelling way to non-technical audiences. For example, I prepared a 35-page capital management strategy working paper that I turned into a six-page Board paper, and my presentation to the Board was a single diagram on one slide. If they were not convinced in the first few minutes, all that work would have been wasted. Communication is key, and I believe it is a defining characteristic between the best and the rest.
Corporate treasury was formerly a satellite of the business that was involved at the end of the value-chain, to be engaged only when funding of spend and hedging of exposures was required. As a result, treasury did not influence decisions, it just implemented them.
Good corporate treasuries today are deeply integrated with, and embedded into the DNA of, their businesses; and, as a result, are involved at the beginning of the value-chain where they can influence outcomes. This is a much more interesting space to play in.
Everyone is focusing on using technology, digitalisation and data rich environments to reduce operational risk, release resources and gain insights. This is understandable given the change in the technology landscape and eco-system.
However, I believe that we will have to focus increasingly on our human resources as we re-examine whether the treasury operating model, governance architecture, people, processes and systems are fit-for-purpose not only now, but for the future. Are our selection processes biased towards technocrats with limited ability to engage and communicate? Do we hire and / or cultivate businesspeople with commercial acumen? Do we encourage out-of-the-box innovation or do we effectively enforce the status quo through a relentless drive for efficiency? I see treasury as a business within a business, and that it should be run as such.
As a community of treasury professionals we all have a responsibility to improve the standard of the profession, and to contribute to the recognition of the profession as a profession! In this regard, treasuryXL is doing a fantastic job of bringing us all together and giving us opportunities to share, learn, explore and discuss treasury. Let’s make sure that we contribute more than we take out, so that we add value overall.
Thanks for reading!
Kendra Keydeniers
Director Community & Partners, treasuryXL
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