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We Celebrate the Best-In-Class Deals and Teams from Last Year

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We Celebrate the Best-In-Class Deals and Teams from Last Year The Treasurer COULD DO BETTER THE FX CONUNDRUM FUTURE PROOFING Underfunding remains an issue Proposing a framework for How treasurers optimise technology for smaller corporates alternative strategies to support change and growth February 2016 February THE MAGAZINE OF THE ASSOCIATION OF CORPORATE TREASURERS FEBRUARY 2016 The Magazine of The Association of Corporate Treasurers of The Association The Magazine PLUS A GOOD MIX Ralph Findlay and Rob Leach of Marston’s on teamwork and solid financial foundations We celebrate the best-in-class deals and teams from last year www.treasurers.org/thetreasurer www.treasurers.org/thetreasurer www.treasurers.org/thetreasurer TOGETHERSUPPORTING SUCCESS IN TREASURY Lloyds Bank is committed to supporting excellence in treasury together with The Treasurer’s Deals of the Year Awards. We remain dedicated to helping our customers achieve their funding requirements and would like to congratulate all of the winners. In particular, we would like to congratulate British American Tobacco for winning the Bonds above £500m & Treasury team above £2bn market cap categories, National Grid – Corporate Finance, Worldpay – Loans above £750m and Easyjet – Loans below £750m. These were all deals we were proud to support. lloydsbank.com/commercial Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278. Lloyds Bank plc. Registered Oce: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500. 002_ACT_Feb2016.indd 2 25/01/2016 11:51 INSIDE TRACK The Treasurer is the official magazine of The Association of Corporate Treasurers 68 King William Street, London EC4N 7DZ United Kingdom +44 (0)20 7847 2540 +44 (0)20 7374 8744 [email protected] www.treasurers.org Engagement director Peter Matza Policy and technical Steve Baseby, Michelle Price Editor’s letter Sponsorship director Denis Murphy ADVERTISE WITH US For all enquiries, contact Tom Fountain It has become something of a cliché to declare market and exchange rate volatility as the new +44 (0)20 3771 7250 normal. But with no ceasefire in sight, or seemingly likely in the near or distant term, resisting that [email protected] idea is probably fairly futile. or Dan Gallagher +44 (0)20 3771 7244 So it is immensely to their credit that the winners of The Treasurer’s Deals of the Year Awards [email protected] 2015 have achieved their goals and those of their organisations in a global trading environment that grows more involved with each year that passes. Last year may come to be known as the most THE TREASURER ©2016 Published on behalf of the ACT by complex year for corporate treasurers yet. Just until we come to write a review of 2016, perhaps. Think, Capital House, Our coverage of this year’s winners begins on page 21. In our awards, we celebrate the bonds 25 Chapel Street, London NW1 5DH and loans executed by UK and European corporates and detail the fundraising achievements of +44 (0)20 3771 7200 our winners. In our team categories, we applaud the contribution that corporate treasury teams www.thinkpublishing.co.uk Editor Liz Loxton make to their organisations through sound treasury management; strong technical knowledge and Managing editor Rica Dearman ability; innovation in technology and systems; and their ability to build strong relationships with Art editor Finn Lewis the company’s bankers and advisors. Cover illustration Peter Crowther Group account director Jackie Scully Once again, our winners set the bar extremely high in their ability to handle that volatility, risk Managing director Polly Arnold and complexity. Congratulations to all our winners and runners-up. SUBSCRIPTIONS In this issue, we also meet the treasury team at Marston’s Brewery in the UK. Once a regional Europe, incl. UK (per annum) 1 year £260 | 2 years £370 | 3 years £480 brewing and pub business, today Marston’s is a national business with an organic growth plan that Rest of world many organisations would envy. That plan includes some 20 new pub openings for 2016 based on 1 year £295 | 2 years £455 | 3 years £600 a £140m investment against a market cap of £950m. It’s a programme that requires solid financial Members, students and IGTA/ EACT members and cash management, of course. Head of treasury Rob Leach leads a dynamic team that has [Self-certified members of national treasury an advocate in CEO Ralph Findlay, himself a former treasurer. Turn to page 32 for more on the associations, including the AFP in the US] securitisation programme and structured finance that underpin their growth plans. 1 year £135 – UK and Europe (MUKEU) 1 year £175 – rest of world (MRoW) Growth funds – or the lack thereof – are the subject of our feature on SME finance. The absence For information, visit www.treasurers.org/ of funds and, in smaller entities, a dearth of know-how when it comes to accessing markets and thetreasurer/subscription courting backers is holding high-potential growth companies back. We explore the solutions that exist within this important sector on page 36. Elsewhere in the issue, we look at how US treasurers are facing up to their pain points on page 40 and offer an approach for framing alternative FX strategies on page 42. Printed by Pensord I hope you enjoy the issue. ISSN: 0264-0937 Events and Publishing Forum Members of the Events and Publishing [email protected] Forum (EPF) provide the ACT with strategic Follow us on Twitter @thetreasurermag and consultative support a) developing relevant issues with a medium-term horizon; b) apprising the ACT team of competitor developments; c) broadening the speaker and contributor network; and d) underpinning the ACT’s overall aims (in education, membership growth, international development). If you are THIS MONTH’S CONTRIBUTORS interested in participating in the EPF, please contact [email protected] Anthony J Carfang Lesley Meall is an Dr Rob Yeung is is a partner with US experienced business an organisational consultancy Treasury journalist specialising psychologist Strategies. He assists in business, at leadership clients with treasury accountancy and consultancy solutions and is technology. Before Talentspace, a The copyright of all editorial in this magazine is reserved actively involved in regulatory becoming a journalist, she business speaker and an author. to the publishers. None of the articles published may be issues, testifying to the US worked as a software engineer. He appears as a business copied, duplicated or reproduced in any form without the prior consent of The Association of Corporate Treasurers. Congress on the Volcker Rule, Her article on how businesses commentator on the BBC, CNBC The Association of Corporate Treasurers, the publisher and Dodd-Frank and ‘too big to can optimise their technology and CNN News and writes on editor cannot accept responsibility for any claim which may fail’ issues. His article on the to support change programmes personal effectiveness and be made against a contributor arising out of the publication of any article or letter. The views and opinions expressed challenges faced by US treasurers and regulatory load can be found leadership. His article on how in this magazine are not necessarily those of the Council can be found on page 40 on page 48 to stand out is on page 50 of The Association of Corporate Treasurers. www.treasurers.org/thetreasurer February 2016 The Treasurer 03 ACT ANNUAL CONFERENCE where treasury minds meet 18-20 May 2016 | ACC, Liverpool, UK FINANCING TOMORROW INTEGRITY / INFLUENCE / INNOVATION 18-20 May 2016 | ACC, Liverpool, UK NOW OPEN FOR BOOKINGS AT treasurers.org/annualconference To discuss sponsorship or speaking opportunities, email us today at [email protected], quoting ‘TT’ Follow us @actupdate #actac16 Co-lead sponsors treasurers.org/annualconference 004_ACT_Feb2016.indd8041_ACTAC_Advert_1_TT_c.indd 4 1 25/01/201625/11/2015 11:4317:03 What do you think of this issue of The Treasurer? Please write to: [email protected] or tweet @thetreasurermag CONTENTS BRIEFING “The objective is to Agenda 36increase the financial security of the banks” 08 Lease accounting reforms and balance sheets; Brian Welch, director of UserCare China’s fortunes and renminbi Treasury Consultancy devaluation; US banks and Brexit campaign; defined 36 benefits pension schemes 32 under pressure; UK SMEs and their trade aspirations: survey findings; US regulator Profile: Rob Leach to look at ETFs and variable and Ralph Findlay annuities; EU updates its 32 Marston’s head of treasury data protection rules; has the support of the brewing resignation at one of giant’s CEO, a former treasurer Greece’s big four banks; Bank of England gets Financing options tough on banker bonuses; for SMEs 36 Technical Briefing; ACT Smaller corporates are still diary dates struggling to find funding – but there are choices open to them COMMENT SKILL SET Jeremy Warner 15 Is cutting the size of CONTEXT OF TREASURY the state the way forward How US treasurers are in the post-crisis world? 40 tackling their ever- growing number of challenges Economic Trends FINANCIAL RISK 17 An economist’s viewpoint on what it would MANAGEMENT mean if the UK left the EU FX hedging – JOHN HOLCROFT/IKON IMAGES JOHN HOLCROFT/IKON 42 a framework for treasurers to consider? Treasury Insider INSIGHT Counterparty risk Proposals for shared 15 18 Deals of the Year Awards management service centres need to be met 44 We celebrate
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