Treasury Broadsheet

Treasury Broadsheet is our newsletter incorporating recent snippets and stories from the world of corporate treasury management.

November 2011
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August 2011
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June 2011
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February 2011
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November 2010
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August 2010
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December 2009
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July 2009
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February 2009
Push for change in the local government debt market -

APRM has circulated fairly widely a discussion paper we prepared in June 2008 in respect to the structure and operation of the local government debt market. Councils throughout New Zealand...

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Fonterra's FX hedging performance -

Being New Zealand’s largest exporter there is naturally much interest in Fonterra’s foreign exchange hedging position and performance, particularly from their dairy farming...

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Corporate bond gold-rush! -

In our last issue of “Treasury Broadsheet” in August 2008 we intimated that corporate borrowers in New Zealand would be attracted to issue bonds to retail investors as market interest rates fell and...

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No debt problem at F & P Appliances? -

A sudden realisation appeared to hit the NZ financial world earlier this week as to what the US economic downturn means for us. Whiteware manufacturer Fisher & Paykel Appliances announced...

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Treasury management challenges in 2009 -

Around the globe, and here in New Zealand , corporate treasurers are currently being challenged with a set of circumstances and issues many have not encountered before...

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Push for change in the local government debt market -

APRM has circulated fairly widely a discussion paper we prepared in June 2008 in respect to the structure and operation of the local government debt market. Councils throughout New Zealand...

read more ...
Fonterra's FX hedging performance -

Being New Zealand’s largest exporter there is naturally much interest in Fonterra’s foreign exchange hedging position and performance, particularly from their dairy farming...

read more ...
Corporate bond gold-rush! -

In our last issue of “Treasury Broadsheet” in August 2008 we intimated that corporate borrowers in New Zealand would be attracted to issue bonds to retail investors as market interest rates fell and...

read more ...
No debt problem at F & P Appliances? -

A sudden realisation appeared to hit the NZ financial world earlier this week as to what the US economic downturn means for us. Whiteware manufacturer Fisher & Paykel Appliances announced...

read more ...
Treasury management challenges in 2009 -

Around the globe, and here in New Zealand , corporate treasurers are currently being challenged with a set of circumstances and issues many have not encountered before...

read more ...
August 2008
Taskforce “tasked” to come up with some answers -

The Ministry of Economic Development and the Minister of Commerce, Hon Leanne Dalziel have set up an industry-led...

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Have credit margins peaked? -

Investors, analysts and financial commentators are all somewhat gun-shy from believing the statement that the “worst is now behind us” with the global credit crunch and banking crisis. There have been two false starts to this milestone

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Swaption hedging pays-off, big time! -

A good number of corporate borrowers over the last eighteen months who have been forced (by interest rate hedging policies/limits) to fix rates for terms beyond 12 months have chosen to use swaptions and swaption collars as the method of fixing. The swaption strategies have paid off handsomely

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Read the fine-print in bank loan documents! -

The global credit crisis has been a classic “event risk” that has caught-out corporate borrowers who have been over-reliant on cheap and short-term bank committed funding facilities. The increase in bank lending margins for some is substantial, but this is not a market anomaly that will reverse any time soon. The anomaly was the very low corporate borrowing margins

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Guidelines for long-term FX hedging -

The nose-dive in the NZ dollar value from above 0.8000 earlier this year against the USD to around 0.7000 has pulled down several of the cross-rates to other currencies to historical cyclical lows. The NZD/EUR at

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Brand values dented as reputation risk increases -

In the investment management, banking and financial services game - reputation, name and credibility are everything, they say. A few reputations and brand values have taken some hits in recent times. The credit crunch, finance company collapses and economic downturn have caused all sorts of ramifications for those managing and advising on investment.

read more ...
Taskforce “tasked” to come up with some answers -

The Ministry of Economic Development and the Minister of Commerce, Hon Leanne Dalziel have set up an industry-led...

read more ...
Have credit margins peaked? -

Investors, analysts and financial commentators are all somewhat gun-shy from believing the statement that the “worst is now behind us” with the global credit crunch and banking crisis. There have been two false starts to this milestone

read more ...
Swaption hedging pays-off, big time! -

A good number of corporate borrowers over the last eighteen months who have been forced (by interest rate hedging policies/limits) to fix rates for terms beyond 12 months have chosen to use swaptions and swaption collars as the method of fixing. The swaption strategies have paid off handsomely

read more ...
Read the fine-print in bank loan documents! -

The global credit crisis has been a classic “event risk” that has caught-out corporate borrowers who have been over-reliant on cheap and short-term bank committed funding facilities. The increase in bank lending margins for some is substantial, but this is not a market anomaly that will reverse any time soon. The anomaly was the very low corporate borrowing margins

read more ...
Guidelines for long-term FX hedging -

The nose-dive in the NZ dollar value from above 0.8000 earlier this year against the USD to around 0.7000 has pulled down several of the cross-rates to other currencies to historical cyclical lows. The NZD/EUR at

read more ...
Brand values dented as reputation risk increases -

In the investment management, banking and financial services game - reputation, name and credibility are everything, they say. A few reputations and brand values have taken some hits in recent times. The credit crunch, finance company collapses and economic downturn have caused all sorts of ramifications for those managing and advising on investment.

read more ...
April 2008
Refinancing risk highlighted -

Corporate borrowers in New Zealand who have not operated a strict “funding risk control limits” regime as part of their treasury policy, that forced the...

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Inaugural currency hedging survey results released -

Asia-Pacific Risk Management Limited has joined with the New Zealand Export Credit Office to establish and sponsor a regular quarterly survey of currency...

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FX economic risk behind job losses -

In announcing manufacturing plant closures in Dunedin , Queensland and California , Fisher & Paykel Appliances took the opportunity to fire a few...

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“Bulletproofing” treasuries from event risk -

A recent article from US treasury consultancy, Treasury Strategies...

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Air New Zealand take out INFINZ Excellence in Treasury Award again -

Air New Zealand's treasury team won the INFINZ “Excellence in Treasury” prize for the second time in three years...

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Vector pay up for long-term GBP funding -

There has been virtually no new debt issuance by major New Zealand corporate borrowers to debt/capital...

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Refinancing risk highlighted -

Corporate borrowers in New Zealand who have not operated a strict “funding risk control limits” regime as part of their treasury policy, that forced the...

read more ...
Inaugural currency hedging survey results released -

Asia-Pacific Risk Management Limited has joined with the New Zealand Export Credit Office to establish and sponsor a regular quarterly survey of currency...

read more ...
FX economic risk behind job losses -

In announcing manufacturing plant closures in Dunedin , Queensland and California , Fisher & Paykel Appliances took the opportunity to fire a few...

read more ...
“Bulletproofing” treasuries from event risk -

A recent article from US treasury consultancy, Treasury Strategies...

read more ...
Air New Zealand take out INFINZ Excellence in Treasury Award again -

Air New Zealand's treasury team won the INFINZ “Excellence in Treasury” prize for the second time in three years...

read more ...
Vector pay up for long-term GBP funding -

There has been virtually no new debt issuance by major New Zealand corporate borrowers to debt/capital...

read more ...
January 2008
Progress in converting Local Government debt issues to retailable investment status -

The Securities (Local Authority Exemption) Amendment Bill is in the select committee stage in the parliamentary process to pass it into law. Only five submissions have been made...

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Credit shock; to credit crisis; to banking crisis; to sharemarket meltdown -

Since July 2007 the news headlines in the financial and business media have been dominated by the fall-out from the sub-prime mortgage fiasco in the US...

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Aussie Local Government investors trapped LBW by CDOs -

A timely reminder to all fixed interest investors here in New Zealand that credit ratings are not the sole criteria to determine what an allowable investment should be. Several Australian local...

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Management of “funding risk” under the microscope -

A number of local corporate borrowers have been forced to learn about “funding risk” the hard way over the past six months. In its design and...

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Provincial councils head debt funding cost leagues tables -

North Island provincial city and district councils have produced the lowest average debt funding costs over the last five years...

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RBNZ looking to widen allowable REPO securities -

The Reserve bank is currently conducting a full review of their market liquidity management procedures and policies. Last year, in response to the...

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New “budget” treasury system available -

Auckland-based treasury outsourcing firm, ETOS has developed and is marketing a new lower-cost treasury management computer system...

read more ...
Progress in converting Local Government debt issues to retailable investment status -

The Securities (Local Authority Exemption) Amendment Bill is in the select committee stage in the parliamentary process to pass it into law. Only five submissions have been made...

read more ...
Credit shock; to credit crisis; to banking crisis; to sharemarket meltdown -

Since July 2007 the news headlines in the financial and business media have been dominated by the fall-out from the sub-prime mortgage fiasco in the US...

read more ...
Aussie Local Government investors trapped LBW by CDOs -

A timely reminder to all fixed interest investors here in New Zealand that credit ratings are not the sole criteria to determine what an allowable investment should be. Several Australian local...

read more ...
Management of “funding risk” under the microscope -

A number of local corporate borrowers have been forced to learn about “funding risk” the hard way over the past six months. In its design and...

read more ...
Provincial councils head debt funding cost leagues tables -

North Island provincial city and district councils have produced the lowest average debt funding costs over the last five years...

read more ...
RBNZ looking to widen allowable REPO securities -

The Reserve bank is currently conducting a full review of their market liquidity management procedures and policies. Last year, in response to the...

read more ...
New “budget” treasury system available -

Auckland-based treasury outsourcing firm, ETOS has developed and is marketing a new lower-cost treasury management computer system...

read more ...