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TMI Awards 2010: Voting Now Open!

We are also delighted to announce that submissions are now open for the TMI Awards for Innovation & Excellence in Treasury Management 2010. To nominate your bank or service provider, simply click here. The deadline for voting is 24th September 2010.

TMI 186 Now Available for Free Download

We are delighted to bring you the latest edition of TMI, in which a wealth of bankers, corporate treasurers and other industry experts share their experiences and thoughts.

Marking the establishment of the LatAm Treasury Association (LTA), this month’s TMI features three articles provided by Latina Finance & Co. on the ins and outs of cash management in this important and expanding region, all of which are introduced by a special feature by our Editor, Helen Sanders.

TMI 186 also features articles on money market funds and financing your business, as well as a range of other best practice articles.

TMI 186: Company Profile

TenneT is the high voltage grid operator of the Netherlands, with over 90% of revenues derived from regulated business. On 10 November 2009, TenneT announced the acquisition of the German high voltage grid of operator Transpower (formerly the high voltage grid of E.ON) for an agreed enterprise value of EUR885m. Borrowing the full amount in the capital markets would have lowered the company's A-range credit rating. After discussions with the State of the Netherlands, the owner of TenneT, the firm entered into a special arrangement with the Dutch government to secure an equity contribution, and also issued a hybrid bond, which was heavily oversubscribed.

In his article for TMI, TenneT's Group Treasurer, Otto Jager, summarises the rationale for hybrid debt and provides advice to other corporates who contemplate issuing a hybrid bond. Click here to read it.

TMI 186: Author Profile

TMI is delighted to welcome Florent Michel as a member of our Editorial Panel and our representative in Latin America, a region of which he has extensive knowledge and experience and where he will help us to develop our coverage and distribution, and our understanding of these important emerging economies.

Florent is the Managing Partner of Latina Finance & Co., a firm specialising in corporate finance advisory and consulting in Latin America for multinationals and financial institutions.

Before his present responsibilities Florent spent 23 years in corporate finance in various major financial institutions and corporates. He was directly involved in large-project financings such as Sincor (Venezuela), Gas Andes, Aluar (Argentina), Metrovias, Telecom (Argentina), Chiloe Bridge (Chile), Telemar, Intelig (Brazil), and Avantel (Mexico) among others. Click here to read his cash management articles in TMI 186 on Brazil and Mexico.

The Treasurer's 10 Point Checklist

1. "Cash is king" when liquidity is scarce, so focus on the fundamentals of working capital and cash flow optimisation: get paid; know you've been paid; optimise payments; make surplus cash work harder
2. Focus on operational efficiencies wherever possible, such as the centralisation of processes and information, in addition to treasury, payments and collections
3. Check regularly for additional security, efficiency and portability opportunities through SWIFT
4. Closely monitor and manage FX exposures
5. Monitor counterparty risk by checking cash positions, credit default swaps and establishing counterparty limits
6. Ensure the financial supply chain does not become too vulnerable by getting the fundamentals right, such as avoiding late payment to suppliers
7. Begin preparations now to exploit the benefits of SEPA Direct Debits and the Payments Service Directive (PSD)
8. Keep up to date with IFRS changes, such as in Hedge Accounting, and lobby the authorities where proposed changes would be detrimental to the business
9. Consider opportunities for improving cash and treasury management in countries of rapid growth, such as in Asia and the Gulf region, but retain a systematic approach to risk and ensure the visibility of cash flow
10. Focus on the company's balance sheet and P&L when making decisions, as well as when assessing treasury results

This weeks top 5 downloads ...

The Changing Landscape of Cash Management and Investment

Travis Barker, Head of Liquidity Business Development, HSBC Asset Management

A Treasurer's Guide to Hedge Accounting

By Jiro Okochi, Mark Kirkland, Francois Masquelier, Helen Sanders, Rory Peelman, John Kidd, Ashish Advani & Sebastian di Paola

Leveraging Opportunities in Latin America: Insights into Cash Management in Brazil, Argentina and Mexico

Helen Sanders, Editor

Treasury in the crisis: The PwC Global Treasury Survey 2010

Sebastian di Paola and Damien McMahon, PricewaterhouseCoopers

Cash Management in Brazil: Driving a Fast Car...

Florent Michel, Managing Partner, Latina Finance & Co.

Online Directory

To list your company contact TMI

Thought Leadership Articles

Section 2: Listen, Choose, Act, How corporates can best exploit the benefits of SEPA

by Frank Taal, Global Head of PCM products, Channels and Solution Management, ING

Changes Pending for Money Market Funds

David Rothon, Global Fixed Income Product Specialist, Northern Trust

A Co-operative Approach to Change: Cash centralisation at CSC

Eric Humbert, Treasurer, EMEA Central Region, CSC

Bringing It All Together - A cohesive approach to liqudity and risk

BNP Paribas' Cash Management University Review