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Strategic Treasury

Maximizing the Opportunities of Ancillary Business at Group 4 Securicor

John Ambrose, Assistant Group Treasurer, Group 4 Securicor

In January 2007, Group 4 Securicor (G4S) hedged the interest rate exposure on a $550m Private Placement (PP). The UK corporate faced a common treasury dilemma with this transaction - should it offer the hedging element to the agent banks associated with the PP or look to its wider syndicate of banks? G4S broke with conventional wisdom and split the derivatives and PP element of the transaction for several reasons: firstly it provided an opportunity to offer ancillary business to more of its lending banks and secondly, it created healthy competition for the derivatives business - enhancing price efficiency. However, G4S wanted to achieve these objectives without sacrificing convenience and service on the overall transaction

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Treasury Management International showcases topical, pragmatic solutions and strategic insights on treasury, cash management, foreign exchange and other issues affecting treasury and financial professionals, together with treasury and finance news, education and opinion. With real-life treasury management experiences and case studies at its core, TMI provides valuable material for all practitioners - from experienced treasurers and CFOs to those new to the profession.

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