The ACT treasury network (South West England) met in Cirencester in May and I was invited to attend and share what the Policy and Technical team have been working on. It was my first meeting with the group and I found it a highly informative session. There were members from a range of organisations – including US inbound businesses, manufacturing and retailers, with teams as large as 8 and as low as 1! A number of topics were discussed at the meeting and it was great to see members sharing their experiences to help others and offer support with materials
The last few weeks have been a real global experience for me – meeting members from Hong Kong, Singapore and Switzerland as well as colleagues from other National Treasury Associations. First up were meetings of the European Association of Corporate Treasurers (EACT) and the international equivalent group, IGTA – of which I am now Deputy Chair. Sharing developments in the payments space, LIBOR replacement and recent research carried out on treasury teams, we spent a good couple of days together. Then the ACT held its annual Asia Treasury Leaders’ forum, in Hong King, which had 220 attendees – the largest
The transition away from LIBOR is picking up pace with a number of important publications being published over the past week or so, just in time for us to take them to the beach – or the back garden, which is probably warmer in the UK right now… These publications will no doubt be shared widely in the coming weeks but, as many of you have expressed an interest, we (with thanks to our colleagues at the LMA) have attempted to provide a summary of the key publications below. Please do read them and respond where appropriate. LIBOR transition is
THE National Association of Corporate Treasurers’ (NACT) summer conference in New York opened this year with a briefing from PwC on interest rates and other regulatory reform. It was my pleasure to join Tom Deas, Chairman, and NACT members at the conference for the interesting programme which included a full ‘open morning’ session with only corporate treasurers. But, back to regulatory reforms – Tom introduced the session and gave an overview of his involvement so far in terms of consultation. He has been there from the beginning, and the NACT is one of 27 financial organisations continuing the work in
ICE Benchmark Administration (IBA) has been consulting on proposals for the evolution of the LIBOR benchmark. Have your say now. IBA’s Roadmap paper on the Evolution of LIBOR, published 18 March 2016, sets out a new standardised submissions methodology for contributor banks. While there are no plans to discontinue any of the current 35 LIBOR rates, it may be that certain currency / tenor rates are harder to centrally calculate than others, hence it would be very useful to understand the usage and also the available alternatives and fall-backs for each of the LIBOR rates. As part of this process,
Bloomberg broke it thus:
Apple’s $1 billion of floating debt due 2016 pays 5 basis points, or 0.05 percentage point, more than the three-month London interbank offered rate, and its $2 billion, five-year floater yield 25 basis points more than the benchmark, Bloomberg data show
Apple Raises $17 Billion in Record Corporate Bond Sale, Charles Mead & Sarika Gangar, April 30, 2013 10:42 pm GMT+0100, http://www.bloomberg.com/news/2013-04-30/apple-plans-six-part-bond-sale-in-first-offering-since-1996-1-.html..