Course outline: Treasury Management

In-house Training

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Objective: This course sets out to provide delegates with a comprehensive understanding of how to manage treasury affairs with a detailed look at the various financial markets and instruments that can be traded.
Course aims:
  • Explain the role and objective of the treasury operation
  • Show how to manage cash flows and different types of risk
  • Explore the different ways of raising debt and financing

Treasury Management Overview

  • Corporate strategy and the treasurer
  • Understanding where corporate value comes from
  • The role of the treasury and treasurer:
    • raising capital
    • managing bank relationships
    • money management
    • managing (corporate) risks
  • Treasury organisation and structure
  • A treasury control framework
  • Treasury performance management
  • Complying with Sarbanes-Oxley
  • Corporate credit ratings

Cash Management

  • Cash management objectives
  • Cash flow forecasting
  • Working capital management
    • Why working capital is important
    • How working capital can be optimised
  • Excess liquidity: short-tern investing
    • investment objective
    • investment policies and guidelines
    • the investment decision process
    • deciding on the maturity structure
  • Using longer-dated instruments: rolling down the curve
  • Short-term borrowing
    • policy and objectives for short-term borrowing
    • short-term borrowing instruments

Raising Capital (1)

Loan Finance

  • Types of loan finance
    • committed v uncommitted facilities
    • bilateral/syndicated/cub
    • term/revolver
  • Issues in loan documentation
    • availability
    • fees
    • margins
    • gross-up provision
    • representations and warranties
    • covenants (undertakings)

Debt securities

  • Raising funds with long-term debt
    • rolling CP programmes
    • MTN programmes
  • The eurobond market
  • Methods of issuing securities
  • Public offerings v private placements
  • Bond issuance via syndication
  • Advantages and disadvantages of debt securities

Introduction to Bond Risk Management

  • Why measure interest rate exposure?
  • What influences a bond's price
  • Macaulay duration
  • The convexity adjustment
  • Present value of a basis point

Raising Capital (2)

Equity Funding

  • Equity instruments
    • ordinary shares
    • preference shares
    • warrants
  • Issuing equity in the primary market
    • underwriting v book-building
    • stabilization
  • Secondary offerings
    • pre-emption rights
    • placements
    • rights issues
  • Managing the equity base
    • bonus issues
    • share buy-backs
  • The role of dividend payments

Alternative Forms of Financing

  • Asset finance: securitisation
    • what is securitisation and why securitise?
    • what can be securitised?
    • who should securitise?
    • case studies of securitisation deals
  • Asset finance: leasing
  • Project finance
    • rationale
    • sources of project finance

Risk Management

Guide to Risk Management

  • Why manage financial risk?
  • Principal treasury related financial risks
  • The management of financial risks
    • identification of financial risks
    • measurement and ranking of treasury risks
  • Managing risks
    • best practice reporting
  • Enterprise risk management
  • Accounting issues: IAS 32 and 39; FAS 133

Currency Risk Management

  • Identifying the risks
    • accounting risks: What they are and why they are important
    • pricing risks
    • strategic risks
  • Using forwards and FX swaps
  • Using options
  • "Exotic" variations

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