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Treasury Products
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Course overview
Sound treasury management ultilises the right financial products to manage risk, capitalize cashflow and minimise debt financing. This 3-day programme will therefore provide you a comprehensive understanding of the products used by banks and corporate treasuries in today's successful treasury management, an insight into the best borrowing sources and investments and when and how to use them, together with an insight into the essential processes to the smooth day-to-day running of your insitution's finances. The course also provides an overview of the structure and key functions of the treasury and how to implement a robust risk management strategy to weather today's tough market conditions.
Methodology
- The programme uses traditional tried and tested techniques including lectures, worked examples, realistic case studies and role-plays
- The programme is designed to show the products in a highly practical way, without overcomplication and with clear illustrations so that participants may really understand key concepts
- Comprehensive product notes are provided for future reference
The course will demonstrate cash treasury products and derivative products, including:
- Description and definition of each product
- How the product price is arrived at
- Market jargon and terminology
- Product applications and uses
- Risk factors of using products
- Key product strategies
- Product marketing and selling characteristics
- Product marketing case studies and role-play
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Day 1 : Corporate Funding and Liquidity Risk
Session 1
Treasury as strategic financial advisers to the organization
- Areas where treasury takes a leading role, including bank relationship management; short and long-term borrowing and financial risk management
- Managing Treasury Risks
- Risk management frameworks and the control environment
- Market risk
- Liquidity risk
- Currency risk
- Effective internal controls and governance in the treasury function
- Practical Treasury Management
- Cash flow statements
- Using ratio analysis
- Raising finance – debt versus equity
- The weighted average cost of capital (WACC)
Session 2
The importance of short term liquidity to corporates
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- Revolving Credit Facilities
- Funding
- How corporates use the Money Markets
- Staying in business - Short Date o/n, t/n and s/n funding
- LIBOR
- EURIBOR
- OIS (Overnight Index Swaps)
- What does the move from Libor to SOFR mean?
- What are the practical problems
- Repo Markets
- Government Repo
- Haircuts
- Margins
- Reverse Repo
- Collateral types
Liquidity
The importance of short term liquid products
- Certificates of Deposit (CDs)
- Commercial Paper (CP)
- Treasury Bills
- We compare credit risk, return and liquidity
Exercise: Managing the Short term Yield Curve. Participants act as a corporate and decide which product to invest in and then what maturity. They manage the risk over a year and have to deal with same problems that a corporate will face, and in so doing learn the needs of corporates.
Session 3
STIR (Short Term Interest Rate) Products
- Mechanics and settlement of an FRA
- Using FRAs to hedge risk on funding transactions and investments
- How interest rate futures work
- Margining and settlement
- STIR pricing
- Futures STRIPS
- Computing the correct hedge ratio
Exercises: hedging interest rate risk with FRAs and Futures
Day 2: Interest Rates – Understanding Global Market and Corporate Interest Rate Solutions
Session 1
- Understanding Global Market Conditions
- What is the yield curve?
- What do the major yield curves look like today and why
- Understanding of the types of yield curves
- spot curve
- forward curve
- Basic Pricing of Forward Curve
- Gaining credibility with clients
Session 2
Interest Rate Swaps
- Mechanics of an interest rate swap
- Quotation conventions
- Swaps Mechanics
- Using swaps to hedge risk on funding transactions
- New issue swaps
- Using Swaps to hedge LIBOR loans
- Amortising Swaps
- Forward starting swaps and the ‘value of the delay’
- Understanding of swap MTM and risk
- Impact of CVA on IRS prices
- Basis swaps and how they are used
- Intuitive understanding of the drivers of the basis swaps spreads
- Overnight index swaps
- Impact of the switch to pricing off OIS v LIBOR
Session 3
Corporate IRS Risk Solutions
- Risk Management Overview
- Understanding types of risk
- What is risk management?
- Tactical and strategic exposures including translation and transaction risk
- Understanding the Risk Management Matrix
- Case Study – Risk Management Matrix
- Participants will examine one of two customer profiles depicted in the case studies. The cases are based on Corporate clients Financial Statements. Groups will complete a Risk Management Matrix to analyse sources of Interest Rate risk and how they relate to the business and financial strategies of the company.
Day 3: Forex – Understanding Corporate Foreign Exchange Risk Solutions
Session 1
Understanding the FX markets
- What’s influencing the FX market today
- Volatility: What is it and why is it a good thing
- Why it is important to engage clients in conversation about the markets and the specific risks that are affecting them.
- Which derivative products are clients currently using?
- Exercise: Examining Market Conditions
- Participants are given current and historical currency graphs and asked the questions below, with a discussion to follow.
- Can you spot any trends in the market movements?
- Do you think interest rate volatility is larger or smaller than FX volatility?
- What do you think are the sources of this volatility?
- Do these graphs tell you anything about future market conditions, and if so, what?
- Why we must never personally tell our clients where we think the market is going.
- What’s the client’s opinion on the market?
Session 2
Practical Foreign Exchange
- Spot market conventions
- Computing cross-rates
- Forward FX quotation conventions
- Hedging commercial exposures
- Settlement risk
FX Swaps
- Swaps versus outright forwards
- Where is the fair forward price?
- Applications of FX swaps
- Using FX swaps as a cash-management tool
- Using FX swaps to manage market and liquidity risk
- Using FX swaps to optimise funding and investment opportunities
- Non-deliverable forwards (NDFs)
Exercise: using FX swaps to optimise short-term funding
Exercise: using NDFs to hedge forward exposure
Cross-Currency Swaps
- Mechanics and structure
- Using currency swaps to hedge foreign currency funding
- Using currency swaps to hedge foreign-denominated assets
- Understanding the credit risk generate by CRX swaps
- Mitigating the risk with FX/Notional resets and recouponing
Session 3
Case Study and Hedge Accounting
- Case Study – Risk Management Matrix
- Participants will examine one of two customer profiles depicted in the case studies. The cases are based on Corporate clients Financial Statements. Groups will complete a Risk Management Matrix to analyse sources of Foreign Exchange Risk and how they relate to the business and financial strategies of the company.
- Participants in their teams, present their findings to the trainer, who gives feedback.
Hedge Accounting Overview
- Referring to our Case study we discuss basic Hedge accounting rules
- Fair Value Hedging
- Cash Flow Hedge
- Investment Hedge
- The 80/125 Rule
- IFRS 9
Session 4
FX and Interest Rate Options
- Quotation and market conventions
- Hedging commercial currency exposures
- Popular FX strategies
- Spreads
- Collars
- Caps and floors
- Applications of caps and floors
- Swaptions
- Mechanics and settlement
- Cash versus physical settlement, European versus Bermudan
- Using swaptions to exposure
Exercise: Liability-side risk management for corporates. Find the best risk reduction solution
Course Wrap Up And Close
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Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Mark Doran
Biography
Mark worked in Investment Banks including HSBC and Bank of Montreal for nearly 20 years. During this time he worked in Global Custody and then as a trader, running books in FX, bonds and derivatives. Mark has run courses all over the world including Amsterdam, Dublin, London, New York, Hong Kong, Singapore, Jakarta, Johannesburg, Delhi, Accra, and all over the world. Mark delivers courses which focus on providing a practical and in depth understanding of the markets from a Trading, Asset Management, Custody and Risk viewpoint. His courses are interactive and stimulating, offering delegates the opportunity to participate in an environment which encourages free discussion of the real issues faced in the workplace. In nearly 20 years of delivering training Mark has spent a lot of that time delivering courses on Global Custody and Fund Services for the major Custodians including:: Citi BoNY JPMorgan Deutsche State Street HSBC And others In addition to his training activities, Mark has undertaken various consultancy projects, such as an in depth collateral risk assessment at a major European Investment bank. Mark held the position of Non-Executive Director of Cazenove’s Risk Oversight Committee for many years. Acting as a member of the committee in a general consultative capacity to assess the firm’s risk.. Mark has also presented at JPMorgan Forums in London, speaking on topics such as the Benefits and Risks of Derivatives. He along with representatives from regulators, law firms, hedge funds etc were asked to give their views on the risks of derivatives to 150 / 200 Directors and senior managers from the top investment firms in the UK.
