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The US yield curve has been flattening for a long period of time. The difference between interest rates on two-year and ten-year US government bonds was only 20 basis points in late September and had risen to 30 basis points by mid-October. This is generally considered to be a logical development, as the market has been assuming US economic growth will decline next year as the effect of fiscal stimulus fades and higher interest rates start to bite against a backdrop of soaring debts and a strengthening of the dollar exchange rate. Given this outlook, inflation will come under downward pressure next year, forcing the Fed to stop hiking rates or to start cutting them.
Fibre cement maker James Hardie is a growth-focused international company which has evolved its funding strategy in recent years. Its Assistant Treasurer, Kevin Daly explains to Treasury Today how the team managed the change and why it was needed.
Stephanie Wolf, Global Head of Financial Institutions & Public Sector Banking for Global Transaction Services, Bank of America Merrill Lynch, takes a close look at how KYC and AML affect corporate treasuries.
Matthew Davies, Head of Global Transaction Services EMEA, Bank of America Merrill Lynch, explores the implications of doing business internationally.
The payments space has for some time been a hotbed of innovation. Much of what has been brought to market is consumer-driven so should treasurers watch and wait or act now?
A number of initiatives are set to support the growth of intraregional trade over the coming years. Where are the opportunities, and how can treasurers support their organisations in reaping the rewards in this evolving landscape?
Hubert J.P. Jolly, Global Head of Financing and Channels, Global Transaction Services Bank of America Merrill Lynch, puts innovation in treasury under the microscope.
Big data has much to offer corporate treasurers – but at this early stage, most of the possible benefits have yet to be realised. Treasury Today Asia reviews the current state of affairs, the possible applications of this technology, and the pitfalls that treasurers should be aware of.
The core treasury practices around cash, liquidity and trade are increasingly demanding. The notion that technology is some kind of cure-all is prevalent today, but there is more to optimising performance in each of these areas than simply implementing the latest tools. Subject matter experts from Citi discuss the role of digitisation in the real world and assess the anticipated benefits of innovation for the global treasury community.
When it comes to currencies and commodities, the markets are unusually volatile. In attempting to smooth the ride, hedging can be a useful tool for treasurers. But what are the common mistakes and what constitutes best practice when using this risk management strategy?