The judges commended, “a slick and highly polished multi- market funding strategy from previous Adam Smith Award winner WPP that demonstrates cost efficiency and risk mitigation that showcases innovation not just transactional execution.”

The solution reflects best in class liability management, combining market timing, structural optimisation and governance discipline.

First, sequencing two issuances – Spice in EUR and Miami in USD – reduced execution risk, diversified investor bases and optimised pricing relative to market conditions.

This dual market strategy is recognised as leading practice in corporate debt management and in investment banking terms cleared the towers for the whole duration of WPP’s new Elevate28 turnaround strategy – ensuring balance sheet and liquidity were not a concern for equity or debt investors at a super critical time.

Second, the integration of a new Fitch rating demonstrates forward looking credit strategy. Fitch’s methodology provides a more stable leverage assessment, improving rating resilience during a challenging earnings cycle, and mitigating the risk of a cliff edge downgrade. This multi-agency architecture is increasingly seen as innovative risk management among large multinationals.

Third, WPP embedded strict governance around disclosure timing, audit comfort and maturity ladder optimisation, reinforcing transparency and investor confidence. Aligning execution to audited filings and capital markets messaging ensured the funding strategy supported the broader strategic narrative.

Finally, the approach intentionally balanced cost efficiency with risk mitigation – resizing Miami, preserving EUR optionality and securing long-term tax advantages – demonstrating innovation in holistic funding design rather than transactional execution alone.