Insights from Standard Chartered’s Capital Structure & Rating Advisory (CSRA) Survey, capturing perspectives from 350+ global corporates across 19 sectors, show that companies are no longer simply reacting to market conditions. They are actively recalibrating how capital is deployed, protected and optimised.

Across regions and sectors, a consistent pattern emerges: Corporates are balancing risk, liquidity discipline and growth investment, while becoming more selective in how capital is allocated. This suggests a shift from purely defensive positioning towards more deliberate and selective capital deployment.

Key themes from the report

• Risk management remains central

• Liquidity discipline continues but cautiously

• Growth investment focus remains strong

• ESG is still important despite popular rhetoric

• RMB usage is expanding but imbalance with debt remains

Three defining shifts

• Risk management is shaping treasury strategy

  • 56% of corporates rank FX risk management as their top treasury priority, with 47% also focused on interest rate risk.

  • Beyond financial risks, corporates are strengthening resilience operationally, with 38% diversifying suppliers and 27% expanding export markets.

• Liquidity is being preserved, but used more efficiently

  • 49% of corporates plan to maintain current liquidity levels, signalling continued caution.

  • At the same time, 51% are balancing liquidity with working capital efficiency, reflecting a growing focus on capital optimisation.

• Growth investment remains a priority

  • Despite a cautious backdrop, corporates want to invest more, with 51% planning to deploy surplus cash into organic growth capex and 57% using debt primarily to finance growth initiatives.

  • Increasingly, companies are willing to take a more flexible approach to capital structure to support long-term value creation – with over one-quarter willing to take a rating downgrade for the right opportunity.

“The findings reflect a clear shift we are seeing across corporates: a more deliberate approach to capital, balancing risk management and liquidity discipline with continued investment in growth. These dynamics vary significantly across industries and markets. In this environment, building a bespoke playbook to address specific challenges and strategic priorities is essential in navigating an increasingly complex landscape,” said Shoaib Yaqub, Managing Director, Global Head of Capital Structure & Rating Advisory, Standard Chartered.