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Deals of the Year Awards 2011
The Deals of the Year Awards are organised by The Treasurer, the official magazine of the ACT.
The Deals of the Year Awards are the only treasury awards where the winners are judged by fellow practitioners. They celebrate the achievements of the corporate treasurer in successfully accessing the debt and equity markets on behalf of their company. All types of deal are considered and judged on the basis of demonstrating innovation and excellence in treasury, rather than on the size of the deal. In addition, the Treasury Team of the Year Awards recognises the all round contributions of treasury teams to business success.
Winners of the Deals of the Year 2011
Bonds and Overall winner: National Grid
National Grid raised £260m in September 2011 by launching a retail bond. The 10-year bond attracted such strong demand that the order book was briefly reopened twice, raising a further £22.5m.
Corporate Finance: Hunting
A combination of £375m debt and £85m equity with a five-year tenor completed at the start of August clinched the acquisition of Titan Specialities.
Liability Management: E.ON
E.ON made good on its promise to reduce its debt load and derisk its balance sheet in 2011, by repurchasing bonds ahead of schedule with a total nominal value of more than €1.8bn.
Loans - continental European corporates (deal size over £750m): Kerry Group
As Kerry Group assembled its first international syndicated facility it found that the woes of Ireland’s banking sector had cut off its traditional sources of financing, forcing it to instigate a major overhaul of its banking group.
Loans - UK corporates (deal size over £750m): SABMiller
The world’s second-largest brewing group became even bigger last September after a prolonged takeover battle for Australian beer group Foster’s.
Loans - UK and continental European (deal size under £750m): JD Wetherspoon
The company’s refinancing was its second in 18 months and replaced a £530m revolver with a £555m version extended by two years to 2016.
Large Cap Treasury Team of the Year (MKT cap over £2bn): Rexam
The treasury team’s investment in systems innovations paid off, with resources focused on improving management decisionmaking and profit margins. The team also successfully improved its revolving credit facility and provided solid benefits for operations in China and India.
Mid Cap Treasury Team of the Year (MKT cap under £2bn): QinetiQ
A new treasury team made a sold contribution towards the group’s financial turnaround, which saw profit restored, debt reduced and the dividend reinstated. Strong organisation and attention to detail were evident in a series of initiatives to improve cash management and cash pooling.
Judging process
The Deals of the Year Awards Panel comprises a group of experienced market practitioners from across the spectrum of treasury, risk and corporate finance. The Panel give full consideration to all nominated deals and use the criteria noted below to select the winners of each category, plus an overall winner. It also draw up the shortlist for the Corporate Treasury Team of the Year.
