Major financing transactions across capital markets, bank lending and infrastructure were recognised at the Association of Corporate Treasurers (ACT) Deals of the Year Awards, with the financing for the Sizewell C nuclear project taking the overall Deal of the Year title.
The awards celebrate the most innovative and strategically significant treasury-led transactions completed over the past year, recognising both corporate funding deals and the teams behind them.
Speaking at the ceremony, head judge Alexandra Lewis, group treasurer and director of tax, pensions and insurance at National Grid, praised the resilience and creativity of treasury teams operating in challenging market conditions.
“These awards recognise some of the most innovative, complex and strategically important financing transactions completed over the past year,” she said. “Even in uncertain conditions, corporate treasurers continue to deliver creative funding solutions, support transformational corporate activity and provide the financial foundations that allow their organisations to grow and invest.”
Lewis added that the standard of entries was exceptionally high, with judges particularly impressed by the leadership shown by treasury teams “not just in executing complex deals, but in shaping strategy, coordinating stakeholders and guiding their organisations through pivotal moments”.
In the bonds above £1bn category, IDS took the award for a dual-tranche eurobond issuance that marked the company’s return to the market after two years. Judges highlighted the strength of the execution, noting a five-times oversubscribed order book that enabled spreads to tighten. They added that the transaction’s complexity included replacing the former parent company’s guarantee, calling it “a strong submission, well executed”.
In the bonds below £1bn category, Hammerson won for its €350m issuance, which judges said stood out for its innovative hedging strategy combining a spread lock with a basis swap. “The team are to be congratulated on managing a complex sequence of events to great effect in a tough market sector,” the judges said.
Among loan financings, Primary Health Properties won the loans above £1bn award for a £1.225bn unsecured bridge facility delivered under an exceptionally tight timetable. Judges praised the treasury team’s role in structuring the transaction, noting that “a hostile bid situation [was] turned round into a recommended offer”.
In loans below £1bn, Newable Partnerships was recognised for implementing a £35m net asset value financing structure more typically associated with private equity funds. Judges described the deal as “bringing a large-cap private equity solution and structure to a much smaller scale operation”.
The corporate finance deal of the year award went to Impala Terminals, which established a new common terms platform to streamline its funding structure. Judges said the transaction was “strategically a very well thought through and executed” refinancing.
In government and project finance, Sizewell C was recognised for a landmark financing package combining export credit agency debt, support from the UK’s National Wealth Fund and equity from public and private investors. Judges noted the exceptional complexity and strategic importance of the deal, describing it as a potential blueprint for financing future large-scale infrastructure projects.
The awards also recognised treasury teams across three size categories. Affinity Water was named small treasury team of the year, with judges saying its work had “significantly improved the company’s financial resilience”.
EasyJet won medium treasury team of the year, with judges highlighting the breadth of responsibilities handled by the team and the strong collaborative culture supporting a multi-year renewal programme.
The large treasury team of the year award went to Unilever, whose team managed a complex business separation while maintaining a busy financing agenda. Judges described the scale of the operational and organisational challenge as “truly impressive”.
The evening’s top honour went to Sizewell C, reflecting the scale, complexity and strategic significance of the project’s financing. Judges noted the involvement of multiple governments, regulators and investors, concluding that the transaction represented an important milestone for large-scale infrastructure funding.
Winner: IDS
Highly commended: Harbour Energy
Winner: Hammerson
Winner: Primary Health Properties
Highly commended: Wood plc
Winner: Newable Partnerships Ltd
Highly commended: Pepco
Winner: Impala Terminals
Highly commended: Affinity Water
Winner: Sizewell C
Winner: Affinity Water
Highly commended: Akasa Air/SNV Aviation
Winner: EasyJet
Highly commended: The Weir Group
Winner: Unilever
Highly commended: Pepco
Winner: Sizewell C
Philip Smith is editor of The Treasurer
