Last year may have produced some of the most difficult economic conditions that anyone can remember, but it also presented a prime opportunity for treasurers to show their organisations what they’re made of. Whether that was issuing a bond with a satisfyingly low coupon, securing the finance for a major acquisition or negotiating a large loan or credit facility, 2012 turned out to be a stage on which the treasury profession could perform to its best ability. In this issue of The Treasurer, we are proud to present our 2012 Deals of the Year Award winners. Find out just what they did, and how they did it, in our coverage of their daring exploits, starting on page 19.
For the ACT, 2013 marks a new chapter in its story. It starts the year as a body incorporated by Royal Charter, a status that brings with it a higher public profile and additional pressure to maintain its – already exacting – professional standards. Hence it will continue to develop what are already the leading global corporate treasury qualifications and relaunch its CPD programme. Read more about the Royal Charter on pages 9 and 13.
This month we also meet Graeme Middleton, the European group treasurer of Honda. He talks about the philosophical values that define the world’s largest motorcycle manufacturer, as well as more treasury-specific matters such as managing FX risk, consolidating back office functions and funding diversification. Join him in the driving seat on page 30.
Despite the equity markets’ buoyant start to the year, uncertainty still looms over indebted nations, particularly in Europe, and the retrenchment of banks behind their own borders continues. Hence the state of the bond markets and projections for corporate credit ratings continue to be a priority for treasurers. On page 34, we examine the outlook for the corporate bond market in 2013, and the good news is that there are plenty of grounds for optimism.
Meanwhile, on page 36 we look at how the retail bond market is likely to evolve during the year. As usual, we bring you commentary from our regular, lively and thought-provoking columnists Jeremy Warner (page 15), David Bowers (page 16) and Andrew Sawers (page 50), as well as career tips, exam advice and a selection of jobs. February is traditionally one of the gloomiest months of the year (at least in the northern hemisphere), so I hope this issue of The Treasurer helps to brighten up those dull winter days.
