Last year turned out to be a much better one for (most) corporate treasurers than 2008 was. That might be cold comfort to some, but if you think back to a year ago it represents considerable progress. The banking system has been stabilised by central bank action and a resolution to the numerous take-overs and break-ups that the wave of bank failures had required. Spreads in the debt capital markets regained 75% of the falls registered over the previous 18 months, and the equity markets offered serious financing opportunities for the first time in several years.
Certainly, not everything was rosy. Bank lending remained constrained and many corporates had to sort out their leverage over many sleepless nights. And the spotlight zoomed in on some of the nuts and bolts of treasury management – cash management, supply chain finance – although these activities are none the less important for their rare days in the sun!
No-one should be in any doubt how difficult deals of any size were in 2009 despite the partial recovery in corporate bond and equity markets. Our Deals of the Year Awards, which this edition celebrates, are evidence of the professionalism and competency of treasury teams both in the UK and continental Europe.
Those of you who have followed the awards over previous years will realise just how much they have grown in significance, as demonstrated by the quality and quantity of the nominations, which continue to reach new highs. Ranging in size from £105m to $16.5bn all the deals nominated in this year’s awards required hard work, commitment and determination on the part of corporate treasurers, their bankers and all those involved in keeping business healthy to meet the challenges ahead.
It is at times like these when education, training and the development of treasury staff to the highest standards prove their worth and pay back handsomely the investment for both the company and the individual.
As part of our commitment to the development of the treasury profession, we have continued to ensure that ACT qualifications are both relevant and recognised at a global level. Our Certificate of International Treasury Management is recommended and promoted by national treasury associations around the world and in the last intake 52% of students were based outside the UK. With the extensive online delivery of our qualifications, becoming ACT-qualified is now possible wherever and whenever a student chooses to study.
