Taking the funding pulse

Treasurers looking to access funding have much to keep in mind…

  • bank lending – credit lines are getting tighter due to regulation and macro conditions
  • capital markets – what do the EU referendum vote and the ECB's asset purchase programme mean for corporate funding conditions in Europe?
  • cash – how important is it for liquidity in a negative rates world?
  • credit ratings – what does this all mean for credit prospects over the next two years?

Sponsored by



Sarah Boyce, Associate Policy & Technical Director, ACT

Boyce_SarahSarah is associate director of the ACT Policy and Technical team joining from the ACT Education team where she had responsibility for the technical content of the AMCT qualification and was involved in the development of the ACT Competency Framework and the redevelopment of the Qualifications pathway. Sarah is an ACMA and AMCT who, prior to joining the ACT, has spent two decades working in a wide range of finance and treasury roles and has considerable corporate experience, most recently as Director of Treasury for Cadbury plc.

Neil Garrod, Group Treasury Director, Vodafone

Neil GarrodNeil Garrod is the Group Treasury Director for Vodafone, having previously held the position of Deputy Group Treasurer. Group Treasury funds the vast majority of the Group’s 19 controlled global operating subsidiaries and is responsible for managing all of the financial risks the Group faces.

Throughout his time at Vodafone, Neil has also been heavily involved with the Group's M&A activity, in particular establishing the valuation framework and policy which the Group uses for acquisitions and disposals. Over the last six years Neil has become increasingly involved with management of the risks arising from Vodafone's defined benefit pension schemes.

Prior to joining Vodafone almost 15 years ago, Neil worked for a number of investment banks, including Goldman Sachs and Lehman Brothers, primarily trading fixed income products.

Neil holds a MSc in Finance from London Business School and a graduate diploma in law gained in 2007.

Paul Watters, Head of Corporate Research Europe, S&P Global Ratings

Paul WattersPaul Watters is Senior Director and Head of Corporate Research for S&P Global Ratings Corporate Ratings in Europe. He represents the corporate group on S&P Global Ratings credit conditions committee and is a global co-ordinator in the portfolio analytics team. He is responsible for the European leveraged finance default studies and the joint author of S&P Global Ratings quarterly European Corporate Credit Outlook. Paul has also held various senior roles in S&P Global Ratings Leveraged Finance Group since joining S&P Global Ratings in January 2002. Previously, he spent almost 15 years working in debt capital markets in various senior trading and research roles with both Lehman Brothers and Nomura International. He studied Economics at St Catharine’s College, Cambridge, is a CFA charter holder and a Fellow of the ACT.

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