International Treasurer – August 2011

After the (S&P) Flood

Despite minimal impact, treasurers should prepare for the unknown in an uncertain world after the S&P downgrade.

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• US Downgrade: The End for Ratings, Or at Least Issuer Pays? 

  Rating agencies have been winning fewer and fewer friends over the years and in the wake of the financial crisis that trend has accelerated.

• Please Mind the GAAP 

  One minute the global accounting community is all for IFRS convergence, the next minute everyone hates it, particularly in increasingly recalcitrant US.

• Peer Insight: Tech20 Mid-Year 2011 Meeting 

  Tech20 members discussed the following topics at their 2011 mid-year meeting: 1) Acquisition Financing; 2) Bank Credit and Issuance; 3) Investing Excess Cash; and 4) Restricted Cash.

• SEC Wash of Credit Ratings a Light Rinse 

  The move looks smart, but the first detailed measure to implement Dodd-Frank’s anti-ratings edict on an issuer-specific topic skirts the credit criteria issue.

• Rethinking the RFP Process for Banking Services 

  Rethinking the approach to the RFP process can help treasury make better use of its time and resources. Here are a few tips.

• Regulatory Watch: Costs Will Be High for Swap Trade Reporting Under Dodd-Frank 

  The CFTC says the cost of reporting swap trades will be minimal. One lawyer begs to differ.

• Capital Markets: Bank Loan Supply Boosted by Ratings Arbitrage 

  Securitization ploy first used by Lehman is now commonplace.

• Cash Management: Banks May Not Follow BNY Mellon’s Lead on Deposit Fee 

  BNY Mellon’s move to charge large depositors a fee not necessarily a strategy others will follow.