International Treasurer – September 2010

Secret to Success in Venezuela Bond Sale: Right-sizing the Bid

NeuGroup LatAm Treasury Managers’ Peer Group sees mixed results in Venezuelan bond sale. The same tactic never works twice.

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• On the FASB Chairman’s Early Retirement 

  The August 24 announcement that FASB Chairman Robert Herz is retiring in October, 21 months before his term expires, has sparked renewed speculation on the fate of fair value accounting and international convergence.

• China’s Emerging Bond Market 

  China’s fixed-income market is picking up steam and attracting foreign investors.

• Peer Insight: Tech20 Mid-Year 2010 Meeting 

  Members of the Tech20 Treasurers’ Peer Group met in the spring and discussed the following topics: 1) Update on the Evolution of Capital Markets and Bank Credit; 2) Tax Concerns; 3) Corporate Strategy

• Emerging Risks: The Known-Unknowns Puzzle 

  Companies grapple with identifying and incorporating emerging risk into their planning.

• Realizing the Importance of a Risk-Free Rate 

  A recent academic paper explores what happens to finance without a risk-free rate.

• Citi OpenCollateral 

  Whether by necessity or by risk-management choice, collateral management will become critical in the current regulatory environment. Third-party service providers like Citi are stepping up to help.

• Anticipated Interco FX Hedges Safe from FASB Change 

  Will hedge accounting guidance update allow MNCs to continue a common practice?

• Contingent Cap Proposals to Take Public Off Hook 

  Basel Committee moves closer to harmonizing contingent capital rules; will make investors pay for any bailout.

• Sorting Out S&P’s New Risk Evaluation Tool 

  S&P’s latest risk pricing tool looks to put a new spin on collected data.

• Uphill Climb Likely Awaits New Ratings Entrant 

  Kroll buys bond rating firm Lace Financial, but it’s likely not the better mouse trap the market wants.