Treasury & Taxation February 27, 2019

New Guidelines for 2018 Taxes Could Impact Cash

Whether the GILTI provision will prompt repatriation remains an open question. 

New regulations aiming to clarify recent tax reform could significantly impact US companies' cash. They also bring to light more fundamental issues that could alter corporates' use of debt and diminish the law's incentives to bring overseas earnings back to the US.

Conferences February 27, 2019

Resource Constraints Can Help Spur Innovation

Whether it's trade friction, the need to do more with the same (or less), digitalization or expansion via acquisition, admitting you have resource constraints can help promote innovation and treasury transformation. Read More

Global Treasury February 27, 2019

The Power of China’s End-to-End Approach

Considering the entire process helps deepen China’s economic moat.  

The Chinese Lunar New Year celebrated across the globe as I write this (Happy Year of the Pig!) comes as the US and China struggle to resolve a trade war amid rising geopolitical and economic tensions between the two superpowers. And that has many of us thinking about what makes China such a formidable rival.

In This Issue February 27, 2019

Staring into a Refunding Abyss?

The March issue starts with a look at what lies ahead for corporate refinancing in the next few years. The volume of investment-grade and speculative-grade corporate debt maturing over the next five years is at or near all-time highs, in each case just topping $1 trillion. This essentially means refunding risk is very high compared to a year ago, mainly because rates and volatility have increased. In addition, a ... Read More

Capital Markets February 27, 2019

Stormy Weather Looms for Refundings

Moody’s: Economic slowdown would exacerbate structural refunding challenges. 

High-yield bond issuance has recovered from its December slump, but structural impediments could still create challenges for investment-grade and speculative-grade companies looking to refund bond and bank debt over the next few years, especially if the economy sours.

Risk Management February 5, 2019

Measuring Environmental, Social and Governance Impact on Company Credit Credit Risk Management

Fitch’s new ESG scores help corporate finance manage credit risk.

In what appears to be a first, Fitch Ratings recently introduced scores indicating the relevance of environmental, social and governance (ESG) factors to corporates’ credit ratings.

Software & Systems February 5, 2019

When It Comes to Tech, Keep It Simple

In a world saturated in overpromise and under-deliver, beware financial tech overreach. 

McKinsey’s recent article, “Blockchain’s Occam Problem,” strikes me as a valuable cautionary tale about the folly of racing to embrace complex finance technology... Read More