When Treasurers’ Group of Thirty members met in the fall of 2009, there were growing signs that the economy was beginning to recover. Thus, attendees were able to focus on how to deal with the aftermath of the
crisis, including:

1) Acquisition Finance. A post-crisis acquisition-finance template created by an industry leader shed light on deal structures.

Key Takeaway: Acquisition financing is available, but banks have new terms aimed at reducing draw risk on bridge lines and encouraging timely takeouts. Flex pricing to allow for market skittishness is also the norm.

2) Tax Reform. Companies face a host of new tax initiatives including those concerning gain limits, deferrals and foreign tax-credit poolings.

Key Takeaway: While offshore deferral changes have been delayed, the likelihood for a “less generous” US international tax regime remains high.

3) Credit and Counterparty Assessments. Distrust of the ratings industry has created a challenging environment.

Key Takeaway: Companies continue to explore alternatives to ratings and to learn how ratings and implied ratings differ.

4) Pension Management. The continued freezing of defined benefit plans has slowed amid the market downturn. At the same time, many plans are turning to liability-driven investing approaches.

Key Takeaway: LDI-based approaches involving both straight bonds and derivatives are becoming even more popular in the wake of the crisis.