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Antony Michels

Pension and BenefitsRisk Management
June 23, 2020

Pandemic Creates Too Many Unknowns to Change Pension Strategies

Pension managers struggle with strategy amid a pandemic pace unlike the drawn-out financial crisis. Rapidly changing conditions during the pandemic have made it extremely difficult for many NeuGroup members and other treasury practitioners to create forecasts and devise strategies. Pension fund managers are in the same pickle, finding it nearly impossible to change their overall pension strategies given how fast the landscape is shifting. This is a far different predicament than during the 2008-09 financial crisis, which was a slow-moving disaster.“The…
Antony Michels
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Cash & Working CapitalTechnology
June 16, 2020

A Win-Win Solution to Save Suppliers and Manage Corporate Cash

C2FO gives on and off-balance sheet options for early payments to suppliers in need. As suppliers struggle in the COVID-19 economic environment, getting cash to them quickly can be a lifesaver, and even better is letting them choose the rate that’s most suitable for their circumstances. At a recent NeuGroup virtual meeting, a major retailer described how C2FO’s unique platform gives even small suppliers ready access to a flexible, in-house, early funding program or supply chain finance (SCF) solution. Cash management…
Antony Michels
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COVID-19Investment ManagementRisk Management
June 16, 2020

A “Perfect Storm” in Emerging Markets Shatters Hope for Some Investors 

Treasury investment managers hear sober forecasts and calls for greater action by the IMF.Hardly any of the treasury investment managers who met in early May at a NeuGroup virtual meeting said they owned emerging market (EM) debt—not very surprising given that most companies have been parking cash in high-quality, short-duration investments since the pandemic rattled credit markets. But one manager who does invest in USD-denominated EM debt said he was “bitterly disappointed” in the International Monetary Fund and G7 nations that had…
Antony Michels
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BankingCOVID-19
June 16, 2020

So far, So Good: US Banking Sector Shows Strength During Pandemic

Banks are as healthy as ever, and  robust investment-grade debt issuance has bolstered the industry’s profitability.The global pandemic has cratered economies and affected businesses the world over. But the US banking system remains healthy because banks are well capitalized, having adhered to rules put in place after the 2008 financial crisis. Equally important: Investment-grade debt issuance by corporates is generating bank profits. That’s some of what members of NeuGroup’s Tech20 Treasurers’ Peer Group heard at a recent meeting from a…
Antony Michels
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BankingCapital Markets
June 11, 2020

The Loan Road Ahead: Steep Prices May Linger Longer Than Short Tenors

Post-pandemic advice from U.S. Bank for treasury teams: keep close to your banks. Unlike the booming bond market, corporates still face restrictions on loans, and it may be awhile before pricing returns to pre-pandemic levels. At a recent NeuGroup meeting for assistant treasurers, U.S. Bank provided participants with insights into revolver drawdowns and what to anticipate when refinancing or seeking new debt. Revolver pricing leaps. The volume of revolving-credit drawdowns—once taboo—has hovered at over $250 billion since leaping to that…
Antony Michels
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Capital MarketsInvestment Management
June 11, 2020

Dusting Off the Cobwebs and Retooling the Investment Policy

An inside look at portfolio governance and changes to investment strategies. When the global pandemic hit, investment managers needed to act fast to manage liquidity and move company cash to short-dated safe havens. So having flexibility in their investment management strategy was essential for reallocation of portfolios and easy access to cash. At two NeuGroup virtual meetings for investment managers, members discussed investment policies and what governance their companies have in place. What is best-in-class portfolio governance? Most member companies…
Antony Michels
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NeuGroup and Latin America
Cash & Working CapitalRegional
June 11, 2020

Latin America Treasury Peer Group Members Discuss Challenges of Managing Cash Amid Crisis

By Joseph Neu Latin America is being hard hit by the COVID-19 virus and the economic aftershocks, both of which formed the backdrop for NeuGroup’s Latin America Treasury Peer Group 2020 H1 virtual meeting. Members discussed the challenges of intercompany lending, the lack of treasury center capabilities and looming Argentina chaos. Here are few key takeaways I wanted to share. Rethinking intercompany funding. One member noted that in most Latin American countries where her company is located, entities are funded…
Antony Michels
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Capital MarketsCOVID-19
May 26, 2020

Good Timing: Blowout Bond Deals Before and After the Meltdown

Two debt issues show the benefits of both planning and flexibility when tapping capital markets.Investors clamoring for highly rated corporate bonds before the financial-market meltdown began in late February and again in early May provided opportunities for issuers to do debt deals at very attractive terms under different circumstances. Two members of NeuGroup’s Assistant Treasurers’ Leadership Group discussed with peers the key factors and market dynamics driving their companies’ deals. The similarities. Each company’s offering, one at the start of 2020 and…
Antony Michels
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Capital MarketsCOVID-19
May 26, 2020

Aligning Investment Strategy With the Shape of the Economic Recovery

Investment managers hear Neuberger Berman’s bull, bear and base case scenarios and the outlook for credit markets.The best path for some fixed-income investors amid the uncertainty created by the pandemic may be to follow the lead of the Federal Reserve and buy assets that the US central bank is buying to keep credit markets liquid. That was among the key takeaways about asset allocation at a NeuGroup virtual meeting of treasury investment managers in late April sponsored by Neuberger Berman.Bull,…
Antony Michels
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COVID-19Risk Management
May 26, 2020

Risk and the Butterfly Effect on Supply Chains Amid COVID-19 

What small issue now can turn into a larger risk later? And how far away is later? Can a small slipup in the supply chain—such as the inability to get a small part—create a bigger risk down the line? That example of the butterfly effect in action is what one member of NeuGroup’s Corporate Enterprise Risk Management group says he and management have been thinking about lately. The issue, like many things in business these days, is that COVID-19 adds a…
Antony Michels
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