All Posts By

Justin Jones

COVID-19Treasury Management
November 3, 2020

No More Offices? Corporates Debate Making Work from Home Permanent

NeuGroup members face a future where some workers may never return to office buildings. NeuGroup members have learned to adapt to working from home (WFH) during the pandemic. Some like it, some don’t. But nine months into Covid, many remain uncertain about what role actual, old-school offices will play moving forward. Several discussed their thinking at a recent meeting of the Assistant Treasurers’ Leadership Group. Two members work for companies that have announced plans to close all office buildings, although many…
Justin Jones
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Investment ManagementPension and BenefitsRisk Management
November 3, 2020

Walk Before You Run: Using Derivatives in Pension Funds

The value of educating stakeholders on why using derivatives can make sense.During a recent NeuGroup for Pension and Benefits session sponsored by Insight Investment and BNY Mellon, a pair of members shared their knowledge and experience using derivatives in managing corporate pension plans. Two highlights: “Walk before you run” emerged as a key piece of advice to members, most of whom do not make extensive use of derivatives.Educating stakeholders including finance committees, C-Suite executives and accountants on derivatives and their…
Justin Jones
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ESGPension and BenefitsTalking Shop
November 3, 2020

Talking Shop: How to Respond to a New Rule on ESG Funds in 401(k) Plans?

Context:  On Friday, Oct. 30, the Department of Labor (DOL) issued a final rule clarifying the use by fiduciaries of investments in environmental, social and governance (ESG) funds. The regulation, according to some analysts, will end up limiting the use of ESG funds by some 401(k) and pension plans. Proposed in June, the change was opposed by many asset managers and investment advisors; DOL says the final rule was changed in response to comments. Member question: “Has anyone thought about…
Justin Jones
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BankingRegionalRisk Management
November 3, 2020

Preparing for More China-US Tension, New Current Account Rules in India

Key takeaways from the Asia Treasurers’ Peer Group fall meetings sponsored by Standard Chartered.By Joseph NeuIndia ties current accounts closer to credit relationships. Members wanted clarity on a Reserve Bank of India (RBI) circular released over the summer that seeks to restrict current accounts to banks with which companies have a local credit relationship—subject to thresholds. Standard Chartered’s presentation explained that going forward, banks cannot open a current account for a customer who has “availed” a cash credit or overdraft…
Justin Jones
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NeuGroup News
October 29, 2020

The Fastest Growing NeuGroup Continues on Its Upward Trajectory

NeuGroup for Capital Markets recently embarked on its second meeting with discussions on ESG, the debt market, liquidity and more. The fastest-growing NeuGroup ever, the NeuGroup for Capital Markets, had its second-ever meeting via Zoom just over a week ago, with treasury professionals on debt capital markets teams sharing and learning with one another, sponsored by Deutsche Bank. After the first day of meetings, members had time to unwind and bond with one another in a virtual trivia contest, competing as teams…
Justin Jones
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Capital MarketsInvestment Management
October 29, 2020

Nice Fit: A Matched Portfolio With a Hybrid Management Model

The benefits for one corporate of matching portfolio cash flows to debt payments and using internal and external managers.Matching assets and liabilities, a staple of pension fund managers, is central to how one NeuGroup member runs his technology company’s treasury investment portfolio—or at least a big chunk of it. At a recent NeuGroup meeting, the member explained the benefits of the matched portfolio strategy as well as the advantages of what the company calls a hybrid management model—using internal managers…
Justin Jones
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BankingCapital Allocation
October 29, 2020

Time for Bonds: A Growth Company Learns the Ropes of Issuing Debt

A debut bond offering reveals the benefits of preparation in working with rating agencies, banks and the C-Suite.Eight years after going public, one NeuGroup member company planned to refinance equity-linked capital with straight debt—in the middle of the pandemic. It successfully completed the issuance, and at a recent NeuGroup meeting the company’s treasurer described a process that was challenging at times but ultimately proved rewarding. Along the way, the treasury team—which had never issued straight bonds—learned valuable lessons, including the need…
Justin Jones
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Capital MarketsLibor SOFR
October 29, 2020

Will You Be Ready When Libor Is No Longer “Representative”?

Preparing for fallback language that could be triggered when a UK regulator deems Libor non-representative.The global pandemic has not slowed the march toward Libor’s demise, scheduled for the end of 2021. And corporates have a lot to do long before then. Just last week, ISDA launched a fallback supplement and protocol, marking what it called a “major step” in reducing the impact of Libor becoming unavailable “while market participants continue to have exposure” to it.The supplement includes “robust fallbacks for…
Justin Jones
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BankingCapital MarketsFX
October 27, 2020

Looking Into the Capital Markets Crystal Ball: Trump vs. Biden

Uncertainty over the outcome after election day means more volatility, potential opportunities. Whether it’s Donald Trump or Joe Biden sitting in the Oval Office next year, many capital markets prognosticators expect the US economic recovery to remain on track and the Federal Reserve to keep interest rates low—relatively good news for investment-grade companies selling more debt, but troublesome for treasury investment managers searching for yield. Beyond that, things get more complicated. A European bank that recently sponsored a NeuGroup meeting of…
Justin Jones
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Capital MarketsESGRisk Management
October 27, 2020

The ESG Evolution: Finding Each Corporate’s Starting Point

Treasury’s role is critical as ratings agencies translate financial soundness into ESG readiness.Credit rating agencies face daunting challenges, not only with old-fashioned credit ratings, but also their efforts to gauge corporates’ environmental, social and governmental (ESG) status. In fact, corporate treasury’s approach to the former can significantly impact the agencies’ views on the latter, according to Karl Pettersen, managing director and chief sustainability officer and the head of ratings advisory at Societe Generale. ESG rating and scoring firms, some of…
Justin Jones
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