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Capital Markets

BankingCapital Markets
January 5, 2021

Banks Craving Yield Hear Case for Lightly Structured Corporate Notes

An option for members of the Bank Treasurers’ Peer Group coping with excess liquidity amid rock-bottom rates.Many members of the Bank Treasurers’ Peer Group (BTPG) find themselves looking to their investment portfolios as they search for yield in a manner that complies with policy risk parameters—a theme heard at other NeuGroup meetings in the second half as interest rates fell. Banks face the added challenge of tepid loan growth amid a surge in deposits driven by a flight to safe…
Justin Jones
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Capital MarketsESGTechnology
December 22, 2020

Best of NeuGroup Insights 2020

2020 was a year to remember—even if it left us with much we would rather forget. Editor’s note: The power to move forward is the best gift any of us will receive this year. In 2021, our team will use that gift to redouble our efforts to bring you valuable insights that help you thrive in an uncertain world. You can read those insights here on our website or by signing up for our email newsletter (click here). This week’s newsletter, our…
Justin Jones
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BankingCapital Markets
December 17, 2020

Wild Rides: Three Treasurers Rise to the 2020 Financing Challenge

Lessons from three companies whose equity, debt and bank credit transactions required flexibility, speed and more.The scramble for liquidity during the pandemic underscored the need for treasury to be prepared—at any point—to snap into action and access capital or credit. And while each company’s circumstances are different, there are some lessons that emerged from this year’s financings that should interest almost any treasury team. At a second-half meeting of NeuGroup’s Life Sciences Treasurers’ Peer Group, three members described funding transactions…
Justin Jones
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Capital MarketsPension and Benefits
December 17, 2020

Dial It Down: Pension Fund Managers Cope With Lower EROAs

Key takeaways from a NeuGroup for Pension and Benefits meeting sponsored by Insight Investment and BNY Mellon.Pension fund managers discussed best practices in selecting and evaluating investment managers, asset allocation and the impact of lower estimated return on assets (EROA) among other topics at a virtual meeting sponsored by Investment Insight and BNY Mellon. Here are takeaways from the gathering compiled by Roger Heine, senior executive advisor at NeuGroup. EROA expectations. Two-thirds of members are facing the reality that low interest…
Justin Jones
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BankingCapital MarketsTechnology
December 15, 2020

Is the Corporate Bond Market Ready for Digital Transformation?

Former NeuGroup members look to convince today’s treasurers that the current system needs to change. By Joseph Neu In the wake of a record year for corporate debt issuance—around $2 trillion in the US alone, generating estimated fees for banks topping $8 billion—this is a good time to assess if the corporate bond market needs transformation. As part of a new series of virtual interactive sessions on fintech solutions to perennial treasury and finance function challenges, NeuGroup hosted a session…
Justin Jones
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BankingCapital MarketsESG
December 10, 2020

Corporates Seek Best Practices in Backing Black-Owned Banks, Brokers

Selecting which minority-owned institutions to include on deals requires asking the right questions. Netflix, Apple, PayPal, Microsoft and other companies launched prominent initiatives to support Black-owned banks and brokerage firms this year in the wake of the social justice movement sparked by the death of George Floyd in May.   Scores of other corporates are making or doubling down on commitments to support financial institutions serving minority communities. They’re doing it through bank deposits, investments in community development financial institutions (CDFIs)…
Justin Jones
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Capital MarketsTechnologyTreasury Management
December 8, 2020

Strengthening Treasury’s Capabilities by Developing Internal Talent

Key takeaways from the Treasurers’ Group of Thirty 2020 H2 meeting, sponsored by Standard Chartered.By Joseph NeuMove up the treasury learning curve. This group has a disproportionate number of treasurers who are new to their role. Several come from the tax side and a few were brought in to build or expand their company’s treasury capabilities. All are moving quickly up the learning curve and helping their bosses appreciate the importance of strategic treasury capabilities. Covid-19 has helped make their…
Justin Jones
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BankingCapital Markets
November 19, 2020

Monetization Magic: How Using a Hybrid Solved an Asset Riddle

MUFG helps one mega-cap use structured preferred shares to monetize a “difficult” asset.In a session at the recent NeuGroup Tech20 annual meeting—the 20th annual no less—a guest speaker from a mega-cap communications company shared how his treasury found a great deal of success using structured preferred shares to monetize previously untapped assets on its balance sheet. All while managing its net debt within a target leverage ratio, with the assistance of meeting sponsor MUFG. Structured preferred shares are a type of…
Justin Jones
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Capital MarketsTechnology
November 19, 2020

Counterparty Transparency: ‘Looking Through’ Money Market Funds

How a treasury investment manager finds out what assets are owned by the MMFs he owns. For treasury investment managers, visibility into the credit and counterparty risks of their portfolios is essential, especially during times of heightened volatility and uncertainty—like the last nine months. One member of NeuGroup’s Treasury Investment Managers’ Peer Group 2 told peers at a recent meeting sponsored by DWS that part of his assessment of counterparty risk involves “looking through” money market funds (MMFs) to see their…
Justin Jones
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Capital AllocationCapital MarketsCash & Working Capital
November 17, 2020

Game Plan: Flexible Buybacks on the Open Market vs ASRs

Meeting sponsor SocGen sees corporates growing comfortable with flexible, open market buybacks amid recovery.During the global pandemic, many corporates have slammed the breaks on share repurchase programs to save cash and avoid criticism from politicians as Americans lost jobs and some companies sought government bailouts. At a recent NeuGroup meeting of treasurers at life sciences companies, Societe Generale’s David Getzler, head of equity capital markets for the Americas, forecast an increase in share buybacks in 2021 as the economy recovers and…
Justin Jones
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