Telecommunications giant BT has undertaken a once in a generation investment and transformation programme to make the UK digital. The treasury team has played a core part in ensuring BT delivers on its purpose and meets its ambition through a proactive approach with strong cross functional engagement, optimised funding and risk management during 2024.
The team is led from London where the five-person front office team is based. An 11-person treasury operations centre of excellence that was established in Budapest in 2021 reports to the group treasury director. Collaboration across the team is extensive including in complex accounting, financial reporting and compliance matters.
Successes during the year included raising £1.75bn in the capital debt markets, a €750m hybrid bond, proactive management of credit rating agency leverage metrics, and interest rate risk management. In particular, the group treasury team led a multi-function team across operations, procurement, finance, legal, and external affairs to construct, negotiate and execute a market first forward sale of 20,000 tonnes of copper to a bank and metal recycler.
Treasury operations included the roll out of app-based access to treasury system reporting, automation of FX deal uploads and umbrella facilities for automated issuance of guarantees in the UK and Asia Pacific region.
The team is also a signatory to the ACT EDI principles.
The BT treasury team has had a brilliant year, combining quality work with a large number of varied projects. Crucially the team has cemented its role as a key partner to the business
