It has become something of a cliché to declare market and exchange rate volatility as the new normal. But with no ceasefire in sight, or seemingly likely in the near or distant term, resisting that idea is probably fairly futile. So it is immensely to their credit that the winners of The Treasurer’s Deals of the Year Awards 2015 have achieved their goals and those of their organisations in a global trading environment that grows more involved with each year that passes. Last year may come to be known as the most complex year for corporate treasurers yet. Just until we come to write a review of 2016, perhaps. Our coverage of this year’s winners begins on page 21. In our awards, we celebrate the bonds and loans executed by UK and European corporates and detail the fundraising achievements of our winners. In our team categories, we applaud the contribution that corporate treasury teams make to their organisations through sound treasury management; strong technical knowledge and ability; innovation in technology and systems; and their ability to build strong relationships with the company’s bankers and advisors. Once again, our winners set the bar extremely high in their ability to handle that volatility, risk and complexity. Congratulations to all our winners and runners-up. In this issue, we also meet the treasury team at Marston’s Brewery in the UK. Once a regional brewing and pub business, today Marston’s is a national business with an organic growth plan that many organisations would envy. That plan includes some 20 new pub openings for 2016 based on a £140m investment against a market cap of £950m. It’s a programme that requires solid financial and cash management, of course. Head of treasury Rob Leach leads a dynamic team that has an advocate in CEO Ralph Findlay, himself a former treasurer. Turn to page 32 for more on the securitisation programme and structured finance that underpin their growth plans. Growth funds – or the lack thereof – are the subject of our feature on SME finance. The absence of funds and, in smaller entities, a dearth of know-how when it comes to accessing markets and courting backers is holding high-potential growth companies back. We explore the solutions that exist within this important sector on page 36. Elsewhere in the issue, we look at how US treasurers are facing up to their pain points on page 40 and offer an approach for framing alternative FX strategies on page 42. I hope you enjoy the issue.
