Follow these category links to find out how this year’s winners made an impression…
Corporate Finance and Overall Deals of the Year Awards winner
Large UK Treasury Team of the Year
Small UK Treasury Team of the Year
Large EMEA Treasury Team of the Year
NB: all category articles written by freelance business and finance journalist Rebecca Brace
I am delighted to welcome readers to The Treasurer’s 2018 Deals of the Year Awards, which I have had the privilege of chairing for a third year.
This year, I had the pleasure of reviewing and discussing with the judging panel a wide range of exceptional examples of treasury practice.
It is evident that the pace of innovation and creativity in treasury teams across the UK and Europe, the Middle East and Africa (EMEA) continues to advance, providing a value-adding counterpoint to the increasing volatility seen across the globe.
However, if I was to pick out one highlight in the award nominations this year, it would be the highly competitive Sustainable Finance category.
A number of the deals reviewed by the panel highlighted treasury teams that had prepared to be opportunistic and fleet-footed in getting to markets when conditions were optimal
With the number of unique nominations more than doubling, and with a much wider variety of green or sustainable finance initiatives being showcased, this provided one of the most fiercely debated categories.
It was heartening to see sustainable financing initiatives moving clearly into the mainstream, and thereby the central role treasury can play in capturing value by linking financing to a sustainability agenda.
Before moving on to our review of the year and the awards themselves, a word on the judging panel.
I am very pleased that we were able to add another experienced treasurer to the panel in Joanna Hawkes, group treasurer at M&S. Joanna immediately brought a fresh perspective to the panel and contributed to the lively debate, of which more later.
Turning to 2018, volatility has been almost the one constant as the fallout from previous years’ macro surprises continues to play out.
US/China trade disputes, the Turkish and Argentina crises, sharp moves in commodity prices and the continued rise of populist political parties in Europe have made many headlines and sparked frequent bouts of nervousness in the financial markets.
Overarching this, of course, several rates rises in the US and the consequent drain of USD global liquidity have sparked many commentators to call the end of the current positive economic cycle.
The result has been distinct periods of weakness in the capital markets, notwithstanding some windows of good issuance conditions in the early part of the year and briefly in the autumn.
A number of the deals reviewed by the panel highlighted treasury teams that had prepared to be opportunistic and fleet-footed in getting to markets when conditions were optimal.
Treasurers’ capabilities in looking ahead, assessing risk in their company’s ability to deliver its strategic objectives, and then preparing the ground for when markets are receptive will be a much appreciated skill with CFOs and boards in the coming year or two.
Finally, we have had the tortuous negotiations over Brexit. It is of course troubling that we appear to be no clearer on the shape, form and timing of the UK’s exit from the EU than when I last wrote in these pages a year ago.
But crunch time is upon us and all we can do is cross our fingers that clarity, in whatever form that comes, will be provided soon.
As ever, the breadth of nominations across the various categories was most impressive, with the capital market categories again being particularly hotly contested.
All categories prompted much debate among the panel, with a significant number of ‘highly commended’ awards being given, illustrating how tight some of the judging decisions were.
Of particular interest to the panel, I believe, were a number of the nominations in the team awards.
The challenge of delivering operational change management projects, seeding further value delivery from treasury teams, while at the same time executing the funding and takeout of major transactions is a remarkably impressive achievement.
This highlights one of the most demanding facets of the treasurer’s role. On the one hand, having to deliver high-value, often transformational balance-sheet projects (which are immensely time-consuming in the short term), while never taking one’s eye off the ball during the nitty-gritty of continuous operational improvements.
That combination of strategic long-term decision-making with day-to-day operations is one of the most ‘fun’, but also most challenging, elements of the treasury profession.
The awards have showcased some great examples of treasury teams executing these different priorities with aplomb.
Navigating the nominations and deciding on the final awards is a time-consuming exercise and I would therefore like to express my sincere thanks to all of my fellow judges for their commitment to The Treasurer’s Deals of the Year Awards.
The expertise and different perspectives they bring always provides for a stimulating debate.
My thanks to the team at the ACT, who manage with great patience the significant administration of the awards, as well as to Lloyds Bank and SMBC for their support and sponsorship.
Introducing the 2018 panel, who discussed and debate who would triumph...
Fraser Campbell Treasury consultant, PMC Treasury
Joanna Hawkes Group treasurer, M&S
Matthew Hurn CFO alternative investments & infrastructure, Mubadala
Bente Salt Head of treasury, Rentokil Initial
Richard Sedlacek MD, Rothschilds
Mark Venner Treasurer, operations, BAE Systems
Paul Watters Senior director, S&P
Henryk Wuppermann Head of corporate finance, E.ON
Philip Learoyd is group treasurer at OCI and chair of the Deals of the Year Awards judging panel
The Treasurer’s Deals of the Year Awards recognise the outstanding work of treasurers, both within the treasury community and the wider business world. Through them we champion the success and achievements of treasury teams that have stood out in the market over the prior 12 months. Winning an award is a great way to strengthen your organisation's and your treasury's profile, bringing peer and industry acknowledgement.
This article was taken from the Deals Edition 2019 issue of The Treasurer magazine. For more great insights, log in to view the full issue or sign up for eAffiliate membership