Treasury Insights

A working library of corporate treasury

Practical, opinionated articles on cash, liquidity, funding, investment and market risk — written for CFOs and treasury teams at growing companies. From first principles to option Greeks.

New to treasury? Start with the map.

What is Corporate Treasury? A Map of the Discipline — how the discipline fits together, and where to start reading for your role.

Read the series opener

Cash & Liquidity Management

Visibility, forecasting, account structures, working capital and liquidity policy — the foundation everything else in treasury builds on.

20 articles →

Investment & Counterparty Risk

What to do with the cash you don't need today, and who you can trust to hold it. Security, liquidity, yield — in that order.

16 articles →

Funding

Why companies borrow, from whom, on what terms — bank debt, private credit, capital markets, working-capital and asset finance, and how treasury runs the debt book.

44 articles →

Market Risk Management

What FX rates, interest rates and commodity prices do to your margins and cash flows, and the strategies and products that manage it.

Coming soon

Cash & Liquidity Management

Visibility, forecasting, account structures, working capital and liquidity policy — the foundation everything else in treasury builds on. Browse the theme →
OverviewFoundation9 min
Cash & Liquidity Management: The Foundation of Treasury
QuickviewFoundation6 min
Cash Visibility: You Can't Manage What You Can't See
OverviewIntermediate5 min
Cash Forecasting: Building a Forecast You Can Trust
QuickviewFoundation3 min
Direct vs Indirect Forecasting: Count It or Derive It
QuickviewFoundation7 min
Choosing Forecast Horizons: Daily, 13-Week, Rolling 12-Month
Deep DiveIntermediate3 min
Measuring & Improving Forecast Accuracy
Deep DiveIntermediate4 min
Scenario Planning & Stress-Testing the Cash Forecast
OverviewIntermediate
Bank Account Structures & Cash Concentration
Coming soon
QuickviewIntermediate
Physical vs Notional Pooling
Coming soon
Deep DiveAdvanced
In-House Banks, POBO & ROBO
Coming soon
QuickviewIntermediate
Trapped Cash & Restricted Markets
Coming soon
OverviewFoundation
Working Capital: Treasury's Role
Coming soon
QuickviewFoundation
The Cash Conversion Cycle Explained
Coming soon
QuickviewIntermediate
Improving DSO & DPO Without Damaging Relationships
Coming soon
Deep DiveIntermediate
Supply Chain Finance & Dynamic Discounting
Coming soon
OverviewFoundation
Payments & Banking Operations
Coming soon
QuickviewFoundation
Payment Rails Explained: SWIFT, SEPA, Faster Payments & RTGS
Coming soon
QuickviewIntermediate
Bank Relationship Management & Wallet Allocation
Coming soon
Deep DiveIntermediate
Treasury Technology: From Spreadsheets to TMS
Coming soon
QuickviewFoundation
Payment Fraud: Common Attacks & Controls
Coming soon
Deep DiveIntermediate
Setting a Liquidity Policy: Minimum Cash & Headroom
Coming soon
GlossaryFoundation
Key Terms: Cash & Liquidity Glossary
Coming soon

Investment & Counterparty Risk

What to do with the cash you don't need today, and who you can trust to hold it. Security, liquidity, yield — in that order. Browse the theme →
OverviewFoundation8 min
Investing Corporate Cash: Security, Liquidity, Yield. In That Order.
OverviewFoundation3 min
Investment Policy & Governance
Deep DiveIntermediate
Writing an Investment Policy That Works
Coming soon
QuickviewFoundation
Cash Segmentation: Operating, Reserve & Strategic
Coming soon
OverviewFoundation5 min
Short-Term Investment Instruments
Deep DiveIntermediate8 min
Bank Deposits & Investments: Call, Notice, Term and More
Deep DiveIntermediate7 min
Money Market Funds: CNAV, LVNAV & VNAV
QuickviewIntermediate5 min
Bills, Bonds, CP & CDs: Buying the Short End Directly
QuickviewIntermediate5 min
Bank Repo for Corporates: Secured Cash, Properly Collateralised
OverviewIntermediate7 min
Counterparty Risk
QuickviewFoundation12 min
Credit Ratings Explained
Deep DiveAdvanced19 min
Beyond Ratings: CDS Spreads & Market Signals
Deep DiveIntermediate
Setting Counterparty Limits & Diversification
Coming soon
Deep DiveIntermediate12 min
Lessons from Counterparty Failures: SVB, Credit Suisse & Argentex
QuickviewFoundation
Deposit Protection: What's Actually Covered
Coming soon
QuickviewIntermediate
Settlement Risk & CLS
Coming soon
GlossaryFoundation
Key Terms: Investment & Counterparty Glossary
Coming soon

Funding

Why companies borrow, from whom, on what terms — bank debt, private credit, capital markets, working-capital and asset finance, and how treasury runs the debt book. Browse the theme →
OverviewFoundation6 min
Funding for Corporates: How Companies Finance Themselves
OverviewFoundation5 min
Funding Fundamentals: Why, From Whom, and On What Terms
QuickviewFoundation6 min
Why Companies Need Funding: Nine Ways to Spend Other People's Money
OverviewFoundation13 min
The Corporate Funding Ecosystem: Who Actually Provides the Money
Deep DiveFoundation12 min
The Balance Sheet and Capital Structure: Where Every Instrument Sits
OverviewFoundation
Funding Through the Lifecycle: What Changes as You Grow
Coming soon
Deep DiveFoundation
Start-up Funding: Equity, Grants and the Terms That Matter
Coming soon
QuickviewIntermediate
Scale-up Funding: When Equity, When Debt
Coming soon
Deep DiveIntermediate
SME and Mid-Market Funding: The Bank Menu and the Treasury Job
Coming soon
QuickviewIntermediate
Large Corporate Funding: Syndicates, Bonds and the Debt Portfolio
Coming soon
QuickviewAdvanced
Listed Corporate Funding: When Equity Becomes an Instrument Too
Coming soon
OverviewIntermediate
Funding Instruments: The Full Menu, and What Each Is For
Coming soon
QuickviewFoundation
Equity Financing: The Dearest Money You Never Repay
Coming soon
Deep DiveFoundation
Bank Debt: From Overdraft to Syndicate, and Every Term in Between
Coming soon
Deep DiveIntermediate
Private Credit and Leveraged Finance: Faster Money, Fewer Strings, Higher Price
Coming soon
Deep DiveIntermediate
Debt Capital Markets: From Commercial Paper to How a Bond Gets Issued
Coming soon
QuickviewFoundation
Working Capital Finance: Funding the Gap Between Paying and Being Paid
Coming soon
QuickviewFoundation
Asset-Based Lending and Asset Finance: Borrowing Against Things, Not Profits
Coming soon
QuickviewIntermediate
Trade and Export Finance: Moving Goods When Nobody Trusts Anybody
Coming soon
QuickviewIntermediate
Venture Debt: A Loan Priced on Your Next Equity Round
Coming soon
Deep DiveAdvanced
Acquisition and Transaction Financing: Certain Funds, Uncertain Markets
Coming soon
OverviewIntermediate
Pricing & Documentation: What Debt Costs and What It Binds You To
Coming soon
QuickviewIntermediate6 min
Cost of Capital: What Your Money Really Costs You
Deep DiveIntermediate11 min
Interest Rates & Debt Pricing: Benchmarks, Curves and the All-In Cost
QuickviewIntermediate
Credit Ratings for Issuers: Getting One, Keeping One, Living With It
Coming soon
QuickviewIntermediate
Debt Documentation: The Papers That Actually Govern Your Debt
Coming soon
Deep DiveIntermediate
Covenants: The Promises in Your Loan and What Breaking Them Costs
Coming soon
QuickviewIntermediate
Security & Credit Enhancement: Making Lenders Comfortable, at a Price
Coming soon
Deep DiveAdvanced
Negotiating Funding: Every Term Is Open Until You Sign
Coming soon
OverviewIntermediate
Treasury Management of Funding: Running the Debt Book
Coming soon
Deep DiveIntermediate
Liquidity Management: How Long Can You Survive?
Coming soon
QuickviewIntermediate
Debt Portfolio Management: The Shape of the Book
Coming soon
Deep DiveIntermediate
Interest-Rate Risk Management: Swaps, Caps and Hedge Ratios
Coming soon
Deep DiveAdvanced
FX Risk in Funding: Borrowing in the Wrong Currency
Coming soon
Deep DiveAdvanced
Intercompany Funding: The Loans Tax Authorities Read First
Coming soon
OverviewAdvanced
Capital Structure Strategy: Designing for the Bad Year
Coming soon
Deep DiveAdvanced8 min
Designing the Optimal Capital Structure: No Framework, Just Trade-offs
Deep DiveAdvanced
Capital Structure Under Stress: The Shocks and the Response Ladder
Coming soon
OverviewAdvanced
Public Markets: Equity, Bonds and the Investors Behind Them
Coming soon
QuickviewAdvanced
IPOs and Equity Markets: The Raise That Never Ends
Coming soon
QuickviewAdvanced
Public Bond Markets: Who Buys, What They Want, How You Manage It
Coming soon
QuickviewIntermediate
Investor Relations and Funding: Keeping the Money Open
Coming soon
QuickviewFoundation
The Funding Decision Framework: Ten Questions Before You Borrow
Coming soon
GlossaryFoundation
Key Terms: Funding Glossary
Coming soon

Market Risk Management

What FX rates, interest rates and commodity prices do to your margins and cash flows, and the strategies and products that manage it. Coming soon
OverviewFoundation
Market Risk: Managing FX, Interest Rate & Commodity Exposure
Coming soon
OverviewIntermediate
The Risk Management Framework
Coming soon
Deep DiveIntermediate
Identifying & Quantifying Exposures
Coming soon
Deep DiveIntermediate
Writing a Hedging Policy: Risk Appetite, Ratios & Instruments
Coming soon
Deep DiveAdvanced
Measuring Market Risk: Sensitivity, VaR & Cash Flow at Risk
Coming soon
Deep DiveAdvanced
Hedge Accounting Under IFRS 9
Coming soon
OverviewFoundation
FX Risk Management
Coming soon
QuickviewFoundation
Three Types of FX Exposure: Transaction, Translation & Economic
Coming soon
Deep DiveIntermediate
Setting Budget FX Rates
Coming soon
Deep DiveIntermediate
FX Hedging Strategy: Ratios, Horizons & Layered Hedging
Coming soon
Deep DiveAdvanced
FX Hedging Strategy II: Advanced Strategies
Coming soon
Deep DiveIntermediate
FX Hedging Strategy III: The Pitfalls of No Strategy
Coming soon
OverviewFoundation
FX Hedging Products: Choosing the Right Tool
Coming soon
QuickviewFoundation
FX Forwards & NDFs
Coming soon
QuickviewIntermediate
FX Swaps: Rolling & Managing Hedges
Coming soon
QuickviewIntermediate
Vanilla FX Options: Paying for Flexibility
Coming soon
Deep DiveAdvanced
Option Structures: Collars, Participating Forwards, Seagulls & Beyond
Coming soon
Deep DiveAdvanced
Exotic Structures: TARFs, Accumulators & When to Walk Away
Coming soon
Deep DiveIntermediate
Pricing FX Trades: Spot, Forward Points & How Your Bank Makes Money
Coming soon
Deep DiveAdvanced
Forward Markets & the Cost of Hedging
Coming soon
Deep DiveAdvanced
Option Pricing, the Greeks & Delta Hedging
Coming soon
QuickviewIntermediate
Executing FX: Dealing, TCA & Multi-Dealer Platforms
Coming soon
Deep DiveAdvanced
Managing Translation & Balance Sheet FX Risk
Coming soon
GlossaryFoundation
Key Terms: FX Glossary
Coming soon
OverviewFoundation
Interest Rate Risk Management
Coming soon
QuickviewFoundation
Fixed vs Floating: Framing the Exposure
Coming soon
Deep DiveIntermediate
IR Hedging Products: Swaps, Caps, Collars & Swaptions
Coming soon
Deep DiveAdvanced
The Yield Curve & How Swaps Are Priced
Coming soon
QuickviewAdvanced
Pre-Hedging Future Debt Issuance
Coming soon
Deep DiveIntermediate
Hedging Term, Certainty & Break Costs
Coming soon
QuickviewAdvanced
Deal-Contingent Hedging
Coming soon
OverviewFoundation
Commodity Risk Management
Coming soon
QuickviewIntermediate
Identifying Commodity Exposure & Proxy Hedging
Coming soon
Deep DiveIntermediate
Commodity Hedging Instruments: Futures, Swaps & Options
Coming soon
QuickviewIntermediate
Basis Risk: When the Hedge Doesn't Match
Coming soon
OverviewIntermediate
Derivatives Operations & Documentation
Coming soon
Deep DiveAdvanced
ISDAs, CSAs & Credit Terms for Corporates
Coming soon
QuickviewIntermediate
Regulatory Reporting: EMIR & Derivatives Compliance
Coming soon
QuickviewFoundation
Confirmations, Settlements & Valuations: The Back Office
Coming soon
QuickviewAdvanced
Zero/Zero Credit Facilities: No IM, No MTA
Coming soon

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