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Funding, like everything in life, is a matter of timing

The panel in the Funding track at the Association of Corporate Treasurers Annual Conference in May 14-16  examined many different aspects: how to diversify funding and developing a more efficient capital structure. In the presentations and discussion several important thoughts and advice emerged, including:

funding is a matter of timing
need to balance taking advantage of the current low % rates and lock them into funding programme with minimising the overall cost of carry
make sure funding strategy matches and complements your business strategy (George Duncan, Group Funding Manager, SSE)
maintain a variety of funding sources, plus keep an eye of the Basel III regulations and what it means for the money market funds and for your banks (ICAP)
don’t forget investor relations in any funding programme (RBS)
in all funding programmes: 1. stay in control and get the individual terms agreed with each bank before get syndicate together, 2. make sure you have over capacity credit approved, so can drop a bank if need to as it works wonders in negotiations later, and 3. don’t sign a mandate letter until you are really sure you have got what you want (Eileen Tindall, Group Treasurer, Arqiva). 

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