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Industry roundup: 18 January

Cash flow forecasting added to HSBC's online banking tool

HSBC Commercial Banking clients in Canada can now access a cash flow forecasting tool directly through HSBCnet, allowing businesses of all sizes to build a more accurate picture of their future finances and manage liquidity across all their accounts and currencies through a single sign-on. 

The tool is fully integrated, automatically loading data from a client’s account. Customers who previously spent weeks producing spreadsheet-based predictions by manually retrieving data from their internal and banking systems can have results in an instant. 

“Efficient cash flow forecasting is critical to effective liquidity management, allowing clients to budget effectively, and plan the future," said Michael Klopchic, head of Global Liquidity & Cash Management, Canada, at HSBC. "The uncertainties and business disruptions of COVID-19 have only made this more important. The HSBC Cash Flow Forecasting tool gives companies actionable insights to help build their business, through an intuitive and interactive user experience.” 

HSBC’s Cash Flow Forecasting produces cash forecasts for up to a three-year horizon. Modelling and scenario testing creates bespoke forecasts, and detailed variance analysis highlights differences between forecasts and actual performance - allowing clients to take action to improve their forecast accuracy. 

The tool is designed to complement HSBC’s other liquidity management products: the portfolio includes cash management products across payables, receivables, clearing and foreign currency, liquidity, liability and investments, and corporate credit cards. 

 

Deutsche Bank signs financing and hedging deal offshore wind M&A transaction in Asia Pacific

Deutsche Bank has signed a transaction in the Asia Pacific renewable energy sector, helping arrange the US$2.68bn acquisition financing for a 50% stake in the “Greater Changhua 1 Offshore Wind Farm” in Taiwan by Caisse de dépôt et placement du Québec (CDPQ) and Cathay PE. It is the largest offshore wind M&A transaction ever announced in Asia Pacific, and the second-largest offshore wind M&A transaction for an asset globally. Danish power company and leading global developer of offshore wind farms, Ørsted, will retain a 50% share ownership in the wind farm.  

This is the first time that Ørsted’s partnership model, previously used for European offshore wind financings, has been used for an offshore wind financing in Asia Pacific. The transaction comprises the acquisition, construction and operation of a 605 megawatt offshore wind farm in the Taiwan Strait, developed by Ørsted. Ørsted will manage full construction of the project as EPC contractor using Siemens Gamesa’s wind turbines, and provide long term operation and maintenance services. The project is expected to complete in 2022 and will benefit from a 20-year fixed-price Power Purchase Agreement with state-owned Taiwan Power Company, supplying green power to over 650,000 Taiwanese households.

Deutsche Bank acted as mandated lead arranger and sole hedge arranger for the financing of the transaction. The bank also acted as sole rates hedging coordinator for the transaction and exclusively arranged pre-financial close rates hedging for Ørsted. 

“The transaction is testament to the team’s ability to deliver a multi-jurisdictional suite of products across Global Credit Trading, Global Emerging Markets, Asia and Structured Trade & Export Finance with the support of the coverage, product and sales teams in Europe and Asia," said Cynthia Chan, chief executive officer and head of Corporate & Investment Bank, Taiwan at Deutsche Bank. "It is our third large-scale project financing transaction in Taiwan’s offshore wind sector, evidencing our strength in the region, the sector and in our ESG credentials in Asia Pacific."

Deutsche Bank also supported Ørsted in opening Taiwan’s green bond market, when they issued the first ever Taiwan Green Bond by a foreign corporate in 2019.

 

AspireHR partners with SAP Concur on travel, expense, and invoice solutions in North America

AspireHR has announced a reselling and system integration partnership with SAP Concur, to bring their travel, expense, and invoice solutions to more businesses in North America.

AspireHR, an SAP gold partner and one of the first human experience management (HXM) specialty firms to receive SAP validation for the SAP Intelligent Enterprise Partner Ambassador Program, is one of the only HR-focused SAP partners to bring SAP Concur automated and integrated processes to state, local, and educational organisations in North America.

“SAP Concur solutions benefit businesses, not just in dollars and cents, but also by improving productivity, reducing risk, helping to ensure corporate compliance, and so much more,” said Kevin Chase, CEO of AspireHR.

In this new work-from-home world, AspireHR says that automated, cloud-based SAP Concur solutions can reduce mundane, process-related tasks and help employees to stay focused on the jobs they were hired to do.

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