Raising capital and the search for liquidity
Raising capital is tough in an economic landscape where investors are hoarding cash and leverage is a dirty word. We examine this environment in more depth, exploring capital raising solutions and safe havens for investors.
Blurring of the boundaries renders 'emerging' status defunct
April 2012
The traditional divisions between ‘developed’ and ‘emerging’ markets
are no longer relevant in a post-crisis world, argues Jason Richardson,
Global Head of Emerging Markets Trading. With economic power now
concentrated in the hands of the G20 rather than the G7, a less myopic
approach to investment is needed.
Working Capital Management
April 2012
In November 2011, RBS and Greenwich Associates launched a new study on working capital management among large companies around the world. In conducting the research, the firms interviewed 50 companies in Asia (excluding Japan), Europe and North America. The results of this research reveal that past efforts to build efficiencies in working capital management have been incorporated into post-crisis strategies centred on ensuring adequate liquidity and managing risks.
ECB applies anaesthetic but major surgery needed
March 2012
The record amount of cash lent to euro-area banks by the
European Central Bank (ECB) has helped reduce the risk of a
credit market collapse, but it hasn’t boosted bank lending or
economic growth. The long-term question remains: can you
solve a solvency and growth problem with liquidity?
Cash rich, time poor? Try Europe for starters
March 2012
European financial institutions are clambering to sell unwanted assets at the same time as buyers are drying up. In Asia and the US there are cash-rich investors that could fill the gap, but will they be tempted to buy in Europe amid the economic turmoil? William Fall thinks they will, if the circumstances are right.
The Draghi effect – no quick fix for eurozone crisis
March 2012
There is still a risk of one or more countries leaving the eurozone, despite two multi-billion euro bailout funds and two massive injections of cash from the European Central Bank (ECB) into the banking system. We think this is because liquidity is only a temporary fix. It will take a significant dose of structural reforms and the return of growth within the European Union to end the crisis.
Private bonds flourish as issuers seek tailored capital
March 2012
The private placement market can provide tailored financing for corporates who are unwilling to lock into single tranche bonds or are facing difficulty obtaining bank funding.
Solving the eurozone crisis: the importance of fiscal integration
March 2012
Martin Wolf, Chief Economics Commentator at the Financial Times, shares his views on the eurozone sovereign crisis, believing the solution to stability lies in greater fiscal integration.
Netting: The key to stronger liquidity management
March 2012
Global companies face global risks. In the current economic environment, the management of those risks is even more important. As a result, it’s essential for companies to minimise their costs and optimise their working capital.
European corporate debt defaults may double in 2012
January 2012
European companies defaulting on their debt could more than double in 2012 as recession risks rise and the region’s banks - facing the prospect of reducing balance sheets by as much as 20 per cent - tighten lending. This could throw a double punch to smaller companies with lower credit ratings, according to RBS’s Head of European Macro Credit Research, Alberto Gallo.
The long and winding road to recovery
December 2011
RBS’s Bill O’Donnell reviews past periods of weakness to interpret the current state of the US economy. He finds evidence to suggest that recovery could be further away than many analysts predict.
Finding yield: a liquidity trade off
December 2011
Liquidity is highly sought after in the wake of the financial crisis, so holders of large cash reserves can earn good returns by making their excess funds available to others. RBS’s Philip Turner explains how.
A strategic view of opportunities in the corporate credit markets
December 2011
The recent widening of the difference in yields between US corporate bonds and US Treasuries has created opportunities for those investors who are willing to take on extra risk in search of better returns, writes RBS’s Edward Marrinan.
Recession, rate cuts and the 'Grand Plan'
October 2011
As the sovereign debt crisis continues we take a look at the broad contours of the policy response taking shape.
Expand Asia's index-linked bond market to fight inflation
September 2011
Though Asia has a serious inflation problem, its issuance of index-linked government bonds has been limited. Addressing this shortfall would not only set out governments’ inflation-fighting credentials, but would also allow financial institutions and companies to hedge their exposure to inflation, writes RBS’s Christian Alibert.
Helping clients to mitigate uncertainty over inflation
September 2011
With the global outlook for inflation uncertain, two RBS experts discuss how the bank can work with clients and help them benefit from inflation-linked products that can offset risk or capture returns.
Protecting margins as input costs rise
September 2011
Businesses reliant on low-cost Asian manufacturing are having to absorb higher input prices that have been driven up by inflation. Faced with sluggish demand from Western consumers, most of these firms are finding it hard to pass on higher costs, so streamlining supply chains is crucial, writes RBS’s Anand Pande.
Breaking down the barriers to SWIFT
June 2011
Once the preserve of large multinational corporations, SWIFT connectivity has become a viable option for corporate treasuries that are seeking to improve working capital management and reduce costs.
Optimising cash flow and funding: short-term funding strategies in a challenging market
April 2011
How to free up working capital and improve short-term investment returns.
Bringing cash and trade together: a holistic approach to optimising working capital
April 2011
The economic turmoil and the subsequent tougher credit environment re-established the importance of optimising working capital, and placed it at the top of the corporates’ agenda.
Seize the day: working capital optimisation in a deleveraging world
April 2011
The idea that cash is king isn’t new, but the credit crunch and significant economic changes have placed working capital optimisation firmly back on the agenda.
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