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The Handbook of Corporate Financial Risk Management

The Handbook of Corporate Financial Risk Management

Author: Stanley Myint; Fabrice Famery
Publisher: Risk Books
ISBN: 9781906348922
Published In: November 2012
Format: Hardback
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents
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The Handbook of Corporate Financial Risk Management, written by Stanley Myint and Fabrice Famery, guides you intuitively through all possible risk-related problems you will encounter on a regular basis, leading from one component of corporate risk management to the next until you have all the solutions you require. Each section of the book contains a collection of real-life case studies which BNP Paribas have worked on, beginning with the problems these cases exhibited and concluding with the solutions BNP Paribas found best resolved these.

The financial crisis destroyed long-cherished notions of risk and how to manage it. In its wake, CFOs and Treasurers face a world where constants are no longer sure to hold, markets can no longer be certain to price and no position is risk free.

As a result, corporations around the world increasingly recognise the value in paying even more attention to managing financial risks. Deciding to hedge may seem a logical way to do this.

But how exactly do you hedge financial risks? How should your debt be structured? How do you determine which risks to hedge first, and which ones (if any) should be left unhedged?

With the scrutiny of risk management and market uncertainty at all-time highs, The Handbook of Corporate Financial Risk Management, written by Stanley Myint and Fabrice Famery of BNP Paribas, addresses these very real problems, providing a detailed guide to the financial risks faced by corporates, and how to manage them.

The book contains a unique set of case studies drawing on real-life industry experience and is organised around the challenges treasurers and treasuries face every day:

•   Funding
•   Interest rate and inflation risks
•   Currency risk
•   Credit risk
•   M&A related risks
•    Commodity risk

This book is an essential resource for all risk management professionals and practitioners - treasurers, CFOs, CROs, CEOs, FDs, traders; accountants, consultants; corporate bankers, coverage officers, corporate financiers, private equity investors; academics and students in the field of corporate risk management.

Foreword by Pascal Quiry

Introduction

Section 1: Funding

Introduction

Chapter 1: How to Obtain a Credit Rating

Chapter 2: The Intermediated Exchange

Chapter 3: Cash Tender Offer

Chapter 4: Optimal Debt Duration via Merton’s Model

Chapter 5: Funding Cost Drivers

Section 2: Interest Rate and Inflation Risks

Introduction

Chapter 6: How to Develop an Interest Rate Hedging Policy

Chapter 7: How to Improve Your Fixed-Floating Mix and Duration

Chapter 8: Impact of Fixed-Floating Policy on Company Valuation

Chapter 9: Do You Need Inflation-Linked Debt?

Chapter 10: Prehedging Interest Rate Risk

Chapter 11: When to Prehedge

Chapter 12: Constrained Maturity Optimisation

Chapter 13: Asset and Liability Management

Chapter 14: Pension Fund Asset and Liability Management

Section 3: Currency Risk

Introduction

Chapter 15: How to Develop a Foreign Exchange Policy

Chapter 16: Netting Foreign Exchange Risks

Chapter 17: Managing the Risk from Emerging Market Currencies

Chapter 18: Currency risk on Covenants

Chapter 19: How to Manage Translation Risk

Chapter 20: Managing Foreign Exchange Risk with a Dynamic Options Strategy

Section 4: Credit Risk

Introduction

Chapter 21: Counterparty Risk Methodology

Chapter 22: Counterparty Risk Protection

Chapter 23: Optimal Deposit Composition

Chapter 24: Prehedging Credit Risk

Section 5: M&A-Related Risks

Introduction

Chapter 25: Rating Impact of the Acquisition

Chapter 26: Risk Management for M&A

Chapter 27: Amendments to Bond Documentation

Chapter 28: Monetising Deferred Consideration

Chapter 29: Hedging Uncertain Exposures

Section 6: Commodity Risk

Introduction

Chapter 30: Managing Commodity-Linked Revenues and Currency Risk

Chapter 31: Managing Commodity-Linked Costs and Currency Risk

Stanley Myint heads the risk management advisory team at BNP Paribas and has 18 years of experience in this field. The mandate of the team is to advise key corporate clients of BNP Paribas on issues related to financial risk management, particularly with regards to interest rate, currency, inflation and credit risk. His approach is a mixture of quantitative finance and corporate finance. Prior to BNP Paribas, Stanley worked at The Royal Bank of Scotland, McKinsey & Company and Canadian Imperial Bank of Commerce, always in the field of risk management. Stanley has published several articles in Risk Books publications and Risk magazine. Stanley has a PhD in physics from Boston University and a BSc in physics from Belgrade University (Serbia).

Fabrice Famery is head of rates and FX corporate sales for Europe at BNP Paribas. His group provides corporate clients with hedging solutions across interest rate and foreign exchange asset classes. Corporate risk management has been the focus of Fabrice’s professional path for the past 24 years. He spent the first seven years of his career in the treasury department of the energy company ELF, then, in 1996, joined Paribas (now BNP Paribas), where he occupied various positions including FX derivative marketer, head of the FX advisory group and head of the fixed income corporate solutions group. Fabrice has published articles in Finance Director Europe and Risk magazine.He has a Master’s degree in international affairs from Dauphine University (France).