Understanding Corporate Treasury

Background

Understanding Corporate Treasury is an intense three-day course designed to provide a comprehensive overview of the corporate treasury function to new entrants.

The course is also suitable for professionals who interface with treasury and who need to understand its role, key functions and business drivers, eg internal finance and audit staff, corporate bankers, consultants and IT providers.

Course Content

• overview and context
• liquidity management
• currency and interest risk management
• corporate finance and funding
• treasury policy, organisation and control

Timetable

DAY 1

08.30 - 09.00 Registration and Coffee

09.00 - 10.30 Introduction

Treasury Management Overview
- Introductions
- Links between business strategy / organisation, finance and treasury
- Role of treasury

10.30 - 10.45 Coffee

10.45 - 12.30 Treasury Management Overview
- Treasury risks eg liquidity, currency interest
- Risk management
- Measures of risk

12.30 - 13.30 Lunch

13.30 - 15.00 Liquidity Management
- Objectives
- Cash flow dynamics
- Cash flow forecasting

15.00 - 15.15 Coffee

15.15 - 17.00 Liquidity Management
- Yield curves
- Rationale for spot/zero, forward and par yield curves

DAY 2

08.30 - 09.00 Coffee

09.00 - 10.30 Liquidity Management
- Money market instruments - features and yields

10.30 - 10.45 Coffee

10.45 - 12.30 Liquidity Management
- Bond prices, yields, risk measures

12.30 - 13.30 Lunch

13.30 - 15.00 Liquidity Management
- Implementation: policy, organisation, performance

15.00 - 15.15 Coffee

15.15 - 17.00 Liquidity Management
- Treasury and cash management systems

DAY 3

08.30 - 09.00 Coffee

09.00 - 10.30 Risk Management : Interest & Currency
- Derivatives overview
- Forward interest rates, FRAs

10.30 - 10.45 Coffee

10.45 - 12.30 Risk Management (Interest)
- Interest rate futures; interest rate swaps

12.30 - 13.30 Lunch

13.30 - 15.00 Risk Management (Interest)
- Interest rate options; applications

15.00 - 15.15 Coffee

15.15 - 17.00 Risk Management (Currency)
- Currency spot; forward

DAY 4

08.30 - 09.00 Coffee

09.00 - 10.30 Risk Management (Currency)
- Currency swaps; options

10.30 - 10.45 Coffee

10.45 - 12.30 Risk Management Currency & Interest
- Implementation: policy, organisation, control

12.30 - 13.30 Lunch

13.30 - 15.00 Corporate Finance & Funding
- CAPM
- Modigliani Miller
- Weighted average cost of capital
- Geared and ungeared betas
- Target rates of return

15.00 - 15.15 Coffee

15.15 - 17.00 Corporate Finance & Funding
- Valuation
- Dividend policy
- Gearing

DAY 5

08.30 - 09.00 Coffee

09.00 - 10.30 Corporate Finance & Funding
- Ratings
- Capital market debt

10.30 - 10.45 Coffee

10.45 - 12.30 Corporate Finance & Funding
- Bank debt

Treasury Management
- Policy
- Organisation

12.30 - 13.30 Lunch

13.30 - 15.00 Treasury Management
- Policy
- Organisation
- Management information systems

15.00 - 15.15 Coffee

15.15 - 17.00 Treasury Management
- Application: case study

Conclusion