Corporate risk manager of the year: Heathrow Limited

Andrew Efiong (right) and Pedro Madeira

Corporate issuers of inflation-linked bonds have had to deal with a double whammy in the post-crisis years. First, the death of monoline-wrapped issuance slashed demand for their debt. Then, when companies turned to the inflation swap market instead, they found new bank capital rules and funding considerations were driving up prices to astronomic levels – prompting some users, including UK airport operator Heathrow Limited, to abandon the market briefly.

But there are ways to get by, as Heathrow