The Handbook of Corporate Financial Risk Management (2nd Edition)
First published:
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Introduction to M&A-related Risks
Foreword
Introduction
Theory and Practice of Corporate Risk Management
Theory and Practice of Optimal Capital Structure
Introduction to Funding and Capital Structure
How to Obtain a Credit Rating
Refinancing Risk and Optimal Debt Maturity
Optimal Cash Position
Optimal Leverage
Introduction to Interest Rate and Inflation Risks
How to Develop an Interest Rate Risk Management Policy
How to Improve Your Fixed-Floating Mix and Duration
Interest Rates: The Most Efficient Hedging Product
Do You Need Inflation-linked Debt?
Prehedging Interest Rate Risk
Pension Fund Asset and Liability Management
Introduction to Currency Risk
How to Develop Currency Risk Management Policy
Translation or Transaction: Netting Currency Risks
Early Warning Signals
How to Hedge High Carry Currencies
Currency Risk on Covenants
Optimal Currency Composition of Debt 1: Protect Book Value
Optimal Currency Composition of Debt 2: Protect Leverage
Cyclicality of Currencies and Use of Options to Manage Credit Utilisation
Managing the Depegging Risk
Currency Risk in Luxury Goods
Introduction to Credit Risk
Counterparty Risk Methodology
Counterparty Risk Protection
Optimal Deposit Composition
Prehedging Credit Risk
xVA Optimisation
Introduction to M&A-related Risks
Risk Management for M&A
Deal-contingent Hedging
Introduction to Commodity Risk
Managing Commodity-linked Revenues and Currency Risk
Managing Commodity-linked Costs and Currency Risk
Commodity Input and Resulting Currency Risk
Offsetting Carbon Emissions
Introduction to Equity Risk
Hedging Dilution Risk
Hedging Deferred Compensation
Stake-building
Mergers and acquisitions are an important part of corporate development strategy, and one of the key moments in the professional life of the CFO and group treasurer. Banks mandated by acquisitive companies coordinate numerous teams on M&A projects: corporate finance, legal, loan and capital market financing, as well as risk management specialists. On the corporate side, financial decision-making concentrates on a few individuals, often led by the CFO and treasurer, who must take a host of strategic and far-reaching decisions very quickly. Therefore, we think the reader will be interested in examples of best practices in acquisition-driven financial risk management, as well as M&A-specific solutions ranging from the impact on credit ratings to the hedging of uncertain FX risks.
At the time of writing, in 2018, global M&A activity set a record eclipsing a previous high reached in 2007, but the financial crisis we experienced in 2008 has deeply transformed the parameters of M&A financial risk management. In the immediate aftermath, bank deleveraging and ongoing regulation reforms11 We refer here primarily to Basel III and IV, but also Dodd–Frank, the European Market Infrastructure
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