What we do - Risk Management Advisors
Risk Management Advisors. COBERTURAS DE TIPOS DE INTERÉS: Optimice el Valor de la operación con la cobertura óptima y el precio correcto. COBERTURAS SOBRE MATERIAS PRIMAS: Le ayudamos a estructuramos coberturas que se alineen con sus objetivos y estrategias. MEDIACIÓN DE CONFLICTOS & PERITAJE JUDICIAL: Nuestra experiencia nos permite ayudarle en cualquier disputa relacionada implícita o explícitamente con derivados. COBERTURAS DE DIVISAS: Reduzca pérdidas por la volatilidad de las divisas estableciendo una política de gestión de riesgos. COBERTURAS DE INFLACIÓN: Como optimizar los ingresos y gastos ligados a inflación de su balance. FINANCIACIÓN: Un enfoque independiente y de mercado. REGULACIÓN REPORTING CONTABILIDAD: Seguimos constantemente los cambios regulatorios para ayudarle en su negocio. COBERTURAS PARA EL RIESGO DE CRÉDITO: Una de las lecciones de la crisis del 2008: El riesgo de contrapartida. COBERTURAS SOBRE SUMINISTRO DE ELECTRICIDAD: Los Power Purchase Agreement (PPA) un nuevo instrumento a considerar.
Risk Management Advisors, Independencia, compromiso, experiencia, CORPORATES PRIVATE EQUITY, REAL ESTATE, PROJECT FINANCE, ENTIDAD FINANCIERA, SECTOR PUBLICO, COBERTURAS DE TIPOS DE INTERÉS, COBERTURAS SOBRE MATERIAS PRIMAS, MEDIACIÓN DE CONFLICTOS & PERITAJE JUDICIAL, COBERTURAS DE DIVISAS, COBERTURAS DE INFLACIÓN, FINANCIACIÓN, REGULACIÓN REPORTING CONTABILIDAD, COBERTURAS PARA EL RIESGO DE CRÉDITO, COBERTURAS SOBRE SUMINISTRO DE ELECTRICIDAD
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What we do

Interest-rate hedging

Optimize the value of your transactions with optimal hedging and the right price.

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Companies are exposed to the risk of interest rates that they pay on their debt and receive on their deposits and other financial assets.

 

In many financial transactions, hedging the interest rate risk is a mandatory condition imposed by lending banks.

 

We study your interest rate risk and advise you on the hedging strategy that best suits your goals. Our independence and deep knowledge of the functioning of derivative markets allows us to help you implement the best hedging solution at the lowest possible cost, achieving total transparency on the price and conditions offered by banks on opaque products for the non-experts.

FOREIGN-EXCHANGE HEDGING

Reduce losses due to currency volatility by establishing a risk management policy.

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It is perhaps the most important risk faced by companies since it affects all aspects of their corporate finances, cash flows, revenues, assets and liabilities.

 

We help you evaluate and quantify your currency exposure by advising you on a global hedging policy without letting ourselves be influenced by short-term views of the market.

 

We will talk about the translation risk, a risk that can significantly affect the balance of companies with assets abroad.

INFLATION HEDGING

How to optimize inflation-linked revenues and expenses on your balance sheet.

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Being able to forecast future flows linked to inflation is an imprecise science, but the consequences of a errors are sometimes very significant. Thanks to our extensive experience in transactions linked to inflation flows we are well trained to help you hedge against this risk.

 

We have been involved in the largest hedges made in the world on Spanish inflation, and this allows us to transfer your inflation-linked risks to hedging transactions and to be able to properly document them so that your company does not take risks once it has been executed.

COMMODITIES HEDGING

We help you structure hedging solutions that are aligned with your goals and strategies.

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Volatility in commodity prices can have a strong impact on your company’s balance sheet.

 

Our experience will allow you to identify and quantify these risks, and then establish strategies to reduce them in supplier/customer agreements in those cases that these cannot be perfectly hedged with OTC and futures.

 

In those cases where hedging is possible in the market, we will help you design the best hedging strategy, the best counterparty to execute it, and the best implementation.

 

En los supuestos en que sí sea posible una cobertura en el mercado, le ayudaremos a diseñar la mejor estrategia de cobertura, la mejor contrapartida para ejecutarla y la mejor implementación.

FINANCING

An independent and market-oriented approach.

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External financing is something inherent to most companies. In addition to the economic situation of the company or in the market, an inadequate choice of instruments and/or  maturities can  generate very important risks for the future health of the company.

 

Our continuous contact and deep knowledge of the appetite of institutional investors, and of the instruments they prefer in each moment, allow us to bring a differential value to our clients also in this field.

CREDIT PROTECTION

One of the lessons of the crisis started in 2008: Counterparty Risk.

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By credit risk we mean the risk that companies have with their counterparties, clients, suppliers, etc. and the risk they have both on their own credit spread and on its evolution.

 

With our experience and knowledge, with the use of credit derivatives (CDS) and risk mitigants, you can minimize your exposure to this type of risk on your balance sheet.

DISPUTE MEDIATION & EXPERT REPORT ORDERED BY A COURT

Our experience allows us to assist you in any dispute implicitly or explicitly related with derivatives.

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Due to the complexity of the documentation required and, sometimes, of the financial transactions themselves, there is always a risk of misunderstandings which, unfortunately, often have economic consequences and sometimes end up in court.

 

Our independence, our experience in banking and our specialization in these markets make us your best ally for this type of situations.

ACCOUNTING REPORTING REGULATIONS

We help you meeting accounting and legal requirements arising from hedging instruments.

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Increasingly legal and accounting requirements mean that the formal implementation of many transactions involves legal, economic and accounting risks. With our advice and support, you will be aware of the risks and able to mitigate them, ensuring the quality and accuracy of their reporting.

 

In addition, all transactions carry reporting obligations. We will assist and guide you throughout the whole process.

 

Under NPGC (Spanish Gaap), IFRS (IFRS9, IFRS7) and similar accounting standards, it’s key obtaining accurate fair value calculations of your derivatives and understanding the volatility that hedging decisions may cause, ideally before any hedges are traded into. In our risk analysis engagements we include potential accounting and KPIs impacts of the different hedging alternatives, helping our clients in their conversations with their external auditor and supporting all the hedge accounting process after the hedge is traded (Post-Trade, derivative valuations with or without CVA -credit risk-, hedge accounting and ineffectiveness measurements, journal entries, yearend disclosures, etc).

POWER PURCHASE AGREEMENT

Power Purchase Agreement (PPA), a new instrument to be considered.

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The current development of green energies means that supply contracts cannot be linked to traditional raw materials such as diesel. Power purchase agreements, in full development, seem destined to offer solutions to this risk.

 

Despite its novelty, in view of how it is developing in other European countries, we can anticipate that these contracts will be complex and will contain many elements of derivatives. Our experience and knowledge of these products will put you in an advantageous position when negotiating and structuring these products against your counterparty.

Our method

1

  • Strategy definition

    • Identify and quantify the risks.
    • Set with the client their objectives to be met.
    • Agreement with the client about our role.
    • Suitability
    • Proposal of alternatives and possible scenarios.

2

  • Preparations

    • Advice and internal and external conversations (external auditor) on accounting impacts of the alternatives under consideration, before any hedge is traded into.
    • Support for internal approvals.
    • Preparation of legal documentation (confirmations, Master agreements, Emir, MiFID).
    • Term Sheet preparation.
    • Negotiation of price with banks – breakdown for the client.
    • Dry-runs.

3

  • Execution

    • Trade execution in the market with the client, counterparties and us online.
    • Ensure the counterpart receives the correct pre-confirmation trade notifications.
    • Supervision of the execution of the documentation required.

4

  • Post-trade

    • Analysis of the Deal results.
    • Ongoing accounting support (i.e. quarterly or at year end) with derivative fair value calculations (with or without CVA), hedge accounting (hedge designations, effectiveness testing, ineffectiveness measurement, journal entries), yearend disclosures, assistance in conversations with external auditors, etc.
    • Periodic reviews of the trade efficiency.

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