Brief, signed perspectives on documentary practice, structured credit and cross-border execution. Distributed to institutional counterparties under the firm's letterhead.
Tenor mismatch and confirming-bank concentration are the two unresolved exposures in the cross-border trade portfolios we reviewed during the first half of the year. This note sets out a framework for re-pricing both — without re-papering existing facilities.
Request the full note →An anatomy of the demand wording most often contested at presentation, and how to rewrite it before transmission.
Implications of the PBoC framework for documentary credits across Asia-Pacific and Gulf settlement corridors.
Why the OECD Arrangement's premium framework is becoming the only price reference borrowers can trust.
A short audit of confirming-bank choices on twenty recent EUR-denominated mandates and what it tells us about pricing.
True-sale opinions are the gating question — but they are no longer the only one. Notes from three live programmes.
Four habits, formed early, that distinguish a corporate treasury that is taken seriously by its banks.
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Notes are circulated quarterly to institutional counterparties. Distribution is by request and limited to verified recipients.