Currency Risk

Group-Level FX Netting

Which FX exposures across subsidiaries net out at group level — and how to hedge only the true residual risk with hedge accounting treatment?

Early Warning Signals for EM Currencies

How to hedge EM currency risk only when devaluation is genuinely imminent — and stay unhedged the rest of the time to avoid the cost of carry?

How to Hedge High Carry Currencies

Which hedging instrument and maturity structure minimise the cost of carry while still protecting against EM currency depreciation?

Currency Risk on Covenants

How does FX rate volatility threaten leverage covenants — and how to hedge the accounting mismatch between spot and average rate?

Optimal Currency Composition of Debt: Protect Book Value

What is the optimal currency mix of debt to minimise translation risk on equity — without paying too much in interest rate differentials?

Optimal Currency Composition of Debt: Protect Leverage

What is the optimal currency mix of debt to stabilise the net debt / EBITDA ratio — without taking on excessive interest rate costs?

Cyclicality of Currencies and Use of Options to Manage Credit Utilisation

How to build a dynamic hedging strategy accounting for exchange rate cyclicality — preserving credit limits and reducing hedging costs?

Managing the Depegging Risk

How to hedge the depegging risk — while the forward market is still available and carry is low?