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Corporate Derivatives: Practical Insights for Real-Life Understanding

  • ID: 338083
  • Book
  • May 2006
  • 375 Pages
  • Incisive Media
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Corporate Derivatives explores the most important issues surrounding the use of derivatives by the corporate sector, this practical resource brings you insightful and detailed analysis of all the latest trends and deals in the market – and provides solutions to the real challenges faced by corporates on a daily basis.

Writing in a jargon-free and accessible manner, Pablo Triana guides you through this diverse and expanding field, providing answers to the important questions affecting today’s corporate derivatives landscape.

Packed with real - life corporate use of derivatives, this book provides informed, thought-provoking analysis and detailed commentary for practitioners seeking constructive and accessible guidance on this increasingly important subject for companies.

Drawing on real life examples the book guides you through the key areas and developments in this important subject, including:

- Evolution and nature of the corporate derivatives business
- Product overview
- 21st Century developments and case studies
- Accounting standards and their effects on corporate hedging practices
- Credit derivatives applications
- Weather derivatives update

With collaborations from leading practitioners, the book offers a refreshing and practically-focused alternative to other derivatives texts that concentrate on product definitions, finance theory, or quantitative methods.

A much-needed reference for those seeking a thought-provoking and practical source on the corporate derivatives business, including the key applied issues currently affecting corporates across the globe, it makes for essential reading not only for corporate treasurers and senior executives, but also for the bankers that cater to them and in general any person interested in the real world of corporate derivatives.

About the Author

Pablo Triana was a corporate derivatives banker before choosing to teach and write on the subject. He holds a Master of Science from New York University’s Stern School of Business and a Master of Arts from American University’s Economics Department. While at Stern he was appointed the president of the Financial Engineering Association. His professional experience includes corporate derivatives coverage for Spain at CSFB London, Madrid-based corporate Red Electrica, Washington DC-based InterAmerican Development Bank, and a US-based e-commerce start-up.

He is currently professor asociado at Instituto de Empresa, consistently ranked among the best European business schools. During his time at the school he has developed an innovative course entitled “Applied Corporate Financial Engineering” currently not available at any other top international school. He has also lectured at Johns Hopkins University and New York University. He has recently published non-technical papers in the world’s two leading derivatives publications; Risk magazine and FOW.

Contributors:

- Evelio Garay, JP Morgan
- Didier Hirigoyen, Citigroup Foreign Exchange
- Stéphane Knauf, Citigroup
- Ralf Lierow, Siemens Financial Services GmbH
- Alex J. Pollock, American Enterprise Institute
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INTRODUCTION
1. Corporate Derivatives: A Brief History
2. Tough Sell

QUICK PRODUCT REVIEW
1. Plain Vanilla is Boring (I)
2. Plain Vanilla is Boring (II)

21st CENTURY DEVELOPMENTS
1. An Inverted Era
2. Hedging is not Riskless
3. DARO-loving Chicagoians
4. 2001: A Quanto Oddysey
5. Regulatory Incentives

ACCOUNTING
1. Accounting Headlines
2. The Four Horsemen of the Apocalypse
3. Anti-Greenspan
4. Exotic Solutions
5. The Pollock Doctrine

CREDIT DERIVATIVES
1. Addressing Concerns
2. Beyong Receivables

WEATHER DERIVATIVES
1. Weather Update primer
2. Weather Deals
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Reviewed by Fernando Barnuevo, Managing Director Integrated Finance Limited (IFL) New York, former Managing Director and Group Head within the firm's US Financial Institutions Group management committee at JP Morgan Chase

This book deals with a key aspect of global financial markets, namely the use of derivatives by non-financial corporations. The author shows a good sense of timing, as the sector is currently facing several critical challenges that may impose far-ranging changes in the way that corporates approach their hedging strategies. Foremost among those are the new and powerful possible applications of credit derivatives at a corporate level and the impact of new accounting rules. The author balances rigor with market reality, creative analysis with informative research and sophisticated financial reasoning with good old common-sense. He does it all in an enjoyable and easy to read manner. A superb achievement.

Reviewed by Oscar Ruiz, Asesores de Infraestructuras, Madrid

Prior to me joining project finance firm Asesores de Infraestructuras, when I was responsible for derivatives inside the treasury department of telecom company Amena (recently acquired by France Telecom), I had the opportunity of working with Pablo Triana when designing the interest rate hedging strategy for a recently-obtained syndicated loan of substantial proportions. Back then, keeping a lid on financing costs was a priority, especially for such large liability, and we therefore viewed the hedging programme as a very serious responsibility. Without a doubt, Pablo shone as a derivatives marketer, showing us innovative and sophisticated ideas that added real value to the company. Even though he was put in competition with many other leading international investment banks, Pablo succeeded in convincing the treasury team to choose some of his proposed structures as part of the total hedging package. During our dozens of phone conversations and face-to-face meetings, Pablo displayed his strong knowledge of derivatives and, particularly, his interest in the practical applications of the products. Given the passion about derivatives that he transmitted then, it is no wonder that he has eventually gone on to write a book on the topic. It is also only logical that a book of his would have a purely practical flavour. I strongly recommend this book to anyone interested in the real world of corporate derivatives.
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