Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013 - (Page 9)
INTERVIEW
CDS to be volatile given
that it reflects essentially
short term concerns on
the bank’s ability to access
funding. The volatility can
be particularly acute when
the ratings are shifting
from Investment Grade
into the HY universe. From
a long term perspective we
view ratings as more accurate tool to measure the
bank’s credit worthiness.
With some triple “A” money
market funds closed and
extremely low (even zero)
return, what are you proposing as alternative investments for corporates?
We have a proven and
long dated track record in
managing a range of nonrated liquidity solutions
based on a strong in-house
credit risk analysis and an
extensive risk monitoring.
Investors ready to accept
slightly more extensive
guidelines with a marginally longer investment
horizon have the possibility to shift into funds
belonging to the money
market category.
Do you think that corporates
are re-considering and possibly revisiting their short
term investment policies
with the current low interest
rates environment ?
At the moment corporates
have re-considered their
short term investment
policies by increasing
their investments in funds
belonging to the money
market category to the
detriment of short term
bank deposits or certificate of deposits. They thus
obtain higher returns with
a high level of liquidity
whilst getting a better
diversification. To a much
lesser extent, customers
with a much longer visibility on their cash have
been seizing good opportunities in short term bond
enhanced products.
— APR / MAY / JUNE
N°81
—
Today, there is a gap
between bank credit ratings
and CDS’s. What is the best
way for corporates to assess
the counterparty risk ? Are
market instruments like
CDS’s, more accurate than
ratings ?
From our perspective
credit ratings are designed
principally to provide
relative rankings among
issuers and do not constitute a measure of absolute
default probability. This is
especially the case where
banks are concerned insofar the risk of default is low
but the loss given default
rate is very high. In times
of stress we expect the
”
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
“
In a low interest rate environment, with coming new regulations
and uncertainty in indicators or ratings, are there tracks
to explore to better invest your cash surplus? Patrick Siméon
and Ibra Wane, respectively Head of Money Market Management
and Strategist at Amundi, agreed to give their view about the
present financial context as well as to reveal some of their
pieces of advice.
2013
Patrick Siméon and
Ibra Wane,
Amundi
9
Table des matières de la publication Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013
Couverture
EDITORIAL
SOMMAIRE
FINANCIAL HIGHLIGHTS
INTERVIEW - Patrick Siméon and Ibra Wane, Amundi
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE
15 MINUTES WITH - Jörg Wiemer -Treasury Intelligence Solutions - TIS
NEWS
The Financial Risk Observatory
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