GLOBAL NETWORK CORPORATE CASH INVESTMENT STUDY 2013

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1 GLOBAL NETWORK CORPORATE CASH INVESTMENT STUDY 2013

2 CONTENTS 1 Introduction 2 Executive summary 4 Respondent profile 5 Treasury centralization 6 Approach to cash investment 6 Surplus cash balances 7 Cash Investment Challenges 8 Cash investment strategy 9 Asset allocation 10 Use of MMFs 11 Effect of regulatory reform 12 Transaction execution 13 Conclusion

3 Introduction SunGard recently commissioned a study among corporate treasury professionals to understand corporate attitudes to cash investment, including strategic cash holdings, asset allocation, investment policies and transaction execution. This follows similar studies conducted in 2011 and 2012, enabling us to identify trends and developments over time. The study attracted responses from 161 corporations globally. This included respondents from all regions and industries, with 49 percent of companies headquartered in North America and a significant number of responses from Europe. Most of these had a centralized approach to treasury management, with 91 percent of respondent organizations having either a single global treasury center or regional treasury centers. 1

4 Executive summary CENTRALIZATION 41 % 41% of respondents had increased the degree of centralization in their cash and treasury management activities. This is comparable with the 2012 study, illustrating that centralization remains a key priority for many companies. This is further supported by the fact that since last year s study, the proportion of companies with a decentralized treasury approach has remained at 3 percent. In tandem, however, a few larger multinationals are decentralizing certain aspects of cash and treasury management to in-country finance functions under central oversight in order to take advantage of local expertise and potentially attractive borrowing conditions. SURPLUS CASH 43% of companies increased the amount of surplus cash over the past 12 months, more than a third of which had seen a significant increase, which is again comparable to This is often due to an increase in cash generation and working capital improvements. This cash is held for working capital financing and for strategic investment such as mergers and acquisitions. Marginally fewer companies (4 percent) are holding cash as a buffer against future liquidity constraints than in 2012 and in anticipation of improved opportunities for investment in the future. 22 percent of the respondents reduced cash balances, typically as a result of mergers and acquisitions, capital investment, paying down debt or returning cash to shareholders. 43 % CASH INVESTMENT CHALLENGES 3 YRS The past three years has seen major changes of emphasis among treasurers. In 2011, the need to enhance processes such as cash flow forecasting and liquidity management dominated the treasurers s agenda, while market and regulatory issues such as the Eurozone crisis and the expiration of the FDIC insured deposit scheme emerged as priorities in This year, treasurers are challenged to unlock trapped cash in regulated markets and to find suitable repositories for large cash balances. 2 Corporate cash investment study 2013

5 ASSET ALLOCATION While only 40 percent of companies use money market funds (MMFs) (typically constant net asset value (NAV), AAA-rated short-term MMFs in Europe and Asia, or 2a7 funds in the US), these companies hold an average of 50 percent of their cash in these funds. 40 % This represents an increase of more than 11 percent from With the expiration of the FDIC insured deposit scheme at the end of 2012, treasurers will need to find new repositories of cash. MMFs are likely to prove an important alternative for corporate investors. CASH INVESTMENT STRATEGY 46 % Treasurers remain highly conservative in their investment strategy, in fact even more so compared with twelve months ago. Nearly half (46 percent) insist on immediate access to all cash, an increase of 4 percent from last year s study. With continuing low yields, it is understandable that treasurers are not yet prioritizing yield alongside security or liquidity but it will be interesting to see how investment priorities and behavior evolve should interest rates start to rise. INVESTMENT EXECUTION Only 30 percent of short-term investments are now conducted via telephone, a substantial fall from the 2012 study (51 percent). Furthermore, there is now a general preference for independent portals compared with banks proprietary portals, which again marks a shift from As predicted in last year s study, companies are increasingly recognizing the advantages both of electronic trading for both control and efficiency purposes, and of independent price discovery and execution with multiple counterparties through a single channel. The area that has not yet been fully exploited is the ability to integrate portals with treasury management technology for straightthrough processing. 30 % 3

6 Respondent profile 161 respondents participated in the Corporate Cash Investment Study between August and September Respondents had the following profile: Company Size. Almost 70 percent of companies that participated in the study had a turnover exceeding $1 billion, nearly half of which exceeded $5 billion. Industries. Most major industry groups were represented in the study, of which the largest groups were government (13 percent) and financial services (12 percent). Headquarters. Companies that participated in the study were headquartered in every major region with the exception of Latin America. 49 percent of responding companies were headquartered in North America, and 29 percent in Europe. Treasury Centers. Participants responded on behalf of treasury centers located mostly in North America (47 percent), Europe (32 percent), Middle East and North Africa (6 percent) and Asia (5 percent) and Africa. and Central, Eastern and Southern Europe (10 percent). In the majority of cases (60 percent), these were global treasury centers, while 31 percent of companies operated a regional treasury organization. 4 Corporate cash investment study 2013

7 Treasury centralization The majority of companies involved in this study had already centralized their treasury at a global or regional level. Of those companies, 60 percent represented a single, global treasury center, and 31 percent of companies are adopting a regional treasury approach. This data would appear to reflect a higher proportion of global treasury centers than would normally be expected; however, this may be explained by the fact that a large proportion of companies included in the study were headquartered in the United States, some of which have predominantly domestic cash and treasury management requirements. In addition, although individual respondents may represent a global treasury center, this is not to say that the company does not also have regional treasury centers. Forty one percent of respondents had increased the level of cash and treasury centralization over the past 12 months (figure 1), a similar proportion to last year. More than half (56 percent) of companies had not changed the degree of centralization in their treasury organization. These statistics illustrate that centralization remains a priority for many companies. This is supported by the fact that the proportion of decentralized organizations has remained at about 3 percent since the 2012 study. Three percent of companies devolved some of their treasury activities, similar to both the 2011 and 2012 studies. While this reflects only a minority of companies, certain companies, particularly very large multinationals, are decentralizing certain aspects of cash and treasury management to in-country finance functions. These local operations typically take responsibility for managing highly volatile currencies, dealing with local payments and collections, and/or leveraging local financing or investment opportunities that may be more favorable than those available centrally. In these cases, companies still maintain a highly centralized approach to policy, procedure and technology infrastructure, but seek to benefit from close proximity to key markets and in-depth market knowledge. Figure 1. Changes to centralization 55.63% No change 41.25% Become more centralized 3.13% Become less centralized 5

8 Approach to cash investment Surplus cash balances Companies hold cash balances for a variety of reasons. In the short-term, cash is required for working capital financing (noted by 35 percent of respondents, an increase of 6 percent on the 2012 study, emphasizing the growing importance of working capital management). A large proportion (27 percent) also hold cash to finance capital investment or mergers and acquisitions, in addition to paying down debt and paying dividends to shareholders. In addition, 13 percent of companies noted that they held surplus cash as a buffer against dips in revenue in the future, a fall of 4 percent on the 2012 study, potentially as a result of a slight increase of confidence in economic recovery. Figure 2 demonstrates that 35 percent of the companies had not experienced any material change to their cash balances over the past 12 months. 43 percent of companies increased the amount of surplus cash held, more than a third of which had seen a significant increase. The key reasons given for this increase include: Increase in revenues/cash generation Buffer against future liquidity constraints Working capital improvements Waiting for improved opportunities for investment In addition, cost reductions (including interest costs), release of trapped cash, delays in capital expenditure, or mergers and acquisitions and divestments were also factors given. This is consistent with trends witnessed in recent years where companies are accumulating growing cash buffers for capital investment, mergers and acquisitions, or as protection against periods of lower revenues in the future. In 2012, 37 percent of companies increased the amount of surplus cash, a third of which had seen a significant increase. 22 percent of the respondents reduced cash balances, typically as a result of mergers and acquisitions, capital investment, paying down debt or returning cash to shareholders. Figure 2. Changes to surplus cash balances Decreased by more than 66% Decreased by 33-66% Decreased by 0-33% No material change Increased by more than 66% Increased by 33-66% Increased by 0-33% Corporate cash investment study 2013

9 Cash Investment Challenges In 2011, SunGard highlighted that corporate treasurers greatest investment challenges were mostly process driven. For example, 42 percent of respondents in 2011 noted the need to enhance cash flow forecasting to facilitate better cash investment decisions. In 2012, market issues emerged as a stronger priority. Respondents expressed particular concern about the Eurozone crisis and the need to manage counterparty risk more effectively, particularly bearing in mind that limits with highly rated banks may be fully utilized. Regulatory changes such as Basel III and changes to money market fund (MMF) legislation 1 were also creating considerable uncertainty in treasurers cash investment approach. An immediate issue for corporate investors was the expiration of the Federal Deposit Insurance Corporation (FDIC) guaranteed non-interest bearing account scheme on December 31, 2012 and the need to find alternative repositories for cash. In 2013, this concern seems to have been borne out as the most considerable challenge for treasurers is finding suitable investment instruments, indicated by 94 (58 percent) of respondents. Unlocking trapped cash held in regulated markets such as China (47 percent) is also a major consideration. While external issues, such as uncertainty in the Eurozone and regulatory concerns remain important, these have become less immediate than in Figure 3. Cash investment challenges 1st most significant 2nd most significant 3rd most significant Lack of automation Changes due to regulatory reform Availability of suitable investment instruments Concern over risks in Eurozone Trapped cash in some markets Lack of global cash visibility Insufficient credit limits available with highly rated banks Number of respondents 1 Requirements published in 2012 by Institutional Money Market Funds Association (IMMFA) and European Securities and Markets Authority (ESMA) in Europe, and the U.S. Securities and Exchange Commission (SEC) in the United States differentiates between MMFs and short-term MMFs. While MMFs must have a variable NAV, short-term MMFs may have a constant or variable NAV, with the implication that variable NAV funds will become more important in the future. In most cases, companies still use MMFs as a generic term, including both types of fund. In this report, MMFs is therefore used to refer to short-term MMFs and MMFs collectively, unless otherwise indicated. 7

10 Cash investment strategy As figure 4 illustrates, although we saw a greater desire for increased yield in 2012 compared with 2011, the past 12 months has witnessed a renewed conservatism in corporations investment approach. While finding new repositories for cash balances is important, treasurers are not prepared to sacrifice security or liquidity of cash for an increased yield. Nearly half (46 percent) insist on immediate access to all cash, an increase on 4 percent from last year. Continued low interest rates makes the hunt for yield very difficult, however, without sacrificing principal protection, which treasurers are not prepared or mandated to do. With the potential for rising interest rates going forward although unlikely in the short to medium term, it will be interesting to see whether treasurers investment approaches shift towards achieving higher yield by compromising on liquidity for some of their cash. Figure 4. Changes to cash investment strategies Preservation of capital, immedate access to all cash Preservation of capital, immediate access to some cash, higher yield on strategic cash Preservation of capital and liquidity as required, optimize yield Corporate cash investment study 2013

11 Asset allocation As figure 5 shows, the most popular investment instruments are bank deposits used by 74 percent of respondents, with an average of 57 percent of cash held in deposits, the same result as Since 2012, the proportion of companies holding cash in short-term MMFs (typically constant net asset value (NAV), AAA-rated MMFs) has risen from 40 percent to 52 percent. The average proportion of a company s cash held in these funds has reduced from 50 percent to 44 percent however. These results illustrate a steady increase in the number of corporations using constant NAV MMFs for investment purposes; 11 percent between and a further 12 percent between There are a number of likely reasons for this: Greater familiarity with MMFs Continued confidence in the instrument, potentially strengthened by regulatory reform Continued constraint in the range of investment instruments available, as discussed earlier With a growing number of companies investing in MMFs with a constant NAV, it is no surprise that the average proportion of funds held in these instruments has reduced, as newer entrants to the market are likely to hold smaller amounts in MMFs until they have become more familiar with them. In 2012, 9 percent of companies surveyed invested in MMFs with a variable NAV. This figure remained steady in 2013, but corporate investors increased the proportion of cash held in these instruments from 36 percent to 44 percent. This illustrates that while a smaller corporate investor base are comfortable with the slightly less restrictive investment conditions of MMFs compared with constant NAV MMFs, those that choose to do so have a high level of satisfaction in the quality, flexibility and yield that MMFs with a variable NAV offer. Participants were then asked whether these instruments would be more or less important in the next 12 months. In most cases, instruments that treasurers currently use will remain at a similar level of importance in the future. Treasurers expressed a moderate interest in exploring a wider range of investment options, with an average of 18 percent expressing greater interest in each of the instruments listed in figure 5. Figure 5. Asset allocation % allocation % using instrument Separately Managed Accounts Short-term Bond Funds Tri-party Repos Treasury bill/notes (government debt) Money Market Funds (MMFs) variable NAV Money Market Funds (MMFs) constant NAV Floating rate/ variable rate notes Fixed rate Bonds Deposits Commercial Paper Certificates of Deposit

12 Constant NAV MMFs were of particular note, with 25 percent of respondents indicating that these would become more important over the next 12 months. The prospect of increasing interest rates was a particular factor in the increasing priority of a wider range of investment instruments, in addition to the point that many treasurers are challenged to find new repositories for large cash balances discussed earlier. Respondents were less inclined to think that most investment instruments would decline in importance. Of most specific note, 19 percent commented that variable NAV MMFs would become less important for them, and the same proportion noted that deposits would become less important. In the former case, ongoing regulatory uncertainty is likely to be causing concern, but this is a mixed picture as 15 percent noted that variable NAV MMFs would become more important for them. The potential decline in investment in deposits is consistent with treasurers need to manage counterparty risk effectively; however, it should perhaps be noted that the 2012 study had similar findings, but the proportion of investments held in deposits has not been reduced. Use of MMFs More than half of respondents (52 percent) already used constant NAV MMFs for cash investment, with 25 percent indicating that these instruments were likely to become more important in the future. However, there remains a sizeable group of corporate investors who are not attracted to MMFs (either constant or variable NAV) at present. This would appear to be surprising bearing in mind the high credit quality, inherent diversification, sophisticated credit analysis, and access to liquidity that these funds offer. While lack of familiarity with constant NAV MMFs remains a challenge, and indeed this problem seems to have increased over the past 12 months (figure 6) this is not the primary issue. Instead, there continue to be concerns about counterparty risk and liquidity, even though high credit quality and immediate access to funds were the primary reasons for the development of these instruments. In 2012, the comparatively low yield offered by constant NAV MMFs compared with other instruments was the most frequently cited reason why some companies chose not to invest in them; a year later, while yield remains an important factor, its relative importance has declined as discussed previously. The 16 percent of respondents who mentioned other reasons for not using MMFs with a constant NAV in this year s survey represented companies that did not have surplus cash balances and therefore cash investment instruments in general were not applicable to their business; stamp duty in countries such as Switzerland was also noted. Figure 6. Reasons for not using MMFs Not familiar with instrument Not available in base/ operating currency Counterparty risk Liquidity Comparatively low yield Concerns about new regulations Other 10 Corporate cash investment study 2013

13 Effect of regulatory reform With the ongoing prospect of substantial money market reform in both the United States and Europe, respondents were asked what they might add to their portfolio or increase their asset allocation should this occur (figure 7). Relatively few chose variable or constant NAV MMFs, presumably as these instruments are those most likely to be affected by potential new regulation. Deposits (31 percent), commercial paper (28 percent) and government debt (27 percent), which are often considered the traditional treasury investment instruments were listed most commonly. This potentially illustrates that regulatory change is not a catalyst for treasurers to explore new investment opportunities, but that they are confident in the instruments with which they are already familiar and therefore wish to continue investing in them. Figure 7. Potential additions/ increases to portfolio due to regulatory change N/A Tri-party Repos Treasury bill/notes (government debt) Short-term Bond Funds Separately Managed Accounts Money Market Funds (MMFs) variable NAV Money Market Funds (MMFs) constant NAV Floating rate/ variable rate notes Fixed rate Bonds Deposits Commercial Paper Certificates of Deposit

14 Transaction execution The past twelve months has seen a dramatic reduction in the use of telephone for transacting short-term investments. In 2012, just over half (51 percent) of cash investment transactions are conducted via telephone; in 2013, this figure has fallen to 30 percent. There is a general preference for third party (independent) portals (35 percent) for investment transactions compared with proprietary bank portals (26 percent). This also represents a reversal from 12 months ago, when 24 percent of respondents preferred proprietary portals versus 20 percent who used independent portals. As predicted, companies are increasingly recognizing the advantage of bank independence and the ability to transact with multiple counterparties through a single channel. By using an independent portal, treasurers can improve operational efficiency, as they do not need to manage multiple portals or integrate them with internal systems, and they are in a better position to monitor counterparty risk and demonstrate price discovery by obtaining competitive quotes. The statistic that has not changed over the past year is the proportion of companies using a portal (whether proprietary or independent) that have integrated this within their treasury management system (TM), which remains at around 40 percent. Consequently, significant potential remains to enhance process efficiency and control, by achieving higher levels of straight-through processing. Short-term MMFs and MMFs are amongst the most popular instruments to transact through a portal. Companies that are not yet using a portal for this purpose cite low volumes, the need to use multiple systems or the lack of integration with their TMS (21 percent) as the primary factors in their decision. This objection would not be valid if using a sophisticated solution with strong integration capabilities such as SunGard Global Network (SGN); similarly the need to use multiple portals would mostly apply when considering using banks proprietary systems. Interestingly, very few companies now state that their chosen funds are not available via a portal, which is a difference from last year. In addition, a significant proportion of companies that stated that they did not currently use a MMF portal were in the process of implementing one. Figure 8. Methods of transaction execution 9% Other 12% Third party portal, integrated with TMS 30% Telephone 23% Third party portal, not integrated with TMS 14% Standalone, proprietary bank portal(s) 12% Proprietary bank portal(s) integrated with TMS 12 Corporate cash investment study 2013

15 Conclusion Although the financial markets remain volatile and uncertain in some markets, there are hints of recovery. Companies are continuing to generate healthy cash flow, which, in many cases, they are accumulating in order to fund strategic investment and mergers and acquisitions as well as working capital financing. Treasurers remain highly conservative in their investment policies and asset allocation, and counterparty risk and liquidity remain priorities. The challenge therefore is finding appropriate receptacles for cash that meet security and liquidity criteria, particularly as counterparty credit limits are often fully utilized. In conjunction with these problems, the changing regulatory environment continues to pose challenges for corporate investors. Basel III is already resulting in some types of investment becoming more attractive for banks and vice versa, which is one factor in the continued growth of MMFs, particularly constant NAV MMFs. However, proposed regulation in both the United States (U.S. Securities and Exchange Commission s (SEC) Announcement on Regulatory Reform, 7th June 2013) and Europe (EC MMF Regulation Proposal, 4th September 2013) continues to create uncertainty. Should these reforms be executed in their current form although unlikely until 2015, we are likely to see new investment funds emerge and/or continued growth in demand for commercial paper, government debt and bank deposits, exacerbating the investment challenges that corporate treasurers already face. It seems unlikely that regulatory reform will prompt a major change of risk appetite amongst corporate investors, but it will be interesting to see how a potential rise in interest rates affect corporate behavior. With issues such as unlocking trapped cash in regulated market becoming a higher priority, treasurers are positioned to take greater advantage of higher interest rates should they materialize. Just as managing risk is an essential aspect of treasurers investment strategy; it is also a growing priority from an operational perspective. This is evidenced by the significant decline in cash investment transactions that we have seen over the past year, and growth in the use of independent portals. The next step for many companies is now to integrate portals with their wider treasury management infrastructure to facilitate greater control and efficiency. 13

16 About the SunGard Global Network (SGN) The SunGard Global Network (SGN) is a trading services network that links asset managers and brokers throughout the financial services value chain, offering trade automation and connectivity for equities, fixed income, listed derivatives, mutual funds, money market funds and other cash equivalents. SGN helps automate the entire trade lifecycle, from order execution through to post-trade processing. It facilitates trading around the world, connects with major third-party order-routing networks, and delivers low-latency global market data. For more information, please visit For more information, please visit: Contact us info.brokerage@sungard.com Twitter About SunGard SunGard is one of the world s leading software and technology services companies. SunGard serves approximately 25,000 customers in more than 70 countries and has approximately 17,000 employees. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of over $4.0 billion, SunGard is one of the largest privately held IT software and services companies. For more information, please visit SunGard. Trademark Information: SunGard, and the SunGard logo are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. SunGard s SGN brokerage services offered in the United States and Canada are provided by SunGard Institutional Brokerage Inc., Member FINRA / SIPC. SGN brokerage services offered throughout Europe, the Middle East, Africa and Asia Pacific are provided by SunGard Global Execution Services Limited which is authorised and regulated by the Financial Conduct Authority, No Incorporated and registered in England and Wales No Registered Office: 25 Canada Square, London E14 5LQ. SunGard Global Execution Services Limited (ARBN No ) is exempted from licensing under Australia Securities & Investments Commission Class Order 03/1099 and is regulated by the Financial Conduct Authority under UK laws, which differ from Australian laws.

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