Business Activities
The business activities of the team include:
Short-Term Liquidity Management out to two years
Our primary role is to ensure efficient liquidity management across our Treasury operations in Frankfurt, Tokyo and Dublin. We provide timely and accurate product pricing to our internal sales team, as well as all our external banking counterparts.
Funding Activities
We co-ordinate the funding requirements of the main DEPFA centres in conjunction with the longer term debt issuance activities in the international bond markets.
Repo Market Funding
We have taken advantage of our leading role in public sector lending, and the assets that this generates; to consistently develop our bond Repo activity; both through bi-lateral, tri-party and central bank Repo arrangements. As such we have become one of the prime participants in the international Repo market.
All Short-Term Debt Issuance
We have established a strong reputation in the European short-term debt markets, by consistently issuing Commercial Paper and Certificates of Deposit from our active Euro-Commercial Paper Programme, which is one of the most successful with almost EUR 10 billion currently outstanding. Our Medium Term Note Programme is used on a more opportunistic basis to provide the group with longer-dated sources of funding. We also have a successful US-Commercial Paper Programme, which provides US$-denominated funding for our developing US public sector asset business. As such, DEPFA has developed a position as one of the market's foremost short-term debt issuers. We have also a Yankee CD, French CD and a EUR-Dollar CD Programme. In 2005 we established two new domestic Commercial Paper programmes: Canadian CP and Swedish CP.
Foreign Exchange
We continue to play an active role in the global Foreign Exchange Swaps market, monitoring arbitrage opportunities and efficiently managing liquidity in order to enhance value across our funding requirements and financial centres.
Hedging Risk Requirements
We take a pro-active approach to the use of Money Market derivatives to ensure effective management of both liquidity and interest rate risk exposure.
