Financing requirements are as individual as the companies behind them. Depending on the business model and strategy, there are seasonal working capital needs, different requirements for liquidity reserve buffers, or needs for acquisition financing.

To assess the initial situation, we analyze your company's debt capacity. This is derived from the existing financing portfolio, the defined target credit rating and contractually agreed financial covenants. If required, we create integrated financial models that show planning scenarios. We show you what options you have and support you in making a decision for your optimal financing option. We evaluate the instruments in question - from the costs to the stability of the financing. We also examine the financing structure internally and recommend possible options for cash pooling or intercompany loans if required.

Further information: Leitner, Edith. 2018. "Creditworthiness-oriented financing strategy." In Corporate Treasury Management. Konzepte für die Unternehmenspraxis, edited by Thomas K. Birrer, pp. 172-199, Birrer et.al, Berlin: Springer.

Are you facing a refinancing or a major restructuring of your financing portfolio? Would you like to implement a syndicated loan for the first time, set up a factoring or ABS program or achieve contractual changes in the refinancing of your existing loan? We accompany you through the entire process from the concept phase to the preparation of tender documents, negotiations and disbursement under the new agreements. You can rely on our neutrality: We are committed only to you. We pay particular attention to ensuring that margins and credit requirements are in line with your credit rating and that you can move into the future on the basis of stable financing.

Further information: TreasuryLog 1/23, Staying in control in rough seas

Do you know all the conditions that arise from your financing for the Group? Do you comply with the agreed financial covenants? Can the covenants be maintained even in the event of a sharp rise in interest rates or a sudden reduction in turnover? A lack of overview of existing financing agreements inevitably leads to unexpected surprises and unfortunately often to significant costs. With our Debt Compliance Tool we will go through your financing agreements, create a tabular overview of your obligations and an early warning system in which you can recognize impending violations in good time.

When there is enough money, hardly anyone is interested in the details: liquidity planning. For companies with a good credit rating, it is often an unpopular task whose usefulness is questioned. However, if liquidity becomes scarce, the tide turns very quickly. Good liquidity planning is an important risk provision. We have been supporting companies for several decades in creating and improving liquidity planningfrom conception to the right system to the right system support?

Further information: TreasuryLog 2/24, Artificial Intelligence & ESG

Climate neutrality is to be achieved in the EU by 2050. This is associated with the decarbonization of the economy. This will inevitably lead to an enormous need for financing and a major transformation towards ecologically sustainable economic activities. The European Union has developed its own classification system for this purpose: the EU taxonomy. This in turn - depending on the degree of sustainability of a business model - has an (in)direct impact on financing costs.

In a joint workshop, we evaluate the opportunities and risks of this transformation for your company. How does the market assess your transformation risks and how can you counter them? Is the use of "green" financing instruments worthwhile? Are there any subsidized financing options that are suitable for you? We would be happy to support you in the concrete implementation of your transformation towards sustainability.

Internal financing as well as investments and borrowings in the cash pool require market-based pricing and compliance with an arm's length capital structure. This means developing a risk-adequate and consistent methodology that can be used to derive transfer prices for different transaction types (e.g. IC loans, investments/borrowings in the cash pool, IC guarantees) that stand up to third-party comparison. This methodology must be comprehensibly documented for the authorities.

We support you in setting up a transfer pricing tool and put your internal transfer pricing documentation to the test from a financial perspective. We cooperate with renowned law firms and their international network to optimize the contractual basis with the respective country-specific additions.

Further information: TreasuryLog 4/22, Treasury between the crises

There are many reasons why companies run into payment difficulties. A pandemic, war, inflation, supply chain disruptions or an investment at the wrong time: if plan failures make covenant breaches likely and liquidity bottlenecks loom, action must be taken quickly and a strategy for waiver negotiations with the banks must be found. We help you with a rapid analysis of the current situationIn the first step, we assess your liquidity situation, your creditworthiness and financing agreements and discuss with you which strategy is the right one for discussions with your financing partners.

In the event of substantial plan failures, investors require an independent assessment of the company's situation (Independent Business Review). If payments have to be postponed or deferred, you need a restructuring agreement that is preceded by a standstill period and a going concern forecast. This situation requires a different approach to traditional corporate financing. You are confronted with different communication, reporting and action requirements than before. We support you in these processes. Restructuring is never a pleasant situation, but it does offer the opportunity to to put yourself back on a solid footing as a company. We are happy to be your partner in this process.

Further information: TreasuryLog 2/23, Markets on the move

What liquidity reserve does a city or federal state need? Should it be held as a financial investment or are credit lines sufficient? Are bonds the right financing instruments for you or should you rather finance with banks? What is the best way to structure maturities and fixed interest rates for financial liabilities? What does "sustainable finance" mean for you? These questions regularly arise in the treasury of public institutions. We work with you to develop a creditworthiness-oriented financing strategywith which you can methodically manage your entire financial risk in the long term.

Further information: TreasuryLog 1/22, What's next?

Once you have decided on a specific financing instrument or a package of instruments, we will advise you on preparation of the tender documentsthe tender and negotiation process and the final closing. For bonds, commercial papers and promissory note loans, we support you in finding the arrangers that best fit your strategy and can provide you with a competitive commercial package. We guide you through your financing transaction in a structured manner - independently and without conflicts of interest.

The changing interest rate landscape also poses challenges for the public sector. Interest rate positions are usually managed passively, which means that no derivatives are used to change the interest rate situation during the term of a financial instrument. As a consequence, this means that everything has to be "in place" when the (often long-term) financial transactions are concluded. We work with you to assess the current situation and show you which positions harbor interest rate risks. On this basis, we work with you to develop the strategy and limits that define the right framework for your actions.

Further information: TreasuryLog 2/22, Treasury between the crises

Are you liable for the financing of associated companies or do you extend loans to third parties? In the public sector, it is important to charge market interest rates or fees for both tax and state aid law reasons. We help you to find a methodically correct, but as pragmatic way to assess the risk position of investee companies in the public in the context of the public sector and thus create a solid basis for pricing.

Further information: TreasuryLog 4/22, Orientation in an uncertain environment