BNP Paribas Stanley Myint and Fabrice Famery return to author the eagerly-awaited follow-up to their 2012, five-star, bestseller The Handbook of Corporate Financial Risk Management. Much has changed in the world of corporate risk since 2012 and the authors have fully updated the second edition to reflect this, adding 20 new chapters and dropping 12 chapters that did not seem relevant to today's readers. The focus of the book is the management of financial risks i.e, funding, interest rate and inflation, currency, credit, commodity and equity risks. This book is primarily about corporate problems and how to solve them. Myint and Famery posit that the key question is not what kind of product is used, but how it is used. This book is targeted to everyone who is interested in the subject of corporate risk management, and in particular four groups of readers: 1. corporate treasurers, CFOs, CROs, CEOs, financial directors, Treasury dealers; 2. management consultants, pension consultants and any other company advisors on the subject of risk; 3. corporate bankers, coverage officers, corporate financiers, private equity investors, capital markets and derivatives marketers covering non-financial companies; and 4. academics and students in the field of corporate risk management. As with the first edition, the book is based on real-life client discussions had in the risk management advisory team at BNP Paribas between 2005 and 2018. Common questions and problems regarding risk management and capital structure, raised by CFOs and corporate treasurers alike, are rarely addressed by the existing literature and the aim of this book is to lead to a fruitful collaboration between companies and their banks and aid in solving those common questions and problems, based on the outcomes from real-life scenarios. The reader will find here answers to the most commonly-asked practical questions about financial risk. Some of the situations will be brief (eg, how to obtain a credit rating) and some will require a significant amount of thought and detailed quantitative analysis (eg, how to improve your fixed/floating mix and duration), but all are based on real-life situations. The book is divided into seven parts: Part I deals with a variety of issues related to corporate funding via fixed income instruments, with a particular focus on unsecured debt. Part II deals with the next set of issues once the corporate debt structure is in place: interest rate risk on the debt side of the balance sheet and that of assets and liabilities. Part III is devoted to the management of currency risk, the most common risk affecting companies. Part IV deals with credit risk i.e, the risk of default by financial counterparties. Part V covers risk management within the context of mergers and acquisitions. Part VI is focused on commodity risk management. Part VII (new in the second edition) covers the management of risk related to listed equities, via what is known as strategic equity solutions. Depending on your interest, you can read this book either by part or by topic covered, or simply dip into individual chapters in any order.
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