The pandemic, a seismic shift to homeworking, and ongoing economic uncertainty have made the past two years challenging and unpredictable for corporate treasurers. However, numerous challenges remain on the horizon including escalating inflation, rising energy prices, geopolitical instability and further concerns over economic growth globally.

Money costs money 

2021 was a record year for deal making, fuelled by low interest rates and large cash piles accumulated during the pandemic, but companies are now facing headwinds when it comes to buying and selling businesses. Among them: rising interest rates, Russia’s war in Ukraine and a selloff in capital markets.

This scenario is particularly toilsome for the highly acquisitive, international healthcare company, Fresenius. Since 2020, the company has spent approx. €1.4 billion dollars on acquisitions and investments for which it tends to tap short-term debt instruments, particularly the commercial paper market.