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vendredi 22 décembre 2023

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Translation versus transaction risk

By François MASQUELIER, CEO of Simply Treasury Translation risk on EBITDA is probably one of the most important risks for MNC’s, impacting all of them with foreign currency exposures. Often, companies would like to hedge these consolidation risks. Nevertheless, under IFRS rules, they cannot apply hedge accounting. The question remains the following “does the transaction risk hedging reduce translation risk and if not does it exist ways to hedge this translation risk?”. Another interesting risk is the currency risk on covenants, especially the gearing (i.e., debt/EBITDA). In this article we will address both issues and see what could be considered and why it should not follow usual patterns and processes of transaction risk hedging...

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