Brown-Forman Manager, Capital Markets & Risk Management in Louisville, Kentucky
The Manager, Capital Markets & Risk Management reports to the Director, Capital Markets, Risk Management, and Investments and is responsible for (a) developing strategies to manage certain market risks, including those related to foreign currency exchange rates, domestic and foreign interest rate risk, and price risk related to commodities; (b) designing and overseeing implementation of the liquidity management program, which includes the short-term cash flow forecast, the short-term borrowing program, and investing of excess cash; and (c) developing, maintaining, and delivering reports and standard analytics.
Advises Director on risk management strategy for all market risks managed by Treasury, including those related to foreign currency exchange rates, domestic and foreign interest rate risk, and commodity price risks.
Determines B-F’s foreign currency exposures. Collaborates closely with corporate FP&A and others globally to derive projected foreign currency cash flows globally from latest corporate P&L forecast.
Designs and oversees the implementation of strategies to identify and mitigate foreign currency exposures that create P&L impact on a consolidated basis (e.g., cash flow and balance sheet items); reduce these exposures where feasible and hedge these items where appropriate.
Other market risks ⇒ Interest rates, commodities
Interest rates – Designs and analyzes hedging strategies, as appropriate, for optimizing: fixed/floating mix, debt tenor, and currency denomination of debt; evaluates benchmark rate hedging strategies, such as pre-issuance rate locks, etc.
Commodities price risk (i.e., related to corn, natural gas, etc.); identifies and quantifies underlying exposures, researches relevant hedging strategies and, when appropriate, recommends a hedging program to mitigate the risk.
Oversees Senior Analyst’s implementation of hedging program:
Ensures alignment with strategy and conformity with policies;
Monitors trade volume allocation among bank group members, and advises the Director regarding bank group member performance (service, pricing, and other factors influencing quality of execution).
Advises Treasurer and Director in creating strategies and making recommendations related to capital structure and financing. Manages B-F’s short-term liquidity. Oversees Senior Analyst’s implementation of the short-term borrowing and investment programs.
Debt capital markets
Assists Director in analyzing B-F’s optimal capital structure, including determination of optimal debt / equity mix, analysis of debt repayment and refinancing alternatives,
Oversees the short-term cash flow forecasting processing; develops and improves forecasting methods employing modern, analytical / statistical tools
Determines borrowing and investing activity required ensure liquidity as needed to meet financial and business obligations.
Oversees execution and management of debt instruments required to fund the company’s global operations on a short-term basis.
Assists Director with long-term global capital raising efforts; e.g., periodic notes offerings
Analyzes annual dividend declaration, special dividends, share repurchases, stock splits and other capital markets transactions.
- Designs short term investment strategy and develops program to invest excess cash to maximize returns (subject to policy and risk considerations).
Reporting, analysis, and bank administration
Develops and maintains Treasury’s reporting and standard analytics, including related to the general economy, capital markets, and management of foreign currency risk. Summarizes key insights and periodically provides updates to CFO. Oversees Lead Financial Analyst (FP&A) with respect to his or her Treasury reporting and analysis responsibilities.
Reporting and analysis scope includes, among others:
Tracks, analyzes, and reports key economic indicators
Debt portfolio - reports on debt maturity towers, debt portfolio metrics, commercial paper statistics, credit facility statistics, covenant compliance (as applicable)
Credit ratings – prepares pro forma credit ratings analysis
BFC acquisition financing – standard analysis of debt capacity scenarios
Debt capital markets update
Reporting on interest rate environment (benchmark, spreads, curves, etc.)
Standard analysis of indicative new issue pricing
Reporting on comparable new issue transactions and secondaries trading
Reporting on key FX rates (spot, forward, PPP, bank predictions)
Reporting on B-F FX positions (notional value, exposure coverage, rates, fair value, currency, counterparty, financial statement classification)
Daily and monthly liquidity reporting:
Daily cash and CP balances and movements
Monthly cash balances (By currency, company code, FX exposure, etc.)
Marketable securities / cash equivalents
Commercial paper balances and tenors
Assists Treasurer and Director in managing the bank group
Analyzes and summarizes information used to monitor capabilities and performance of bank group members
Proactively monitors the broader banking landscape to identify prospective bank group candidates.
Tracks, analyzes, and reports on counter-party risk of bank group members
Prepares documentation required to certify compliance with internal risk management policies.
Acquires, processes, and analyzes electronic bank fee statements to provide a comprehensive and current view of our costs and each bank group member’s share-of-wallet.
Skills, knowledge, behaviors, experience, and education
Education: Master’s in Finance OR bachelor’s degree + CFA Charterholder
Experience: 3+ years experience in corporate finance
Possesses knowledge of capital markets (e.g., banks, institutional investors, equity markets) and funding options, as well as the risks and flexibility associated with each
Ability to apply corporate finance theory to practice. Demonstrates prudent judgment when making important decisions by utilizing knowledge of industry best practices and current trends.
Strong analytical skills, with formal academic training in corporate finance, and solid financial modeling experience. Uses data and facts to present compelling arguments to support positions, pushing the thinking of internal business partners.
Ability to balance multiple projects and respond quickly to high-priority issues.
Ability to tailor communications to various stakeholders including Treasurer, CFO, Executive Leadership Team and the Board of Directors.
Continuous improvement mindset
MBA from a top-tier program, with a concentration in Finance
CFA Charterholder or Certified Treasury Professional Designation
Capital Markets and Risk Management experience
Salary Grade: NT31 4B
*For this position, relocation to the Louisville, KY area is required. Relocation assistance to the area will be provided as necessary.
Brown-Forman Corporation is committed to equality of opportunity in all aspects of employment. It is the policy of Brown-Forman Corporation to provide full and equal employment opportunities to all employees and potential employees without regard to race, color, religion, national or ethnic origin, veteran status, age, gender, gender identity or expression, sexual orientation, genetic information, physical or mental disability or any other legally protected status.
Business Area: Global Finance
Req ID: JR-00001124