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Why Go To The USA Or Germany For Money? Why Can’t We Have Private Placements In The UK?



Thursday, 7 November 2013


Dominic Jaques Tresauris

Calum Macphail M&G Investments 

Philip Smith Allen & Overy

Martin O’Donovan Association of Corporate Treasurers


Z/Yen Group, 90 Basinghall Street, London EC2V 5AY






Dominic Jaques' slides

Calum Macphail's slides

Philip Smith's slides

Martin O’Donovan's slides


In 2012, UK companies raised over $8bn in the US private placement market because there was no clearly defined alternative in the UK. In 2013, UK companies have raised a further $4.5bn even though they often do not require USD funds. The US PP market raises $50bn annually and the German Schuldschein market raises €8bn, and yet there is no UK equivalent. The Breedon Report (2012) identified the opportunity for a £15bn UK private placement market and a follow up Association of Corporate Treasurer’s report concluded there was no single issue preventing the creation of a market. And yet, this is a debate that has been going on for many years as to why London, as a leading capital market, has not evolved an institutional lending process outside of the banks and the public markets. Why is it, that UK companies still go abroad to access private capital, which importantly was one of the few funding channels to remain open during the 2008 financial crisis?

The aim of the seminar is to discuss what is required for the UK to build a new private capital market.

Dominic Jaques is the founder and Managing Director of Tresauris, an independent treasury and corporate finance adviser to mid-cap companies. He is a Fellow of the Association of Corporate Treasurers (FCT) and a Chartered Management Accountant (FCMA) with over 20 years experience ranging from large mutli-nationals to privately backed start-ups. Prior to Tresauris, he was the Finance Director of a number of growing mid-size businesses. Earlier in his career, he held roles at Procter & Gamble and a commission in the Royal Navy.

Calum Macphail  joined M&G Investments in 2000, and is Head of Private Placements. Prior to joining M&G, Calum worked in the credit department of Dresdner Kleinwort Benson. Previously he worked as a supervisory analyst at the Bank of England within the UK Banks Division. Calum started his career on a graduate-training programme at the Bank of Scotland. Calum holds an MA in Economics and Economic History from the University of Edinburgh. He is also a Member of the Chartered Institute of Bankers in Scotland.

Philip Smith has been a partner in Allen & Overy LLP’s capital markets practice since 2002. He advises both lead managers and issuers on international debt capital markets transactions across a range of issuer types (bank, corporate, sovereign), regions and industry sectors. His practice covers straight debt (Regulation S and Rule 144A standalone issues, LPNs, MTN programmes, CP, CDs), covered bonds and private placements in both Europe and the U.S..

Martin O’Donovan joined the ACT team in November 2003 where his responsibilities include provision of technical guidance and regular updates to members, as well as representing the views of treasurers to government, regulators and standard setters. He is a Fellow of the ACT and has been a member since 1984. Prior to joining the ACT staff he was Group Treasurer of National Grid Group plc.

After a degree in Physics from Oxford, his career started by qualifying as a Chartered Accountant with Coopers & Lybrand. He then moved on to gain treasury experience at Redland, Hertz, and BTR. Martin is a non-executive director of Soho Housing.