The Portfolio Surgeon

Independent Financial Markets, Treasury & Derivatives Advisory for Institutions & Corporate Treasuries.

Portfolios. Hedging. Treasury. Capital.

Para Bellum addresses the structural problems sitting between your portfolio, balance sheet and markets.

Exploratory Discussion Case Studies

Structural drag compounds. Most teams never look for it.

A derivatives programme may be well designed at inception. Over time, portfolios change, exposures shift, funding evolves and governance constraints tighten. The programme adapts trade by trade, until the original architecture no longer fits the portfolio.

That is where structural drag starts to accumulate. It can be identified, quantified and removed.

When Derivative Programmes Get in the Way.

Para Bellum is engaged to re-architect derivative portfolios during novations, restructures, unwinds, refinancing, transitions and platform rebuilds, where sequencing, timing and transaction discipline matter as much as pricing.

The outcome is a derivative programme that works in practice, not just on paper.

 FX   |   RATES  |   CREDIT    |   EQUITY  |   VOLATILITY   |  CAPITAL   |   COLLATERAL

WHO THIS IS FOR – TYPICAL SITUATIONS

Where things

no longer fit.

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1

Hedge programmes that need rethinking

FX, Rates, Credit, Equity and Volatility hedges that need to be redesigned, optimised or rebuilt around the underlying exposures, liabilities or portfolio objectives.

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2

Trapped Capital

Collateral, liquidity or legacy positions consuming capital that could be deployed elsewhere.

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3

Bank solutions without independent scrutiny

Important structuring decisions made by counterparties whose incentives aren’t aligned with yours.

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4

Governance without the machinery

Pressure from boards, investment committees or regulators without the tools to properly diagnose and manage the underlying problem.

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5

Building from the ground up

Teams that need derivatives infrastructure, policy, documentation or governance without building an entire bank-style operation.

TYPICAL PROFILE

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Asset Managers

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Corporate Treasuries

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Private Markets

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Family Offices

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Direct Capital Investors

NOT THIS

What Para Bellum does not do.

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Product Distribution

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Generic Advice

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Beauty Parades

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Theory for Theory's sake

Para Bellum solves specific portfolio, balance sheet, hedge and capital problems, then gets out of the way.

THE WORK IS STRUCTURAL

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STRUCTURING

FX, Rates, Credit, Equity and Volatility.

From vanilla instruments through to complex structures.

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COUNTERPARTY DOCUMENTATION

ISDA, CSA, GMRA and GMSLA negotiations.

Restructurings. Exits. Portfolio transitions. Novations.

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CAPITAL EFFICIENCY

Optimisation of capital, liquidity, funding and collateral.

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PORTFOLIO ENGINEERING

Legacy trades

Hedge design

Portfolio overlays

Unwinds

Structural optimisation

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TREASURY INFRASTRUCTURE

FX policy

Derivatives governance

Operating frameworks

Hedging mandates

PROBLEMS SOLVED

Selected examples across derivatives, funding, capital efficiency and treasury infrastructure.

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Ten Currencies, No Infrastructure

CORPORATE TREASURY

A group CFO managing exposure across ten currencies with no consolidated view.

Just financial statements instead of an exposure map.

READ CASE STUDY

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Warehouse Facility Rate Mismatch

PRIVATE CREDIT

A hedge rebuild: floating funding costs repriced instantly while asset yields lagged.

Turning short-duration exposure into leveraged rate risk and compressing ROE.

READ CASE STUDY

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Capital Efficiency in an Operating Airport Financing

INFRASTRUCTURE

Capital trapped by CSA and collateral mechanics.

Not by hedge failure or credit stress.

READ CASE STUDY

Let’s fix the structure

before markets force the issue.

 

Confidential. No Obligation.

Exploratory Discussion