The Portfolio Surgeon

Independent derivatives & structuring advisory for institutions and corporate treasury teams across Asia-Pacific.

Complex portfolios. Constrained capital. Difficult hedges.

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.

Hedges are designed at inception. As portfolios evolve, funding changes and governance constraints tighten, the structure often doesn’t evolve with them.

That is where structural drag starts to accumulate.

When Derivative Structures 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.

Every structure is built to be implemented, defended and explained under scrutiny.

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

WHO THIS IS FOR – TYPICAL SITUATIONS

Where the structure

has stopped working.

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1

Hedges that no longer fit

FX, rate or credit hedges that have drifted away from the underlying assets or liabilities.

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2

Capital trapped in the structure

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 the problem.

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5

Building from the ground up

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

TYPICAL CLIENTS

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Corporate Treasury

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Asset Managers

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Private Credit

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Infrastructure

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Family Offices

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Capital Principals

Streamline Industry Innovation And Infrastructure

Private Equity

Mdi Crane

Project Finance

NOT THIS

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.

Vanilla through to exotic.

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COUNTERPARTY DOCUMENTATION

ISDA, CSA, GMRA and GMSLA negotiation.

Novations

Restructurings

Exits

Portfolio transitions.

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CAPITAL EFFICIENCY

Optimisation of

Capital,

Liquidity,

Funding and Collateral.

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PORTFOLIO RESTRUCTURING

Legacy trades

hedge redesign

Unwinds

Re-engineering

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TREASURY INFRASTRUCTURE

FX policy

Derivative governance

Operating frameworks

PROBLEMS SOLVED

Selected examples across funding, capital efficiency and treasury infrastructure.

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Ten Currencies, No Infrastructure

CORPORATE TREASURY

A group CFO with exposure across ten currencies and 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