The Portfolio Surgeon

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

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.

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.

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, rates, credit, equity and volatility hedges that no longer align with the underlying exposures, liabilities or portfolio objectives.

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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 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

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.

From vanilla through to complex structures.

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COUNTERPARTY DOCUMENTATION

ISDA, CSA, GMRA and GMSLA negotiation.

Restructurings. Exits. Portfolio transitions. Novations.

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CAPITAL EFFICIENCY

Optimisation of capital, liquidity, funding and collateral.

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PORTFOLIO RESTRUCTURING

Legacy trades.

Hedge redesign.

Portfolio overlays.

Unwinds.

Re-engineering

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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 with 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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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