Who is this for?
Our hedging and treasury solutions are designed for:
• Listed commodity producers (oil, gas, metals, mining) exposed to large swings in prices and FX.
• Capital-intensive infrastructure and utilities with high leverage and strict covenants.
• Exporters and importers with multi-currency revenues and costs.
• Airlines, industrials and transport companies with large energy or raw-materials consumption.
• Multinational groups with fragmented cash, trapped liquidity and under-optimized treasury structures.
Case Study 1 – Commodity Producer: Protecting CAPEX & Dividends
Typical client
A listed oil & gas or metals producer with multi-billion CAPEX plans and a progressive dividend policy.
Key pain points
• Earnings and share price move almost one-for-one with the underlying commodity.
• Difficult to commit to long-term CAPEX when future prices and FX are highly uncertain.
• Banks and rating agencies worry about EBITDA volatility and downside scenarios.
Our approach
• Design a layered hedging program (swaps, collars, options) on a rolling 2–4 year horizon.
• Set hedge ratios by bucket: base production vs. growth volumes, debt service, dividend floor.
• Integrate FX and interest-rate risk so that funding costs and commodity revenues are managed together.
Benefits
• Volatility of EBITDA and free cash flow is reduced – without fully capping the upside.
• The board can approve CAPEX based on protected cash-flows instead of spot prices.
• Rating and lenders see a more resilient credit profile, improving access and cost of funding.
Case Study 2 – Exporter / Importer: Taking FX Speculation Out of the P&L
Typical client
An industrial group producing in Asia or Europe and selling globally in USD, EUR and other currencies.
Key pain points
• Margins swing with FX moves; sometimes a full year’s profit depends on EUR/USD or USD/JPY.
• Sales and procurement teams price deals without a clear, stable budget rate.
• The group is “speculating by accident” because no structured FX policy exists.
Our approach
• Map all FX exposures by currency, entity and time bucket (forecast vs. firm flows).
• Define budget rates, hedge ratios and instruments per currency (forwards, options, structured solutions).
• Align hedge tenors with commercial cycles and pricing decisions.
Benefits
• Margins become driven by operations and pricing, not by FX noise.
• CFO can present a credible budget and guidance based on protected FX assumptions.
• Local entities gain clear rules: which exposures to hedge, when and with what instruments.
Case Study 3 – Highly Leveraged Infrastructure / Utilities: Securing Covenants
Typical client
A project-financed asset, utility or infrastructure group with significant floating-rate debt.
Key pain points
• Interest-rate spikes threaten DSCR, covenants and rating metrics.
• Refinancing windows are critical; market timing risk is high.
• Lenders require robust risk-management but internal resources are limited.
Our approach
• Build an interest-rate hedging framework (swaps, caps, swaptions) aligned with debt structure and covenants.
• Run scenario analysis (rates, FX, volumes, prices) to test resilience of DSCR and leverage metrics.
• Coordinate hedging with refinancing and liability-management transactions.
Benefits
• Lower probability of covenant breaches and emergency deleveraging.
• More predictable interest expense and stronger negotiating position with lenders.
• Better perceived credit quality, enabling longer tenors and tighter spreads.
Case Study 4 – Multinational Group: Under-Optimized Treasury & Liquidity
Typical client
A multinational group with dozens of entities, multiple cash pools, and a mix of local overdrafts and central credit lines.
Key pain points
• Large cash balances sit idle in some entities while others draw expensive facilities.
I• ntercompany flows are complex; there is little or no netting.
• Short-term investments are managed ad-hoc, with no clear yield or risk framework.
• Treasury policies and conventions differ by country, making governance weak.
Our approach
• Treasury structuring: design cash pooling, intercompany netting and internal “in-house bank” solutions.
• Run a banking RFP to rationalize the number of core banks and improve terms.
• Build short-term investment programs with clear limits and cash-equivalent qualification.
• Define group-wide treasury conventions, governance and reporting.
• Use money market and structured products selectively to enhance yield while respecting risk limits.
Benefits
• Less trapped cash, lower gross debt and reduced interest expense.
• Higher, more predictable yield on surplus liquidity with controlled risk.
• Simplified bank relationships and better pricing through consolidated volumes.
• Stronger treasury governance and clearer accountability across the group.
In practice, many groups under-optimize both their hedging and their treasury.
• They accept P&L and cash-flow volatility that could be neutralized at reasonable cost.
• They leave cash idle at low or zero yield while paying for expensive credit lines.
• They manage FX, rates, commodities and liquidity in silos instead of as an integrated risk and funding strategy.
NANJI FX Solutions helps CFOs and treasurers turn this hidden cost into measurable, controlled value.
A few things we’re great at
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