What’s a Shibboleth? – Report from Excellence in Treasury Management Conference
A Shibboleth is a password and the Shibboleth of The Excellence in Treasury Management Conference this year would seem to be “Diversification”. Traditional bank funding is good, bond finance can really work well, but when you really want to cover all eventualities when planning your risk, a diverse spread works best.
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It sounds like an oxymoron, something like an “honest politician” but in this case it is not a panoramic vista but my interpretation of my visit to South Wales.
Robert Robinson at financial consultancy, Bridge Court & Co, has published an article discussing the bond market as an alternative source of funding for RSLs, which is particularly relevant at this time as traditional sources of bank finance are shrinking or becoming more expensive. He looks at the differences between the recent 
