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A group operating in several jurisdictions needs financing that travels with it. It has to hold up across different currencies, regulatory regimes, and entity structures without coming apart at the group level.
A multinational group does not borrow once, in one currency, through one entity. Debt sits across subsidiaries, each with its own tax treatment, withholding rules, thin capitalisation limits, and local lender market. Each is exposed to currency moves a purely domestic business never sees. Replicating a single-market facility in several countries is not a structure. It is several facilities that happen to share a name.
We design arrangements that hold together at group level and still work for each entity inside them: multi-currency revolvers, intercompany lending, guarantee and upstream support structures, and repatriation routes that do not trap cash where it is not needed. The recurring questions are where debt is best held, what it should be denominated in, and how currency and country risk are carried without pushing cost onto operating subsidiaries that cannot price it.
Trade flows add another layer. Where a group imports, exports, or runs a supply chain across borders, financing has to absorb the timing gap between shipment and payment, along with the counterparty risk sitting inside it. Letters of credit, receivables purchase, and supply chain finance all have a place, and the right answer often depends on who in the chain has the cheaper cost of funds.
Exposure that exists simply because the group earns, borrows, and reports in more than one place.
Debt placed where it serves the group without creating problems on a local balance sheet.
Bridging the gap between shipment and payment, and the counterparty risk that sits in it.