Interest rates · Cross-currency · FX

Independent support on interest rate and currency hedging

We help CFOs and treasurers understand what their banks are offering, what it should cost, and how to govern the decision. We also work alongside debt advisers on the hedging that comes with a financing.

Founded by Benjit Dhesi, former Managing Director at SMBC, with nearly two decades in financial services and capital markets.

Book a confidential call → Get the Dhesi Market Memo

When to call us

Most of our work starts with one of four situations.

You are refinancing or raising new debt

Your lenders may require a hedge, or your board will ask whether you need one. We work through how much to hedge, for how long and with which instrument, and set out what it should cost before the banks quote.

You get: a hedging plan your board understands and a price to hold the banks to.

A bank has sent you a hedge proposal

We check the price and the terms against the market and show where the bank's costs and margin sit.

You get: a clear view of whether the quote is fair, and what to ask for.

You are buying or funding in another currency

An acquisition, a US private placement or an overseas subsidiary brings currency risk. We work through forwards, cross-currency swaps and deal-contingent hedges with you, and what each one costs.

You get: the options side by side, in plain words, before you commit.

Your board or auditors are asking about hedging

We write or repair the hedging policy: objectives, limits, approvals and reporting.

You get: a policy the board can rely on and the treasury team can use.
How it works: Start with a 20-minute call. No charge. If there is a fit, you get a fixed-fee or day-rate proposal before any work starts. You make the decisions and execute directly with your chosen bank or provider.

Built on nearly two decades in financial services and capital markets

Benjit Dhesi, Founder, HedgeExec
Follow Benjit on LinkedIn →

Benjit Dhesi is a former Global Markets Managing Director. At SMBC he built the European corporate derivatives sales desk (risk solutions) from zero and headed it, covering multinational corporates and infrastructure. He also headed the UK corporate franchise. His team sat across London, Paris and Frankfurt and covered clients in nine countries.

Before SMBC he worked at Lloyds Banking Group in project finance and infrastructure derivatives. He joined Lloyds from the British Army.

He founded HedgeExec to give companies an independent view on hedging decisions. HedgeExec covers companies in the UK, Europe, the Middle East and Asia.

~20
Years in financial services
MD
Former Global Markets Managing Director
9
Client countries covered

Specialisms

What we cover, in plain words.

Interest rate hedging

Fixing or capping the cost of floating-rate debt with swaps, caps and collars.

Cross-currency hedging

Converting debt or cash flows from one currency into another with cross-currency swaps and forwards.

Hedging around new bond issues

Locking in the underlying interest rate before a bond prices, and swapping the bond into the currency or rate basis the company needs.

Private placements

Hedging the currency and rate on funding raised from institutional investors, often in US dollars.

Inflation hedging

Matching inflation-linked revenues or costs with inflation swaps.

What a hedge really costs

How a bank's credit, funding and capital costs feed into the price you are shown, and why the same hedge prices differently at each bank.

Foreign exchange

Spot and forward FX for payments and hedging. We can check what you are paying and introduce you to a provider for execution. Request an introduction →

For debt advisers and sponsors

Most financings come with a hedge. Lenders often require one, and it is often priced by the same banks that provide the debt. It is usually agreed late, when the borrower has least room to negotiate.

We work alongside you. We do not advise on the debt and we do not compete for your mandate.

How we are paid

A fee for the work: fixed, or on a success basis when we pitch alongside you. Execution is separate. If the borrower asks us for an introduction, any payment we would receive is disclosed in writing first.

What we bring to your deal

  • A clear view of what the hedge should cost, before the banks quote.
  • Decision support on the hedging strategy, so it fits the facility terms and the business plan.
  • A process that makes the banks compete on the hedge, where the documents allow it.
  • Board papers that explain the decision in plain words.

Talk through a live or upcoming deal.

Book a deal call → Email Benjit

Teach-in: how banks price your hedge

A 60-minute session for treasury teams and deal teams. It is education, not advice.

What it covers

  • The three parts of a hedge price: the market level, the bank's costs and the margin.
  • How credit, funding and capital charges work, in plain words.
  • Why quotes differ between banks.
  • Practical steps for a better process: standard requests for quotes, what to ask and what to record.

Delivered by video or in person. Attendees receive a certificate of attendance for their CPD records.

Delivered since 2025 to corporate finance teams, banks and an international treasurers' association.

Pricing

Corporate treasury teams
£1,500
Fixed fee for a team of up to eight. Credited against any engagement within three months.
Founding rate
£950
For the first five teams.
Debt advisory and sponsor deal teams
No charge

Set up a teach-in for your team.

Book a set-up call → Email Benjit

Insights

From Benjit's LinkedIn posts and the Dhesi Market Memo.

Swap pricing

Two banks quote the same 10yr swap 15 bps apart. Neither is ripping you off, and neither is doing you a favour. The mid is public. What you are actually paying for is what the trade does to each bank's balance sheet.

Read the full note →
CSA structure

When you execute an interest rate swap with a bank, the credit support annex attached to your ISDA agreement determines how the mark to market exposure on that trade is managed between you and the bank over its life. In practice, most corporates end up with whatever structure their first bank presented.

Read the full note →
Deal-contingent hedging

A cross-border acquisition creates a currency exposure the day it is announced, and one you only want hedged if the deal completes. Deal-contingent hedging is built for that shape: a forward or option structure that comes into effect only if the deal completes and falls away at no cost if it does not.

Read the full note →
Mid-market coverage

A mid-market company buys the same swap as a FTSE 100 name, often from the same banks, and routinely gets a worse outcome. The product is identical. The difference is everything around it.

Read the full note →
Decision-making

Doing nothing is the most defensible trade in treasury. Hedge and get it wrong, and the loss has your name on it. Do nothing and get it wrong, and the market moved.

Read the full note →
Pre-hedging a bond

By the time a bond prices, the rate has been moving against you, or for you, for weeks. That exposure is live from the moment the decision is taken, long before anyone sets a coupon.

Read the full note →

Guides

Governance How to Set Up FX Hedging Governance for UK Mid-Market Companies → Benchmarking How to Benchmark Your FX Provider: A CFO's Independent Guide → Policy Hedging Policy Template: What Every Board Needs to See → Selection How to Run a Broker or Bank Selection Process for Treasury → M&A FX Hedging for Acquisitions: Pre-Deal and Post-Deal Considerations → Rates Interest Rate Hedging: Fixed vs Floating and When to Act →

Dhesi Market Memo

A monthly email from Benjit Dhesi on rates, currencies and hedging. What moved, why it matters for companies with debt or currency exposure, and one idea explained in plain words. Education and information only.

Sign up and get the free hedging governance checklist: 12 questions to stress-test your policy, pricing and decision framework in ten minutes.

One email a month. Unsubscribe at any time. Privacy Policy.

Our specialist network

When you need execution, lending or corporate finance, we can introduce you to specialist firms on request. You deal with them directly.

  • FX, rates and payments. FCA-authorised providers for FX execution, interest rate hedging and international payments.
  • Commodities. Specialist commodity hedging providers.
  • Lending and liquidity. Debt providers and trade finance specialists.
  • Corporate finance. M&A advisers and capital markets specialists.
Referral disclosure: HedgeExec may receive referral fees or commissions from firms it introduces. Any such arrangement is disclosed to you in writing before an introduction is made.

Request an introduction

Need a provider for international payments, currency hedging or interest rate hedging? Answer a few questions online. It takes about two minutes and there is no call to set up.

  • We introduce you to an FCA-authorised provider.
  • They contact you directly. You deal with them, not through us.
  • We do not charge you for the introduction.
Request an introduction →

Start with a conversation

Twenty minutes. No pitch. No obligation. Tell us what you're working on and we'll tell you honestly whether we can help.

Book a confidential call → Email directly →