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Major changes of corporate treasury management policies have been in the past few decades. Treasury management has gradually taken up more and more responsibilities. In the 1960s treasury-related tasks entailed purely routine work in what was no more than an ancillary function as a centralising cash management unit linked to administrative tasks. In the 1970s the first significant changes began to take place as the economic environment was hit by recession, which favoured the emergence of new short-term monetary policy instruments and the first hints of deregulation of financial markets, but treasury management was still restricted to the obtaining of funding, the management of payments and collections and the maintenance of bank balance positions. It was not until the 1980s that it became integrated into general corporate management and finally outgrew its purely administrative function linked to the accounting department. Treasury functions began to be based essentially on a financial cash management or liquidity management perspective. More recent advances (development of new information and communication technologies, emergence and use of new financial instruments and an approach to business focused on increasing the value of organisations in all areas) have favoured the development of new treasury management functions, and increased the importance of treasury departments within companies. In this way, now the techniques and instruments required for optimum development are available (Fernández, 2001).
The functions now linked to treasury management extend beyond the mere control of monetary flows and positions. Exchange-rate and interest-rate volatility in the wake of the internationalisation and deregulation of currency markets, the need to increase control of credit risk in increasingly competitive markets and the appearance of new financial instruments have forced treasury management to become more forecast-based in its actions, with more emphasis on the management of investments, treasury deficits and different financial risks. Basic responsibilities of treasury departments will be those tasks that enable companies to use the techniques and information needed to minimise the financial costs of resources and maximise returns on cash surpluses, thus providing them with the necessary treasury funding in the desired currency at the appropriate time, as argued by López (2003), and others.
The aim of this work is to develop a pricing model for a recent type of credit derivative contracts. Such contracts have their payoffs linked to some current rate of inflation. This is to say they have a particular floating-to-floating interest rate structure in which one of the floating legs is tied to the inflation rate. Meanwhile, being these credit derivatives, their whole contingent claim depends on the credit worthiness of a third party. We will generally name contracts of this kind "Inflation Indexed Credit Default Swaps" or IICDS.
