EuroFinance

Large bond transactions can shift markets quickly, altering rates, spreads and issuance windows. For corporate treasury teams, even deals outside their sector can influence decision-making.

“We pay close attention to market dynamics such as new issuances—not only in our industry but also AI-related issuances,” said Karina Inga-Kamienski, senior director of capital markets at Gilead Sciences, an American biopharmaceutical company. “We certainly saw some volatility in the rates and spreads—credit spreads—when AI-related bond issuances were executed last fall”

For issuers, the implications are practical rather than strategic. “We think of capital structure as a long-term view,” she explained. Treasury’s core decisions, she suggested, are anchored in long-term funding and balance-sheet objectives rather than short-term market narratives.

Execution, however, requires flexibility. “During a potential issuance window of going to market, if transactions are shifting the market, we will try to navigate around those transactions.” The catalyst, she noted, “could be AI-related bond issuance or it could be any other significant economic data release.”

Markets do adjust. Recent transactions, she observed, “seem to have been absorbed by the market a little bit better,” underscoring how liquidity conditions can stabilise after bouts of volatility.

Within Gilead, treasury plays a central role in shaping financial strategy. “The treasury capital markets team…recommends the company’s long-term capital structure,” Inga-Kamienski said. The team advises senior management on “financial flexibility” and “liquidity,” evaluates how to fund the business development transactions “if we need to raise funds,” and contributes to decisions on shareholder return, including “dividend and share repurchases.”

Such responsibilities extend well beyond debt issuance. Capital structure, funding strategy and capital allocation are developed “in collaboration with key stakeholders,” including capital planning and business development teams. The objective, she emphasised, is alignment: “making sure that we can support the growth of the company.”

Treasury’s voice in senior decision-making is growing stronger. “I definitely think it’s becoming more and more strategic—treasury’s role,” she said. Topics such as “acquisition financing, capital allocation” are very strategic in nature,” with the treasurer presenting to the board “on a quarterly basis.”

Yet awareness of treasury as a career path remains limited. “You don’t hear about treasury too much in university,” she remarked. That masks a function spanning treasury operations, global cash management, technology, foreign-exchange risk management, investments and capital markets.

Those who thrive, she suggested, combine “understanding corporate finance overall” with an appetite for work that is “forward-looking” and “more strategic.”

Karina Inga-Kamienski, will be speaking at the 11th EuroFinance Annual Treasury Cash Management Summit West Coast in the session “Strategic conversations – capital structuring, bonds, loans & equity” alongside Brandon Hillstead, Assistant treasurer, director at Autodesk and Cathy Fields, VP, treasurer at Hitachi Digital LLC

Karina is also the founder of the Women in Treasury (WiT) network, the leading community exclusively dedicated to advancing women into senior and executive positions within the treasury profession.

Over the last eight years, the association has evolved from grassroots to a strong network connecting treasury leaders and new professionals across industries. WiT offers a high-trust environment focused on career advancement, leadership development, and meaningful connections. Members actively support each other by sharing expertise in all areas of treasury, including capital markets, investments and F/X management, treasury technology, and strategic finance.

EuroFinance is proud to be partnering with WiT for the Treasury & Cash Management Summit, to help elevate women’s voices within the global treasury community.