In-house banking
The group treasury acts as a bank to its own subsidiaries: it holds each entity's notional balance and lends between them at an arm's-length rate, a defensible transfer price for tax. No physical cash leaves the group — the loans live on the notional balances.
Participating entities
7
Surplus balances held
$36M
Intercompany lending
$133M
6 active loans
Net group position
+$27M
Notional balances by entity
Size of each entity's in-house-bank current account · direction shown in the table below
View data table
| Entity | Notional balance | Direction |
|---|---|---|
| Aurora Freight Treasury Centre | +$18,500,000 | Surplus (in credit) |
| Aurora Freight Asia Pte | $-3,600,000 | Overdrawn (borrowing) |
| Aurora Freight Deutschland GmbH | $-4,800,000 | Overdrawn (borrowing) |
| Aurora Freight Japan KK | $-1,250,000 | Overdrawn (borrowing) |
| Aurora Freight Nederland BV | +$2,150,000 | Surplus (in credit) |
| Aurora Freight UK Ltd | +$6,200,000 | Surplus (in credit) |
| Aurora Freight USA Inc | +$9,400,000 | Surplus (in credit) |
Entities
Each subsidiary's current account with the in-house bank
| Entity | Country | Ccy | Role | Credit rate | Debit rate | Notional balance |
|---|---|---|---|---|---|---|
| Aurora Freight Treasury Centre | SG | USD | Ihb center | 20 bps | 60 bps | +$18,500,000 |
| Aurora Freight Asia Pte | SG | SGD | Participant | 18 bps | 80 bps | $-3,600,000 |
| Aurora Freight Deutschland GmbH | DE | EUR | Participant | 10 bps | 90 bps | $-4,800,000 |
| Aurora Freight Japan KK | JP | JPY | Participant | 5 bps | 95 bps | $-1,250,000 |
| Aurora Freight Nederland BV | NL | EUR | Participant | 10 bps | 90 bps | +$2,150,000 |
| Aurora Freight UK Ltd | GB | GBP | Pool leader | 15 bps | 85 bps | +$6,200,000 |
| Aurora Freight USA Inc | US | USD | Participant | 22 bps | 70 bps | +$9,400,000 |
Intercompany loans
7 loans · priced at benchmark + credit spread = arm's-length rate
| Reference | Lender → Borrower | Principal | Arm's-length rate | Maturity | Accrued interest | Status |
|---|---|---|---|---|---|---|
| ICL-AF-0007 | Aurora Freight Treasury Centre → Aurora Freight USA Inc | $40,000,000 |
603 bps SOFR 533 + 70 spread
|
12 May 2029 | $402,000 | Active |
| ICL-AF-0005 | Aurora Freight Treasury Centre → Aurora Freight UK Ltd | $30,000,000 |
613 bps SOFR 533 + 80 spread
|
17 May 2030 | $2,145,500 | Active |
| ICL-AF-0001 | Aurora Freight Treasury Centre → Aurora Freight Deutschland GmbH | €25,000,000 |
510 bps ESTR 390 + 120 spread
|
23 Dec 2028 | €708,333 | Active |
| ICL-AF-0002 | Aurora Freight Treasury Centre → Aurora Freight Asia Pte | S$18,000,000 |
500 bps SORA 360 + 140 spread
|
11 Feb 2028 | S$375,000 | Active |
| ICL-AF-0003 | Aurora Freight USA Inc → Aurora Freight Japan KK | $12,000,000 |
628 bps SOFR 533 + 95 spread
|
14 Sep 2029 | $628,000 | Active |
| ICL-AF-0004 | Aurora Freight UK Ltd → Aurora Freight Nederland BV | £8,500,000 |
630 bps SONIA 520 + 110 spread
|
12 Oct 2027 | £133,875 | Active |
| ICL-AF-0006 | Aurora Freight USA Inc → Aurora Freight Asia Pte | $6,000,000 |
683 bps SOFR 533 + 150 spread
|
06 Feb 2027 | $591,933 | Repaid |