23rd June 2020
Online

Agenda

23rd June 2020

Time Awards Stream A Stream B
02:00
Asia out of COVID: How are Asian economies positioned amidst a global downturn?
  • What have Asian policy-makers learned from previous crises that positions Asia for a quicker recovery?
  • How are Asia’s governments and government entities managing their finances to support their economies now and post-COVID?
  • As supply chains pick-up which countries and sectors are the winners and who are the losers?
Moderator
  • Johanna Chua, Managing Director, Head of Asia Pacific Economic and Market Analysis, Citi

Speakers
Session ends: 02:45
02:45
Trading in and out of Asia: Where do investors see value in the markets?
  • A much-changed economic landscape: Are Asia’s credit trading as one would expect?
  • Credit risk vs. ratings: What is driving the price of Asia’s bonds?
  • Pricing China: Why did China’s bonds tighten at the height of the crisis in Wuhan? What metrics should be used to decide China’s weighting within indices?
  • What impact does QE across the region have on Asian bond markets? How will disparate monetary policies impact bond markets?
  • Sri Lanka is pricing at distress debt levels: Why?
Moderator
Speakers
Session ends: 03:30
03:30
How to build back better: Incorporating strong ESG credentials while making tough cost and investment decisions post COVID-19
  • How much extra cost is involved when factoring-in ESG to commercial and financial decisions in the COVID-19 aftermath
  • Short term costs vs. medium and long term benefits: What are they? How can they be quantified?
  • Assessing performance of companies and credits with strong ESG credentials through times of volatility
Speakers
Session ends: 04:15
04:15
Demystifying the Belt Road Initiative and China in a post COVID world
  • What role does the Chinese economy play on the global stage in a post COVID world? Recovery, geopolitics and emerging markets
  • Demystifying the Belt Road Initiative: a series of Q&A from the audience
Moderator
Speakers
Session ends: 05:00
05:00
Market technicals vs. economic fundamentals: Are COVID-19 and oil price pressure properly reflected in GCC bond/sukuk spreads?
  • Looking under the hood at GCC money markets: Are discrepancies in LIBOR, EIBOR and SAIBOR (and access to dollar liquidity) properly reflected in pricing and spreads?
  • Credit credentials vs. investor demand: Why are conventional bonds trading so much wider than sukuk? Why is DAMAC trading at distressed levels?
  • Investor note to borrowers about access to primary markets: Who can price, and at what levels?
  • Oil price: What is the impact on GCC bonds
Moderator
Speakers
Session ends: 05:45
05:45
Managing oil and gas in an age of uncertainty
  • Volatile oil prices and declining demand: What can oil and gas companies do to minimize disruption to their businesses as the world transitions to cleaner energy?
  • What is the likelihood of investments in oil and gas projects becoming stranded assets?
Moderator
Speakers
Session ends: 06:15
06:00
Russia: How is the government managing financing needs through COVID-19
  • What has the impact of COVID-19 and linked economic shocks had on the economy?
  • Forecasts for 2021 and beyond: GDP, investments and infrastructure upgrades
  • Financing strategies and approach to capital markets
Speakers
Session ends: 06:30
06:15
GCC cost of funding vs. price of lending: How are loan bankers structuring and pricing deals?
  • Price discovery, benchmarks and LIBOR transition: How are banks pricing loans today?
  • How is the changed cost of funding for GCC banks impacting bankers’ ability to structure and price corporate loans?
  • What capacity do the loan markets have to support borrowers? How liquid are the banks?
  • Who is ready to lend: How have term sheets evolved over the past 3 months?
Moderator
Speakers
Session ends: 07:00
06:30
Economic backdrop vs. investor demand: How to price Russian risk in June 2020
  • Government support and policy moves: How has the changed political and economic landscape impacted investor views of Russia?
  • COVID-19 and falling oil price: How are banks and investors pricing Russian credit?
  • Who can access to the market? At what price? What is the new normal for Russian issuers?
Speakers
Session ends: 07:15
07:00
Approaching the market: How are corporates managing their short, medium, and long-term funding?
  • Real economy: What are CFOs and Treasurers’ outlook for their businesses? What impact has COVID19 and a slump in oil price had on business and funding requirements?
  • How much capital is available from their relationship banking groups? What are the alternatives today to secure funding?
  • Negotiating and navigating the markets: What are CFOs and Treasurers’ strategies for the rest of 2020 and into 2021?
  • How to (and who can) tap the market in uncertain times?
  • What are the lessons to be learnt from COVID-19 and how will funding activities change post-COVID-19?
Speakers
Session ends: 07:45
07:15
Responding to COVID-19: How are Russian companies adapting to the new reality?
  • How significant is the damage done to Russian corporates from the COVID-19 shutdown? Have they had to adopt their business model?
  • Growth, CAPEX, disruption: What are Russia’s top tier companies’ fund raising needs? How liquid are they? For those in need, how have they secured short-term financing?
  • How are Russia’s corporates planning to finance themselves in times where banks get restricted with financing?
  • Who is still able to access the debt capital markets? How does pricing compare to the loans market? Are more attractive rates and terms on the local or international market?
Speakers
Session ends: 08:00
07:45
Sukuk vs. EM High Yield: Can sukuk provide access to the markets for BB and B issuers?
  • How BB and B rated companies should approach the capital markets
  • GCC regional bank vs. international perspective on how to bring a non-GRE BB/B credit to the market in the current market environment
  • Sukuk vs. conventional bond markets: Why are the sukuk markets trading tighter? Can the sukuk market provide access to issuers where conventional markets can’t?
  • Restructuring sukuk and the opportunity of Garuda: How will a template for a successful workout of a sukuk attract more liquidity to the market?
Moderator
Speakers
Session ends: 08:30
08:00
Belarus: How does the government plan to navigate its way back towards its economic vision
  • How does the government plan to ensure fiscal discipline in the current climate?
  • Sovereign strategy through the prism of COVID-19: How much capital does the government need to secure to fund its economic agenda?
  • Will they be looking for funds in both the local and international markets?
Speakers
Session ends: 08:30
08:30
This time is different: How long and deep will this bear market be?
  • Making sense of the volatility: What to learn from previous downturns
  • The global economic and markets picture: What is really different this time?
  • Developed markets vs. emerging and frontier markets: Historical trends, learning and adapting investment strategy
Moderator
Speakers
Session ends: 09:00
How are banks in Russia responding to support the economy and their clients?
  • What are banks doing to support companies during the COVID-19 crisis?
  • Who is lending? How liquid are the banks? How and where are they deploying their capital?
  • Pricing models and cost of funding: How have market dynamics changed?
Session ends: 09:15
09:00
How is Turkey’s political economy responding to the COVID volatility?
  • Policy responses: What has been done? What more needs to be done?
  • Currency performance, interest rates, trade flows and current accounts: Positives and negatives analysed
  • Oil price and the Turkish economy: What is the short, medium and long-term outlook of $20/barrel?
  • International investor views on the economics and market dynamics: Buy, sell or hold?
Moderator
Speakers
Session ends: 09:45
09:15
Estonia: Response to COVID-19, GDP growth and capital requirements
  • What has the impact of COVID-19 and linked economic shocks had on the economy?
  • Forecasts for 2021 and beyond: GDP, investments and infrastructure upgrades
  • Financing strategies and approach to capital markets
Speakers
Session ends: 09:45
09:45
How are Turkish companies managing finances and balance sheets in preparation for a change in the new world order?
  • Real economy vs. financial markets: What are CFOs and Treasurers expectations for their business beyond the current COVID-19 crisis?
  • Managing balance sheets and maintaining ratings
  • Which markets are open to Turkey’s top-tier corporates? How much has credit pricing moved since the onset of the COVID-19 pandemic?
Moderator
Speakers
Session ends: 10:30
Slovenia: Response to COVID-19, GDP growth and capital requirements
  • What has the impact of COVID-19 and linked economic shocks had on the economy?
  • Forecasts for 2021 and beyond: GDP, investments and infrastructure upgrades
  • Financing strategies and approach to capital markets
Speakers
Session ends: 10:15
10:15
Serbia: Response to COVID-19, GDP growth and capital requirements
  • What has the impact of COVID-19 and linked economic shocks had on the economy?
  • Forecasts for 2021 and beyond: GDP, investments and infrastructure upgrades
  • Financing strategies and approach to capital markets
Speakers
Session ends: 10:45
10:30
Corona social bonds: How does the pandemic make a stronger business case for pursuing strategic ESG integration into funding strategies?
  • Assessing the appeal of Corona and pandemic bonds: Understanding issuers approach and gauging appetite for more pandemic linked bonds
  • What are investors looking for? Is this a short-term trend?
  • Where does ESG figure on investors’ lists of priorities when considering investment opportunities post-pandemic?
  • Does data support the case for ESG linked bonds being more resilient?
Speakers
Session ends: 11:15
10:45
How has COVID19 altered the trajectory of Africa from now until 2030?
  • Africa post-COVID19: What does the continent look like?
  • Evaluating the impact of technology on society
  • Looking ahead to the world in 2030 – what role will Africa hold on the international stage?
Speakers
Session ends: 11:15
11:15
How to transition away from LIBOR
  • Replacing LIBOR as a benchmark
  • Transitioning: What do banks and borrowers need to be aware of when renewing loan contracts?
  • LIBOR and IBOR discrepancies: How to price deals while transitioning
  • Reviewing recent deals launched using alternatives to LIBOR (eg. Fannie Mae): Was deal liquidity and pricing impacted?
Session ends: 12:00
How is Kenya responding to the economic impact of COVID-19?
  • What policy responses have been put in place?
  • Commodities: How is the change in commodity prices impacting Kenya and how is the central bank and government alleviating this?
Speakers
Session ends: 11:45
11:45
Sovereign strategies: How are Africa’s governments negotiating with investors to secure their sponsorship?
  • Fiscal and monetary stimuli: Who has done what? Where is it working? What more needs to be done?
  • The good, the bad and the really ugly: Currency performance, inflation, debt repayments – which countries are under pressure?
  • What are investor strategies in Africa? Have criteria/mandates changed at all by COVID-19?
  • Working with the IMF, IFIs and DFIs: What strategies are African debt management offices employing to relieve pressure from the current crisis?
Speakers
Session ends: 12:30
12:00
After turning on the printers, will developed market stimulus make its way into emerging markets?
  • What can be expected of the Fed, BoE, ECB and BoJ in the medium-term?
  • How will negative rates in developed markets influence appetite for emerging market debt?
  • How does the rollout of EM central bank QE influence the outlook for EM assets?
Speakers
Session ends: 12:45
12:30
Weathering the storm: How are African corporates adapting their financing strategies and managing their balance sheets?
  • How has the slump in commodity prices and COVID-19 impacted corporates’ business and funding requirements?
  • What are CFOs and Treasurers’ strategies for managing their balance sheets during and after the COVID-19 pandemic?
  • How has pricing changed since the onset of the pandemic?
  • The search for liquidity: Where and in what formats can Africa’s bluechip corporates access financing? Where can hard currency funding be sourced?
  • Are local capital markets able to provide sufficient financing for corporates?
  • A post-pandemic world: How will corporates’ financing strategies change in the mid- to long-term as a result of COVID-19?
Speakers
Session ends: 13:15
12:45
Deep dive on emerging markets defaults and impact of Coronavirus
Speakers
Session ends: 13:15
13:15
The damage done: When will the recovery start and what will it look like for emerging economies post-COVID19?
  • If the pandemic ends tomorrow, assess the damage done
  • Who recovers first? How does it trickle down to other economies?
  • Which emerging markets will re-emerge first and why? Who will be last and why?
Speakers
Session ends: 14:00
Understanding price discovery in African credit
  • Making sense of market dislocations due to illiquidity
  • What factors are going into price discovery given a cross-the-board retrenchment from investors?
  • Spreads: What will the new normal look like? When do we get there?
  • Can deals be priced today? What are investor considerations?
Moderator
Speakers
Session ends: 14:00
14:00
Anticipating Stock Corrections and Credit Spread Widening
Speakers
Session ends: 14:30
How to navigate the African loan markets now and post-COVID19
  • Making sense of market dislocations due to illiquidity
  • What factors are going into price discovery given a cross-the-board retrenchment from investors?
  • Spreads: What will the new normal look like? When do we get there?
  • Can deals be priced today? What are investor considerations?
Moderator
Speakers
Session ends: 14:30
14:30
Political shifts and country risks: How is Latin America’s economic landscape changing (as part of the broader pandemic and oil price issues)?
  • What are the discrepancies in governmental responses and policies in response to COVID-19 and how has this impacted on the credit risk of countries?
  • How are governments supporting liquidity pressures, limiting damage to their economies?
  • Have monetary policy moves influenced investors’ demand for local currency versus US dollar deals?
  • Which is having the bigger impact on the economy and local financial markets: COVID-19 or the fall in oil price?
  • Economic data vs. market data: Who are the winners? Who are the losers and the big losers?
Speakers
Session ends: 15:15
DFIs, IFIS and ECAs in Africa: A change of strategy or business as usual?
  • IMF and G20 debt relief, what does this look like in practical terms and which countries are set to benefit from this?
  • Following AFDBs social bond – is the appetite for ESG linked debt amongst the international investor community the way forward for DFI, IFI and ECA issuers?
  • Increased prominence of multilaterals across the region: What role do DFIs and ECAs play in supporting capital stimulus?
  • How can ECAs and infrastructure deals access liquidity? What are the new pricing models (and trends) for this sector?
Moderator
Speakers
Session ends: 15:00
15:00
Debt relief: What is the impact on private creditors? What are the implications for EM debt as an asset class?
  • What is the impact on banks and investors of G20 and IMF debt relief?
  • How will the package be deployed? Is it a deferred payment for 8 months?
  • What are investor concerns? What does debt relief mean for Emerging markets and Frontier markets debt as an asset class? Does it complete undermine it? Or does it boost investor confidence in it?
Speakers
Session ends: 15:30
15:15
How corporates are performing in Latin America: A sector by sector drill-down
Session ends: 15:45
15:30
Israel: Debt management framework in light of COVID-19
  • Financing strategies and approach to capital markets
  • Key principals of debt and risk management policies
Speakers
Session ends: 16:00
15:45
Bonds vs. loans, USD vs. local currency: How can borrowers access short, medium and long term capital?
  • How has COVID-19 and the fall in oil prices impacted businesses? How are CFOs and Treasurers managing their capital structures and balance sheets?
  • Bonds vs. loans: Which markets are open to borrowers now?
  • Price, structure, size and maturity: What can be achieved and by whom?
Speakers
Session ends: 16:30
16:15
ESG and oil price: Why pay more for ESG funding now when oil is so cheap?
  • For energy-intensive borrowers/issuers, does 30-40 USD/barrel recalibrate priorities?
  • What portion of market liquidity do ESG funds make up? What criteria do they use to invest?
  • How does cheap oil impact borrower approaches to ESG? Can reduced operational expenses outweigh transition costs and potentially cheaper pricing?
  • How meaningful a transition have companies made to meet ESG criteria in the last year?
Speakers
Session ends: 17:00
16:30
How to price deals in the current market where there are no reference points?
  • Pricing discovery in the new norm: Where to start when there are no benchmarks and no reference points?
  • How to price an issuer that has been downgraded from investment grade to sub-investment grade
  • What is investor appetite for new deals and new opportunities? How can these deals be priced?
Speakers
Session ends: 17:15
17:00
Brazil: What is the outlook for the privatisation programme, tax and pension reforms in this new environment?
  • Brazilian states’ funding needs in light of COVID-19: Does the sanitation regulation require a larger focus now?
  • From public to private in the oil, gas and infrastructure sectors: How are the government planning to balance funding demand for its different sectors of the programme?
  • Will social infrastructure, such as hospitals now take a bigger priority within the privatisation programme?
  • What are the implications of a pension scheme managed through fixed income funds in a time of a global economic shock?
Speakers
Session ends: 17:30
17:15
Size, price, tenor… but what are global banks’ criteria for lending to the region?
  • Who is still lending in US dollars in the region? How are corporates working with their relationship banks to mobilise syndicates?
  • Bank cost of funding transferring into pricing and structure: What’s the formula? How have terms changed?
  • Will European and Asian banks shift focus back to their home markets? How will this impact Latin American business and markets?
Session ends: 18:00
17:30
Brazil: How does the government plan to navigate its way back towards its economic vision
  • How does the government plan to ensure fiscal discipline in the current climate?
  • Sovereign strategy through the prism of COVID-19: How much capital does the government need to secure to fund its economic agenda?
  • Will they be looking for funds in both the local and international markets?
Speakers
Session ends: 18:00
18:00
How is COVID-19 and the fall in oil prices impacting infrastructure deals in Latin America?
  • Are regional infrastructure assets performing? What happens to PPAs if electricity bills are not paid?
  • What is the long-term view of Infrastructure amongst governments, sponsors and developers?
  • If projects are put “on hold”, does the money stay with the project or are governments pulling sponsorship of projects to deploy elsewhere?
  • How to renegotiate (and restructure) infrastructure and energy deals where the sponsor and/or developer has been downgraded
  • What is the appetite amongst banks and institutional investors for Infrastructure deals?
Speakers
Session ends: 18:30
What is the outlook for the privatisation programme, and investment in and out of Brazil in this new environment?
Speakers
Session ends: 18:30
18:30
Structured finance: Accessing capital where vanilla markets can’t provide it
  • How much additional liquidity can borrowers bring into their deals by adding structure?
  • Balancing the additional costs associated with structuring and the additional liquidity coming into deals: What’s the right balance?
  • Who and where are the investors looking for structured finance transactions?
Speakers
Session ends: 19:00
Paraguay: How COVID-19 will affect energy and infrastructure investment and policy for 2020/21?
  • PPPs, project bonds, structured finance: How are different governments planning to fund their energy and infrastructure needs?
Speakers
Session ends: 19:00
19:00
Evolution of structured debt (CRIs, CRAs, securitisation and illiquid strategies) in Brazil: Still a viable funding instrument following regulation updates and COVID?
  • Who are the new players coming to market following changes to CVM regulation on FIDCs? Has COVID-19 impacted new-entrant appetite?
  • Will the CRI, CRA incentives survive if the government cancels the exemption applicable to these securities? Which instruments could viably take their place?
  • View from the market: How does the revision for issuing CRIs in 2020 benefit the real estate and agribusiness sectors?
  • What can we learn from CVM regulation on FIDCs that is applicable to the CRAs and CRIs legislation?
  • What is the outlook for private debt and illiquid and special situation strategies?
Speakers
Session ends: 19:45
Chile: Successfully issuing bonds to provide COVID-19 relief programmes
  • What has the impact of COVID-19 and linked economic shocks had on the economy?
  • Forecasts for 2021 and beyond: GDP, renewable energy investments
  • Financing strategies and approach to capital markets
Speakers
Session ends: 19:30
19:30
Colombia: Response to COVID-19, GDP growth and capital requirements
  • What has the impact of COVID-19 and linked economic shocks had on the economy?
  • Forecasts for 2021 and beyond: GDP, investments and infrastructure upgrades
  • Financing strategies and approach to capital markets
Speakers
Session ends: 20:00
19:45
Post-COVID: What will China’s recovery look like and what are the implications for other economies?
  • What shape of recovery is expected: U, V or W?
  • What tools and policy measures will be used to recover from this crisis? Are those used post-2008 Financial crisis likely to work again?
  • One Belt One Road bilateral deals: How will payment terms be enforced/relaxed?
  • Single (de-coupled from the US) and ready to mingle: Trade wars and legal disputes with US, debt relief, an emerged global creditor – what strategies will China pursue post-COVID-19?
Speakers
Session ends: 20:15
20:00
Peru: Successfully issuing bonds to respond to COVID-19 and support the economy
  • COVID and oil: How much damage has the economy suffered in the first half of 2020?
  • Forecasts for 2021 and beyond: GDP, investments and infrastructure upgrades
  • Access to USD funding: Financing strategies and approach to capital markets
Speakers
Session ends: 20:30
20:15
The America-China divide: How COVID-19 has intensified (and added to) the trade wars?
  • Trade and investment regime shifts pre and post-COVID19
  • Reserve currencies and global capital flows: Where are they heading?
  • Eagle vs. panda: In which direction are global institutions leaning?
Speakers
Session ends: 20:45