10 - 11 March 2020



1st December 2020

Objectives, strategies and successful execution: Understanding the decision-making process behind borrowers’ selecting debt markets and products
  • CFO and Treasurer decision-making laid out bare:
  • o Global and regional economic considerations: Level of growth
    o Sectoral/industry considerations: Commercial demand and CAPEX requirements
    o Considering what financial instruments fit the needs of their company based on perception of future
  • Market considerations: Local vs. International, Private vs. Public, Debt vs. Equity?
  • Liability management vs. New capital raising: How is the approach different?
  • Balancing liquidity with structure to arrive at the best price for the size and tenor requirements: Case studies
Replicating Inter-African Trade Corridors for Capital Markets: Policy changes/harmonisation to stimulate inter and intra-regional cross-border financial flows
  • Pension laws, interest changes, exchange rates: What policy changes will boost capital flows and market efficiency?
  • Inter-African Trade Corridors model to improve cross-border capital markets flows
  • African Free Trade Unions: What are the benefits to trade, and the consequent benefits to capital markets and financing?
  • FX and Multi-currency clearing

13th March 2019

Registration and Coffee
Chairman’s opening remarks
Keynote Address: The rise or fall of South Africa in the 2020s
Vision 2019: Africa’s prospects, opportunities and challenges in 60 minutes

· Economy, policy, governance: What are the leadership visions for African states?

· Assessing economic fundamentals (from on the ground) vs. international investor perceptions

· Political transitions, macroeconomic factors and commodity prices: Evaluating the impacts on the economy and policy making

· Africa’s recovery economies: The comeback stories and evaluating long-term prospects

Coffee and networking
Trade, oil price, inflation, interest rates, growth: Africa’s dashboard macroeconomic of risk factors and their impact on financial markets
  • How are shifts in global trade policy (US/China, Brexit) likely to impact trade in Africa? What impact will this have on the need for funding and investor sentiment?Has oil price stabilised? How closely linked is oil price to the short, medium, and long-term prospects of oil exporters such as Nigeria, Cameroon and Gabon?
  • Will rates continue to rise? If yes, then what’s the concern for countries with high US dollar debt?
  • Winners and loser: Which countries in Africa will grow fastest in 2019-20? Which economies will face adverse economic and financial conditions?
  • Assessing the growth paths, credit profiles and economic outlook for 2019: Fundamentals and ratings perspectives region-by-region
  • Governance, transparency and regulation: What lessons have been learnt and what policies need to be implemented?
Underwrite-to-distribute vs. Club vs. Bilateral: How to lend in Africa in 2019
  • Macro fundamentals per country, rising oil price, inflation, CAPEX, credit risk, politics: Gauging the risks and rewards of lending in Africa
  • Powerful local banks, active DFI and IFI lenders, and tightening pricing: What is the cost of lending to (and in) Africa?
  • Syndicated loan bankers’ strategies: What and where are the sweet spots in Africa? Is it all for relationship and ancillary business?
  • Underwriting and distributing: Which banks have the stomach for classic syndications? Who is moving out? Who is trying to lend their way in?
  • Ninja loans, RMB loans, Green loans: What alternative funding solutions are banks able to offer customers? What is the appetite amongst borrowers to look at new solutions?
  • Assessing the appetite for international and regional banks’ to lend in Africa: Have politics, downgrades and rising NPLs impacted sentiment?
Networking lunch hosted by MUFG
Africa Deals of the Year Case Study Roadshow

The session reviews the leading transactions from the past year. A selection of the shortlisted nominees of the Bonds, Loans & Sukuk Africa Deals of the Year will present their transactions, and by analysing the borrowers’ objectives, deals’ structure, market response and investor sentiment, highlight what made them so innovative and ground-breaking. For borrowers, this is your opportunity to hear about accessing new markets to secure financing.

Transitioning from the loan market to the bond market: Assessing the drivers for borrowers to issue for the first time
  • When to make the move? Evaluating which factors are the biggest drivers to move away from loan financing to bonds – pricing, tenor, costs
  • Why make the move? How much are decisions driven by short term gains vs long term strategy?
  • Successfully launching a bond programme: Why and how does the bond program meet a company’s objectives?
  • Why timing is key: Taking into consideration the political and economic climate; How can issuance timetables be made more efficient?
  • Understanding how to position the business to both local and international investors
Realising Africa’s Islamic finance potential: Accessing an underutilised source of capital
  • What is the market outlook for Sukuk and how can Sukuk/Islamic finance contribute to the vibrancy of African Capital Markets in terms of risk management, cost of funds, transparency and an increase in investor base?
  • Islamic finance’s characteristics naturally lend themselves to long term sustainable funding so which factors are preventing further issuance on the continent?
  • Understanding sukuk investors’ criteria: does the criteria differ between regional investors and international investors?
  • Asset back and asset based: how can much needed long-term project capital be accessed through sukuk and other Islamic financing structures
  • What more can be done by the Sovereign to develop local Islamic finance markets?
Coffee and networking
Stimulating funding and investment through the introduction of securitisation and structured credit: Development in RSA and prospects to export the model to the rest of Africa
  • Limited primary issuance, secondary market illiquidity, and a hunt for assets both by bank treasuries and asset managers: The liquidity issue in South Africa and how to re-kickstart the market and break the deadlock
  • Case studies of RSA property funds raising competitively priced capital through structured notes and exotic structures – can these examples be exported to other sectors and countries
  • What new products and funds are being introduced to the market to encourage (i) banks and financial institutions to issue structured and securitised notes; and (ii) investor to buy them?
  • Exporting best practice to boost liquidity in other African credit markets
Chairman’s closing remarks followed by evening reception and Bonds, Loans Awards Ceremony
Keynote presentation: Mobile enabled bond trading in Kenya
  • Understanding the critical success factors for launching the world’s first mobile traded bond
  • Fintech and Capital Markets: How is technology changing the way governments and companies raise capital?
  • Assessing the strategy for capital markets in Kenya in the coming 6-12 months

14th March 2019

Registration and coffee
Chairman’s opening remarks
Buy or sell… hard currency or local currency: How and where can bond investors find value in Africa’s credit markets?
  • African credit markets vs. fundamentals: Does pricing reflect underlying risk? Are bonds paying out enough?
  • Local currency vs. US dollar bonds: Is the inflation/FX risk of USD-denominated bonds being overplayed? How can investors penetrate local debt markets (given difficulties of access, liquidity and withholding tax)?
  • Recovery economies’ stories: Is this where the value is? What are investors’ top picks for recovery story credits in 2019?
Strengthening public debt capabilities and capacity across Africa
  • How to successfully execute budget planning and management
  • Understanding across the spectrum of African countries best practice and room for improvement in debt management policies
  • Developing local currency capital markets to ensure a sustainable foundation for local financial markets
  • Demystifying risk: what is the reality, how much should it be priced at given country fundamentals and what is the cost?
Coffee and networking
Going green: Evaluating the business case for borrowers accessing ESG financing and assessing investor appetite on the continent
  • Monetising the non-financial benefits of ESG: How do issuers reap the economic and financial rewards by championing transparency and governance
  • What metrics and measures are investors adopting to score ESG? How much of a driver is ESG in the investment process? Is ESG driven by end-investors’ social awareness or by data on long-term performance?
  • How to quantify and qualify benefits of ESG to issuers and fixed income investors: Can it be modelled?
  • Case study: How Senegal’s championing of transparency and governance has delivered them rewards
Chairman’s closing remarks and close of conference followed by networking lunch hosted by MUFG