10 - 11 March 2020
Cape Town International Convention Centre

Agenda

10th March 2020

Plenary

07:30
Registration and coffee
Session ends: 08:50
08:50
Chairman's opening remarks
Session ends: 09:00
09:00
Keynote address: Update from the National Treasury of South Africa
Session ends: 09:20
09:20
Keynote address: Africa and the world in 2030
  • The longwave theory and understanding global, political, social and economic cycles
  • Why we are where we are today
  • Evaluating the impact of technology on society
  • Looking ahead to the world in 2030
Speakers
Session ends: 10:00
10:00
How to fund a growing pan-African business locally in local currencies
  • Conducting business and financing operations across Africa: Key differences and things to look out for
  • How to develop relationship banking groups locally and how to mobilise local sources of capital
  • FX and interest rate risk exposure: How to hedge short term and long term
Speakers
Session ends: 10:40
10:40
A deep dive into African credit strategies: Where are investors finding value?
  • Pricing, credit models, ratings: An overview of how international fund managers’ approach Africa
  • Picking the continent apart: Expectations for the next economic cycle and how to manage long-term investments
  • Top picks and credit strategies on select African trades across sovereign, FI and corporate
  • Elections and politics: Idiosyncratic factors and how to prepare for the un-preparable
Speakers
Session ends: 11:20
11:20
Coffee and networking
Session ends: 11:50
11:50
New borrowers, new players: Outlook for syndicated loan activity in 2020
  • Funding requirements vs. market liquidity: Challenges around size, pricing, tenor and structure
  • Why sovereigns have shifted back towards the loan markets versus bond markets
  • Preparing for a transition away from LIBOR: How will bankers and borrowers be impacted? How should they prepare?
  • Innovations and new markets: How are negative yields in developed economies impacting lenders’ approach to offering new structures to new borrowers?
Moderator
Speakers
Session ends: 12:30
12:30
Under the lens: Sovereign debt in Africa
  • What are sovereigns funding strategies for 2020 - raising new finance, refinancing or restructuring?
  • Bonds vs loans – knowing which debt product to choose and when: comparing use of proceeds, price, tenor and execution?
  • Debt sustainability – how are sovereigns managing concerns over increasing levels of debt? What lessons can be learnt from other countries?
  • Managing investor relations – from roadshow to reporting: understanding the criteria of international vs local investors and managing their expectations throughout the process
Speakers
Session ends: 13:10
13:10
Looming repayment and nowhere to turn: How to re-profile/restructure debt in Africa
  • Importance of getting the timing of a restructuring right and how they impact potential liquidity issues
  • Navigating through stakeholder dynamics: Different approaches of shareholders versus secured and junior lenders
  • How to re-profile SOE debt: Is there a painless way out?
  • Implementing a restructuring in Africa: Local nuances, legal and regulatory framework
Speakers
Session ends: 13:30
13:30
Networking lunch
Session ends: 14:30
14:30
Where do banks expect to find well-priced opportunities?
  • DCM, loans, project finance, West, East, Sub-Sahara – what do banks’ business plans look like?
  • The business case for banking Africa beyond South Africa:Where are the opportunities for growth? Who is pursuing them? What are their strategies for expansion?
  • Which markets offer the greatest growth prospects? Can those markets absorb more banks?
  • Where, what and who are the institutions and projects that offer attractive fees for structuring and lending to deals?
Speakers
Session ends: 15:10
15:10
Defining a hedging policy to entering into a first-time swap agreement: How issuers and borrowers prepare, document and establish a risk management programme
  • Hedging vs. speculating: Detailing the myths and realities of derivatives
  • Taking a proactive approach to risk and defining a hedging policy
  • At issuance, opportunistically? How and when to hedge
  • A, B, Cs of a first time derivatives trade: What to look-out for, how to measure success
  • Select case studies and issuer experiences:
    • Establishing a hedging policy and hedging programme
    • Hedging FX and interest rate risk for the first time
    • How to manage risk through the duration of an infrastructure project
Speakers
Session ends: 15:50
15:50
Coffee and networking
Session ends: 16:10
16:10
Governance and reassessing the role of key stakeholders in corporate oversight
  • The real costs of governance failure
  • Integrating ESG analysis into the investment process and strengthening investors’ role in corporate oversite
  • What we’ve learned about governance: Making it Real
  • Capital market standards: who do they protect? Who should it be protecting?
Speakers
Session ends: 16:40
16:40
Assessing regional and global ambitions for African corporates
  • Understanding growth, investment and funding strategies for the continents largest, most innovative corporates
  • How have you navigated the last 12 months against the global macroeconomic backdrop? How are you preparing for 2020?
  • As pioneers for national, regional and international growth – how do you engage with your shareholders and stakeholders?
  • Does the African continental free trade agreement impact your business? What other continent-wide initiatives need to be implemented to help drive the growth, sustainability and innovation of the private sector?
Session ends: 17:20
17:20
Bonds & Loans Awards presentation

Awards Categories:

  • Sovereign Debt Deal of the Year
  • Corporate Debt Deal of the Year
  • Local Currency Bond Deal of the Year
  • Financial Institutions Deal of the Year
  • Project Finance Deal of the Year
  • Syndicated Loan Deal of the Year
  • Local Currency Loan Deal of the Year
  • Structured Finance Deal of the Year
  • ECA/Export Finance Deal of the Year
Session ends: 17:50
17:50
End of day one followed by cocktail reception
Session ends: 17:50

Round tables

07:30
Private round table hosted by Nedbank
Session ends: 09:00
11:50
Moving the securitisation market forward in South Africa – what needs to be done to take it out of limbo
  • In the run up to the implementation of Basel III – what policies and amendments are the reserve bank looking to put in place? What will be the impact on the market?
  • How are banks being innovative in terms of how they structure securities and create a market for them?
  • Explaining and understanding the difference between true sale and significant risk transfer
  • Can a similar securitisation programme be rolled out across other African markets?
  • Why are these structures attractive to institutional investors? Are they becoming a new “asset class” for investors to diversify their portfolios?
  • Compliance burden and regulatory costs and obstacles – how do you overcome regulatory uncertainty?
  • Comparing the overall costs of securitisation vs ordinary bond or bank loan (for non-banks) – does it make financial sense?
Speakers
Session ends: 12:30
13:00
Private roundtable hosted by UMOA Titres
Session ends: 15:00

11th March 2020

08:45
Registration and coffee
Session ends: 09:20
09:15
Chairman’s opening remarks
Session ends: 09:25
09:25
Global economic and markets outlook: Elections, trade, monetary loosening and big fiscal
  • A look ahead at Fed, ECB and BOJ monetary policy moves in 2020
    • From hawks to doves: How far will interest rates fall?
    • What is the impact on capital flows, global growth, credit quality and debt issuance?
  • How will the US presidential campaign and election impact markets?
  • How could the China/US trade war impact trade and business in Africa? How will it materialise and how big an impact could it have?
  • What if monetary easing this time does not work like it did previously? Will governments turn to big fiscal stimulus packages? What are the consequences globally if US, Europe and Japan introduce big fiscal?
Speakers
Session ends: 09:55
09:55
ESG and accessing international capital markets: The C-Suite Roundtable
  • Why the first questions at your next investor roadshow will all be about environmental, sustainable and governance credentials
  • Impetus for CEOs and CFOs to establish and implement ESG policies: Do they have a choice if they want to borrow from the market?
Speakers
Session ends: 10:25
10:25
ESG and accessing international capital markets: Understanding the solutions and products available
  • The “G” in ESG: What are fund managers’ benchmark for governance and transparency when they consider investment?
  • Who/what are the drivers of ESG in Africa: Why has it been catapulted right to the top of the priority list so quickly?
  • Focus on the positive and what is already in place: What to do if you are involved in non-green sectors such as O&G and coal
  • First steps to define an ESG policy: What companies have done to prepare and document before approaching the market
Speakers
Session ends: 11:05
11:05
Evaluating steps that need to be taken to encourage the nascent Islamic finance market in Africa
  • What are the potential implications for the market if sovereigns/corporates and FIs issue offshore sukuk?
  • New deals are on the horizon but is pricing prohibiting issuances or will financial innovation breakthrough?
  • Where should Africa look for sukuk investment? Importance of tapping into developed sukuk markets with spotlight on Asia
  • How can issuers develop relationships with Islamic focused investors to encourage more activity?
  • Understanding the synergies between good ESG practices and Islamic finance – how do you share this with your investor base?
Speakers
Session ends: 11:45
11:45
Coffee and networking
Session ends: 12:10
12:10
Asian capital in Africa – understanding how both borrowers and issuers are engaging with Asian investors to fund their capital requirements
  • Setting the scene: how much Asian capital has flowed into Africa in the last 12-18 months and assessing the reasons for this pivot East
  • Approaching each market: What journey do African borrowers and issuers need to take Asian investors on to secure their sponsorship and how do you present your credit?
  • Samurais, formosas, kimchi and dim sum: How can African borrowers pivot East to tap into Asia’s bond and loans market? What made these deals successful?
  • Project finance and investment: Understanding the role of Asian ECAs, their strategies on the continent and forthcoming project pipelines
Speakers
Session ends: 12:50
12:50
Oxford style debate: This house believes that the PPP model does not provide sufficient incentive for the private sector to participate in deals
  • Why are PPPs in Africa not attracting private sector investment into projects?
  • Are PPPs a vehicle to adjust the political economy of a country more so than a vehicle to attract private investment?
  • What guarantees are being offered by governments? What more do private sector investors need to buy into deals? Can private insurers and guarantors step-in?
Speakers
Session ends: 13:30
13:30
Local funding for local projects: Mobilising pension fund money into infrastructure and energy projects
  • How can private credit play a role to mobilise local market funding of projects? What are LPs criteria (and appetite) for investing into local currency debt deals?
  • What incentives and guarantees can governments, central banks and DFIs/Multilaterals provide for pension funds and institutional investors to buy into infrastructure debt deals?
  • Chicken and/or egg: Why development of the local capital markets will depend on borrowers issuing to establish curves and boost liquidity
  • Assessing the impact of the recent trend for African governments to pursue a local content strategy – encouraging local participation in projects and how are the shortages of these resources are impeding the viability of projects?
  • Friend or foe: (How…) Are DFIs and IFIs working with commercial banks to deliver bankable financing solutions for projects
  • Blended finance vs. bonds vs. loans: Is blended financing a sustainable funding source?
Speakers
Session ends: 14:10
14:10
Chairman’s closing remarks and close of conference followed by networking lunch
Session ends: 14:10