22nd April 2020
JW Marriot, Bogota

Agenda

Government strategies for 2020: Increasing GDP growth and infrastructure spending while combatting deficits and credit rating pressures
  • Economic outlook and fiscal plans for 2020
  • Supporting infrastructure development and GDP growth: How much external capital is needed?
  • Maintaining credit ratings, combatting deficits and stimulating growth: Initiatives to boost investment into the economy
  • New markets, providing benchmarks and liquidity: Government initiatives to open up new pools of capital for corporates and developers
Funding growth: How are the sovereigns approaching the capital markets in 2020?
  • What are the funding needs of sovereign borrowers/issuers in the next year, and how will they be met?
  • What is the outlook for growth, capex and refinancing amongst Finance Ministries? How are they diversifying their investor bases?
  • Trade wars: Impact on the Andean economies and capital flows into the region
  • Accessing long term US dollar funding & prospects for long-term non-USD funding
How are blue-chips taking advantage of low rates to raise finance and optimise capital structures?
  • What are the CAPEX needs for Andes’ top-tier corporates in 2020, and how will they be met?
  • 144a vs local markets: Where are Andean corporates finding better pricing?
  • Multi-currency financing: Where are companies that operate across the region choosing to raise capital, and in what denomination?
  • Refinancing in a low rate environment: How are corporates managing liabilities? What challenges should they be aware of?
  • What is the business case for syndications in a low-rate environment?
  • Hedging by the book: What risks are Andean corporates hedging against?
    • To what extent do they use derivatives vs natural hedges?
    • How can the cost of derivatives be lowered to encourage Colombian and Peruvian companies to issue long dated bonds?
Andean macroeconomics and politics in the global/regional story: How are investors pricing local risk?
  • How is the Colombian government managing the peace process and narcotics trade? How do the political challenges in the Andean region compare to political challenges elsewhere in Latin America?
  • Where does Andean risk sit in a global EM fixed income investor’s portfolio? How do perspectives differ between local and international investors?
  • Trade wars, LIBOR and oil prices: What is driving investor sentiment, and how exposed is the region to global disruptions?
  • How valid are concerns of a Colombia rating downgrade? What will the impact on market liquidity be? Where can local life insurance and pension funds invest in a sub-IG Colombia?
  • How is Andean corporate debt performing compared to equity? What is the investor base for alternative investments?
ESG beyond a marketing exercise: How can issuers and borrowers access better pricing, tenors and liquidity by enhancing their ESG credentials?
  • Sustainable financing vs green, bonds vs loans: What are the different structures, who are the eligible candidates for each?
  • The right candidate: Do you need to be a green company to take advantage of appetite for ESG? How are companies already monitoring sustainability, and which loans can be refinanced as sustainable loans?
  • Does incorporating green/ESG elements into a transaction expand the investor pool? If so, by how much?
  • Does going green cost more? How are deals structured? Who foots the bill - the borrower/issue or the lender/investor?
  • Understanding international and local investor appetite: Who is looking at ESG investments and to what degree?
  • How are banks, investors and regulators supporting Andean borrowers and issuers in their journey to sustainability?
Assessing lenders’ and investors’ appetite for the 2020 infrastructure project pipeline
  • Beyond toll roads: What are the big projects in the region’s pipeline, and how are they being financed?
    • How can financing expand beyond 5-year bilateral loans into project loans, project bonds, and long-term PPP contracts?
  • Are we seeing a move towards private financing and, if so, why?
  • What is the appetite from local and international banks? What is sentiment following the arbitration court ruling in Colombia? How have concerns been met?
  • How is currency risk being managed by international banks and sponsors?
  • What lessons from Colombia’s 4G can be applied in Peru and Chile?
  • How close to reaching full lending capacity are Andean governments? How is the emergence of private initiatives being supported to fill the gap?
Evaluating appetite for sub-IG Andean issuance, and private placements as an alternative to the public bond market
  • Is there a growing demand for high yield debt in the Andean market? If so, why?
  • What are potential sub-BBB- issuers’ perspectives on the public market? What are the other financing instruments available?
  • Beyond public debt: understanding private placements as a stepping stone to the capital markets
    • What are the advantages, and disadvantages, of doing a private placement compared to public debt or a loan?
    • Who is buying this debt? Does it appeal to a different group of investors? What are their concerns, and how are they being met?
    • Are we seeing a growing trend of private placements? What are the implications for the local capital markets? Is this form of financing complimentary or competition to banks?
Funding the Andes’ renewable energy projects: How is the shift to sustainable energy impacting investment into non-conventional power?
  • A different risk: How can funding for renewable energy be made viable in the absence of the same guarantees available to conventional energy production?
  • What are the next steps in Colombia’s PPA renewables auction?
    • What was the outcome of the auction, and why? What has changed since the last attempt?
  • How are project participants reaching financial closures now that the auctions have been awarded?
  • What and where are the success stories in financing renewable projects across Latin America? What were the lessons learnt? What financial structures have worked best?
  • Experience vs ability: What is the role for international banks in financing the region’s renewables projects? How much can they lend locally to renewables?
A roadmap for deepening the region’s local capital markets
  • Is the capital markets commission the solution Colombia has been waiting for? What are the key objectives and takeaways? What is it aiming to change? How successful has its implementation been so far?
  • What initiatives are governments, regulators and stock exchanges rolling out in Peru & Chile to improve access to the capital markets?
  • Are Basel II & III fit for purpose for local banks? What is the impact on their lending and fundraising strategies? What developments in hybrid financing are being made locally in response to this challenge?
Preparing for a transition away from LIBOR: How to ensure your organisation is ready for the seismic shift?
  • What is replacing LIBOR as a benchmark in Latin America?
  • Transitioning: What do banks and borrowers need to be aware of when renewing loan contracts?
  • Reviewing recent deals launched using alternatives to LIBOR: How can this be applied to deals within a Latin American jurisdiction?

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Jack.Hodges@GFCMediaGroup.com