Registration and coffee
Session ends: 08:50
Chairman’s opening remarks
Session ends: 09:00
Sovereign and sub-sovereign capital markets strategy in 2020 and beyond
- New markets, providing benchmarks and liquidity: Government initiatives to open up new pools of capital for corporates and developers
- What are the governments’ strategies with regards to supporting GDP growth and infrastructure projects?
- A spotlight on the provinces: What are the opportunities at the provincial level? Will the provinces be awarded new projects and how will these be financed?
- Comparing and contrasting sovereign and sub-sovereign investment opportunities
Session ends: 10:00
Ministry of Finance, Paraguay
Head of Investment Banking for Argentina, Paraguay and Uruguay,
Managing Director, Co-Head of Latin American Investment Banking,,
Macroeconomic outlook for the region: Economic fundamentals, market technicals and party politics
- Assessing the impacts of global, political and economic volatilities for Argentina, Uruguay and Paraguay
- Impact of politics on economics and finance: Will there be a rally post Argentine election
- Returning to growth following the 2018 downturn: What is the outlook for Argentina for the coming 6 to 12 months?
- What sectors were resilient through 2018? Where are the opportunities today?
- Beyond IMF support: What reforms are needed to adjust macro imbalances?
Session ends: 10:45
Unlocking ESG financing – is this the new untapped pool of liquidity that issuers/borrowers have been looking for?
- Defining ESG – what are the E(nvironmental), S(ocial) and G(overnance) metrics to be met?
- How important is ESG? To what extent are banks and investors are increasingly looking at ESG as a core criterion? What are the expectations vs reality?
- Sustainable financing vs green, bonds vs loans: What are the different structures, who are the eligible candidates for each?
- ESG beyond a marketing exercise: How can issuers and borrowers access better pricing, tenors and liquidity by incorporate ESG practices? Are the additional reporting requirements of going green justified?
- Assessing the performance of green instruments in the primary and secondary markets: Why should companies enhance their ESG capabilities?
- Step-by-step: How to define and create an ESG policy
- Implementation, on-going work and updating: What is the experience globally vs South Cone vs Argentina?
Session ends: 11:30
Coffee and networking
Session ends: 12:00
Lending in uncertain times: Who’s in and who’s out?
- Where do Argentina, Paraguay and Uruguay sit within investors’ portfolios? which global investors are hungry for the risk?
- What do banks need and borrowers want? Is it business as usual, if the price and tenor are right?
- How are caveats changing during the negotiation process? What new requirements are banks requesting?
- How are local and international banks showing their commitment during uncertain times? How are they supporting the domestic market?
- A return to cross-border markets: what signs are international investors looking before returning to Argentina? Which issuers will be the first to have access to international markets?
- How are local fund managers and insurance companies managing their portfolios? What is their assessment of the opportunities in the domestic market?
Session ends: 12:45
Servicing Argentina’s sovereign debt: What to expect and the pitfalls to avoid
- Prerequisites to economic recovery and sustainable growth, debt sustainability and renewed market access: an economic plan, an IMF financing program, and a liability management exercise
- o Sequencing of these elements
- o Conditions and limits to an IMF program
- o Precedents
- Different classes of public debt based on currency, governing law, maturity, contractual terms and prior restructuring
- o To what extent should different classes of public debt be treated differently
- Reprofiling (no principal reduction) vs. haircuts (for some debt at least)?
Session ends: 13:15
Session ends: 14:30
Funding Argentina and Paraguay’s critical infrastructure and energy project pipeline: Where will the money come from and who is prepared to take the risk? What does the structure look like?
- How to attract new capital into infrastructure projects: What structures/covenants can be put in place to put investors and lenders at ease?
- What is the appetite from local institutional investors to invest into infrastructure and energy projects? What are the structures that allows institutional investors to buy into projects?
- Sparking local private sector and international investment into the countries’ project finance market: What financing avenues do OPIC, DFIs, ECAs and/or Multilaterals open up? Can they act as a benchmark for local institutional investors and encourage regulatory reform?
- Evaluating Chinese and Russian investments into the Argentine economy: To what extent are their investments plugging the gap across the infrastructure and energy space? Understanding the criteria for ensuring their participation in infrastructure projects
- Are PPPs the most effective way in which to finance and execute the region’s critical infrastructure and energy projects?
- Do the changing dynamics in the political, economic and governance landscapes impact the implementation of PPPs? What are the long-term consequences given these changes?
- Evaluating the challenges and successes of Paraguay’s PPP programme: If other countries can successfully implement a PPP programme why can’t Argentina?
Session ends: 15:15
Deepening the local market and boosting activity: Opportunities and proactive steps towards a more liquid and resilient capital market
- Planning for the post-election debt capital market landscape: Understanding how issuers and borrowers will prepare and implement business strategies in light of new administration
- Assessing opportunities and challenges: How are Argentinian, Paraguayan and Uruguayan companies accessing local currency funding?
- Do SMEs need to look at formalising and improving governance practices to secure the funding they require?
- Deepening the local capital market: Assessing what primary market developments are needed to develop secondary market liquidity across all three markets
- How will the local currency market become a long-term alternative for Argentinean, Paraguayan and Uruguayan issuers?
- Structural reforms to support and develop the credit markets: What’s been done? What still needs to be done? What has been started and needs to be pushed through?
Session ends: 16:00
Chairman’s closing remarks followed by networking cocktail reception hosted by HSBC
Session ends: 19:00