3rd June 2020
The Tivoli, Sao Paulo

2019 Agenda

Registration and Coffee
Chairman’s opening remarks

4th June 2019

GDP growth and infrastructure development: How will the government finance its way in the markets towards a new economic vision?
  • What is the current role of government agencies on fostering innovation and infrastructure development?
  • Balancing fiscal discipline vs. re-kick-starting growth: How does the government plan to lower tax, reform pensions and maintain fiscal discipline?
  • What are the implications of a potential funded pension scheme on fixed income in a time of lower interest rates?
  • Transitioning from lender to market facilitator: What is BNDES’ role going forward and how will BNDES’ activities stimulate private investment into the economy?
  • Realising Brazil’s privatisation programme: How much capital is required and where will it be raised?
The Bulls, the Bears and the Heads of Debt Capital Markets: Gauging investor sentiment for Brazil and its outlook
  • Sentiment vs. expectation post-election honeymoon: How do investors and lenders feel about Brazil’s prospects and outlook 6 months in?
  • Which sectors and transactions are in higher demand? And what are the litmus tests for the new (Brazil) administration?
  • Pension reform and privatisation programmes: What does the new economic vision for Brazil look like? How much capital is needed to finance it? How much are investors depending on the pension reform plans being implemented?
  • Trade, politics, credit ratings and rates: How is Brazil’s economy responding to international and domestic volatility? How are they impacting spreads?
  • The curious case of US/China relations: With whom is Brazil aligning and what is the impact on capital flows?
  • Monetary policy and interest rates strategy: What is the new equilibrium (benchmark) rate of interest? What will be the impact of the new benchmark rate on bonds and loans activity?
  • Ratings outlook: Where are the pressure points? What can companies do to insulate themselves from volatility? Can Brazil decouple from a slowing global economy?
Coffee and networking
Successfully accessing bond and loan markets for mega-financings
  • Securing flexible financing to push through a bid and successful merger
  • Company strategy and strong investor appetite for deal: Decision-making process of why and how to approach the market for financing
  • Loan structure and ability to search for best alternative in tenor and pricing
  • Method for cancelling the bridge: flexible finance mix (cash, local and international debt capital markets)
  • Assessing possibility of launching bond structure in local market
What are the new demand and supply dynamics driving Brazil’s syndicated loan markets?
  • Analysing demand and supply: Who is looking to lend? Who is looking to borrow? How much capital can local and international banks commit to in new money versus refinancing in Brazil?
  • How have international lenders adapted the way they bank Brazil? Why are select global banks without a Brazilian balance sheet lending in reais?
  • Borrowing in BRL vs. USD: Comparing and contrasting pricing, size, tenor and terms/covenants
  • Are Brazilian banks transitioning from a buy-and-hold approach to the role of providing demand at issuance and develop the secondary market?
Funding post-BNDES: How to finance infrastructure concessions in the new Brazil
  • What is impeding development of infrastructure projects in Brazil?
  • Increased demand for ploughing CAPEX into infrastructure projects: What structures are working?
  • How to finance infrastructure projects with BRL cashflows in US dollars
  • Coming and going: Which international investors are looking to sponsor projects previously sponsored by larger local players?
  • Long-term BRL funding: How can bankers, issuers and investors work together to increase tenors on local deals from 4-7 years to 10-15 years?
Networking lunch
The burgeoning demand for green finance: Examining Environment, Social and Governance (ESG) as a vehicle for bond investment in Brazil
  • Increased international appetite for ESG as an investment tool: How can issuers improve ESG scores? What do investors expect versus the reality?
  • Corporate responsibility in the Emerging Markets: What methods are corporates implementing to improve transparency and deter corruption? TCFD recommendations: from theory to practice – what are the challenges?
  • Going Green: Steps issuers need to take prior to launching a Green bond
  • How can Brazil develop a green bond market to finance the agribusiness sector?
  • What are the new challenges and opportunities for the continued development of the green bond market in Brazil?
  • How can fintech contribute to green finance?
Evolution of structured debt (CRIs, CRAs and securitisation) in Brazil: Do they make sense following a change in regulation?
  • Private/public investment into agribusiness: Funding post-subsidies and change of regulation
  • Is the rigorousness of the CRA regulation keeping away issuers or is the increased protection attracting investors?
  • Foreign entry for investors on the CRAs is weakened by the taxation on the exchange rate. Is the protection good or bad news for investors?
  • Fixed income vs. variable income and structured products: Where are the opportunities for investors in Brazil?
  • Will the CRI, CRA and FII markets survive if the Federal Government cancels the income tax exemption applicable to these securities?
  • What can we learn from CVM 356 regulation on FIDCs that is applicable to the CRAs and CRIs legislation?
Fintech and alternative banking: How are developments of non-bank financing solutions impacting capital markets activity?
  • Local banks monopolise the market: Is the rise of challenger banks realistically a threat to products offered by traditional banks?
  • Boost in institutional investor interest in cryptocurrency and alternative payment platforms: What impact will this have on payment processes within capital markets?
  • Will the Central Bank and CMV increase regulation for FinTech? How could this affect the market activity? Heightened competition versus hemmed creative environment for FinTech
  • What are the prospects for a regulatory sandbox for fintech in Brazil? Could one model work for capital markets, credit and insurance fintech?
Chairman’s closing remarks
Bonds & Loans Latin America Awards ceremony followed by evening reception hosted by HSBC