3rd March 2020
Ritz Carlton, Moscow

Agenda

5th March 2019

08:00
Registration & Coffee
08:50
Chairman’s opening remarks
Speakers
09:00
Strategies for 2019: Investment to stimulate growth and managing fiscal deficits
  • How is the Ministry planning to bring the economy back to growth? What strategies will be put in place to stimulate this growth?
  • A look into the government’s economic agenda and policies for 2019
  • Funding budgets, GDP and infrastructure: Government strategies to raise capital to inject into the economy
09:20
Growth, inflation, oil price, and geopolitics: Where is Russia’s economy heading in 2019?
  • Geopolitics, global trade, growth and markets in 2018 reviewed: How politics and trade negotiations will play out, and how the global markets will perform in 2019
  • Detailed look at GDP growth, inflation, commodities and rates: What is economists’ assessment of Russia in 2019?
  • How much has a higher oil price boosted Russia’s economy?
  • FX and interest rates: Where will the rouble stabilise in 2019? What is the new equilibrium rate of interest? How will this impact the real economy?
  • Geopolitical shifts and new alliances: Analysing the new world order and how this impacts Russia’s economy
Moderator
Speakers
10:05
How are Russia’s blue-chip companies planning to raise capital, manage balance sheets and de-risk their portfolios?
  • Growth, CAPEX, liability management: What are Russia’s top tier companies’ fund raising needs?
  • Bonds vs. loans, international vs. local: Which markets offer the most attractive rates and terms?
  • Are private/international banks able to provide finance at the same competitive rates as local state-owned banks? What advantages can they play on? Where can they compete?
  • Green bonds and green loans in Russia: What are the prospects?
  • FX and interest rate volatility: How are top tier corporates managing their risk
  • How are sanctioned companies successfully funding themselves? Which markets are open? Where can they secure competitively priced capital?
Moderator
Speakers
10:50
Coffee and networking
11:20
How investors are balancing macro fundamentals and market technicals to price Russian bonds
  • From safe-haven trade to a closed market: Understanding today’s credit market dynamic
  • What impact will rate hikes in the US impact investor behaviour for Russian bonds?
  • Oil price, ratings, geopolitics as drivers of pricing: What is international investor sentiment for Russian risk today?
  • Secondary market performance of Russian bonds versus performance of similarly rated EM credits
Moderator
Speakers
12:05
Kickstarting underwriting and distributing syndicated loans in Russia: Review and outlook of the market
  • As demand for loans continues on an upward trajectory, who are the market players in the Rouble and USD markets? What is the impact on volume, pricing, tenor and size?
  • Bringing new lenders to the market: Verdict(s) on the Russian LMA documentation and new syndications law – how have they encouraged new entrants to the market?
  • What roles are international banks looking to play in the loan markets? Which banks are actively looking to lead deals and increase exposure?
  • How are bankers pricing Russian syndications locally and internationally?
Moderator
Speakers
12:50
Optimizing capital by combining debt and equity: what does 2019 hold for mezzanine financing?
  • Lack of investments in the market and sponsor capital and mezzanine capital as a substitute. Use of various instruments by Russian banks and investment companies.
  • Case study: mezzanine financing with quasi-equity cash upside instrument.
  • Case study: mezzanine financing of a large holding with lenders’ protections implemented by way of share retention agreements, corporate agreements and amendments shareholders agreement.
Speakers
13:20
Networking Lunch
14:15
Chairman’s opening remarks
Speakers
14:20
Bringing buyers and seller of CIS debt back to the market: Where are the opportunities in 2019?
  • Local currency vs. hard currency: Assessing pricing, size, tenor considerations for CIS issuers
  • Investing into CIS: What investors need to know:
    • Economic fundamentals of each state and ratings
    • Balance sheet health: Sovereign, Corporate and FI
    • Funding and investment requirements
    • Track record and growth stories
  • Pricing, yield and tenor variances between states, banks, corporates: Which CIS issuers price tightest and why?
  • Russian investors looking beyond RUB and international investors hunting for yield: What is driving demand for CIS paper? Where does it sit within managers’ portfolios?
  • Local, regional and international lenders in CIS: How much local currency debt do CIS issuers have access to? How to work with local, regional and international partners to raise USD debt
Moderator
Speakers
15:05
The CFO/Treasurers’ decision-making dashboard: The roadmap towards successful first-time bond and/or loan issuance
  • The business case for converting bilateral loans into syndications and bonds: What are the pricing, tenor and yield expectations for Russian private corporates?
  • The CFOs risk dashboard – Comparing and contrasting what can be achieved in each market:
    • What deal size, price, tenor and yield can private Russia companies’ issue in the local RUB market versus the international market?
    • Is a public rating required to issue? Is a local rating sufficient? How much does getting a rating add to the cost of issuance?
  • What are the pricing expectations of RUB and USD investors? Are international and/or RUB capital markets attractive to prospective issuers?
  • The CFO’s checklist: How to avoid delays and mistakes on the way to the public debt markets.
  • Going international: How and when to hedge?
    • What is the price of hedging FX and interest rates today?
    • Derivatives in Russia: What has changed since last year? Can issuers access the swaps they need to hedge?
  • What is the business case for borrowing in the local loan markets? What pricing and tenor can private companies secure in the Russian bank market?
  • Case studies and success stories: The decision-making process and successful closing of bond and loan deals by private sector companies
Moderator
Speakers
15:50
Coffee and networking
16:15
The business case for Pre-Payment finance: Advantages and disadvantages outlined
  • Understanding the market environment and challenges commodity exporters are facing to secure financing for operations
  • Is Pre-Export Finance considered debt? How is prepayment finance being used as an accounting tool?
  • Structure of prepayment financing: How is risk spread in prepayment finance? Who bears the majority – the creditor, supplier, or the end-buyer?
  • Pre-Export Finance and other Structured Trade Finance solutions vs. Prepayment finance: Assessing the pros and cons
Moderator
Speakers
17:00
Drivers of rouble bond issuance: Where is the local currency market headed in 2019?
  • How have the local currency markets responded to the push for de-dollarization?
  • What are current issuances pricing at in yield and maturity?
  • How liquid are these markets and how can this market be deepened?
  • Local pension funds and asset managers vs international investors – who are the biggest buyers of rouble bonds, and how do their criteria compare?
  • What opportunities are there for alternative currencies? What are the challenges to issuing in alternative currencies, and how can they be dealt with?
Moderator
Speakers
17:45
Chairman’s closing remarks followed by networking cocktail reception and close of conference
Speakers