*Subject to final confirmation
Day One: Tuesday 13th March 2018
08.00 Registration and coffee
08.50 Chairman’s opening remarks
09.00 Opening keynote address: Stimulating economic growth in 2018 and beyond – What are the South African National Treasury’s strategies with regards to supporting GDP growth and infrastructure pipelines?
Senior Executive, National Treasury, Republic of South Africa
09.20 The Sovereign Debt Management Roundtable: Financing strategies to support GDP growth, increase foreign investment and infrastructure development
The Sovereign Borrowers Keynote Session is one of the most eagerly awaited sessions. It offers a rare opportunity to hear from key sovereign representatives about economic growth forecasts, upcoming projects as well as understanding an outline of their financing requirements and strategies on how they plan to raise these funds.
Patience Oniha, Director General, Debt Management Office, Federal Republic of Nigeria
Adrien Diouf, Managing Director, Agence UMOA-Titres
10.00 How are fixed income assets being priced given the shift in investor appetite for African credit?
- Balancing risk: How do investors currently view the continent in terms of risk appetite vs. other EMs?
- Why has there been a change in how bonds are being priced vs. 5 years ago? What benchmarks are now being used to price deals?
- How are international investors generating positive returns in an environment of rising rates and governance concerns?
- How do their portfolios look in terms of local currency vs. USD allocation given the current environment of stretched dollar valuations?
David Makoni, Director, Bank of Singapore
Eyal Shevel, Head of Corporate Ratings, Global Credit Ratings
Jahangir Aka, Managing Director, Middle East and Africa, Neuberger Berman
John Carlson, Senior Portfolio Manager, Fidelity Investments
Jean-Dominique Bütikofer, Head Emerging Markets Fixed Income, Voya Investment Management
Sergey Dergachev, Senior Portfolio Manager, Union Investment Privatfonds GmbH, Germany
10.45 Coffee and networking
11.15 South Africa bankers’ roundtable: Priorities, concerns and capital allocation
- How have geopolitical and macroeconomic concerns both within South Africa and across the continent impacted financing options and banking strategies?
- Which countries outside of South Africa are the banks turning their attention to in 2018? Where do they see growth opportunities?
- What advantages do alternative financing options, such as hybrid bonds, offer over traditional financing solutions? How are current market conditions impacting appetite for alternative financing tools?
- How much capital are South African banks ready to deploy? Where and how?
Emrie Brown, Co-Head of Investment Banking, Rand Merchant Bank
Unathi Kamlana, Deputy Registrar of Banks & Head: Policy, Statistics & Industry Support Development, South African Reserve Bank
Senior Executive, Standard Bank
Sam Erwin, Managing Principal, Head: Global Finance, Barclays Africa Group
Matthew Pirnie, Director Financial Institutions Ratings, S&P Global Ratings
12.00 Moving into the continent: How are multinational companies financing their projects across Africa?
- Which countries across Africa are multinationals looking to expand into? How are they looking to finance their expansion?
- Why is now the right time for these companies to increase their operations across the continent?
- Understanding finance requirements: How are multinationals funding project by project, country by country?
Christopher Marks, Managing Director, Head of Emerging Markets, EMEA, MUFG
12.45 What are the benefits of going to the international markets when raising funds locally can be cheaper?
- US market vs local markets: What are the economic and capital reasons for issuing in the international markets?
- International markets 101: Understanding deal structure, format (RegS vs. 144a) and execution
- Pricing and size vs. all-in cost: Which markets are most attractive to issuer/borrowers? How is the call-in cost of borrowing affected after hedging?
- What are the documentation, transparency and compliance expectations of international investments?
Vicente Pons, Managing Director Frontera Capital Group Limited
Lionel Shawe, Partner, Allen & Overy
Ignacio Temerlin, Director, Debt Capital Markets, Citi
Rajiv Shah, Head of Debt Capital Markets, Middle East, Turkey and Africa, BNP Paribas
Sinovuyo Mpakama, Director, Debt Issuance and Management, National Treasury, Republic of South Africa
Abraham Byanyima, Direcor, Treasury, Trade & Development Bank (TDB)
13.30 Networking lunch hosted by MUFG
14.45 How has the new political and economic landscape impacted banks’ lending ability and borrowers access to this market?
- How are banks adjusting their lending strategies across the continent? Which countries are offering the best-priced opportunities?
- Structuring and distributing deals in 2018: What do deals look like? How many lenders are there? What deal sizes can the market accommodate?
- What can be done to make transactions more appealing to international lenders?
- Financial reporting changes: What should corporates be expecting from banks?
John Lentaigne, Chief Underwriting Officer, African Trade Insurance Agency (ATI)
Inal Henry, Head of ECA Financing, Rand Merchant Bank
Darias Jonker, Director, Southern Africa, Eurasia Group
Constantin von Moltke, Head of Syndicated Lending, African Export-Import Bank
David Veale, Head, Corporate Funding Solutions, Standard Bank
Stewart Wakeman, Managing Director, Head of Sub-Saharan Africa, Mizuho Bank
15.30 Beyond sukuk: How can Islamic capital markets can play a meaningful role in financing Africa?
- What is the potential for Islamic finance on the continent? How much capital is there to finance projects and companies?
- Overcoming the hurdles: What is stopping this market from moving forward?
- Islamic products 101: What products are available/offered outside of sukuk? How do they work?
16.00 Developing the green bond market: Who are the payers and where are the opportunities?
- What is the size of this market on the continent? How much new liquidity did past deals attract?
- What was the experience of the issuers?
- How competitive is green bond pricing vs. vanilla bonds?
- Process of issuing: How are deals structured? What assets qualify to be financed in the green bond market?
- Why are investors buying green? What are the key drivers?
- Green bonds outside SA: What/where is there potential?
Debashis Dey, Partner, White & Case
Grant Kirkman, lead Finance Relations, Sustainable Development Mechanisms and Finance, United Nations Climate Change Secretariat
Jeremy Gorelick, Lead Technical/Financial Advisor, Dakar Municipal Finance Program
Geraint Thomas, Global Head of Green Bonds, MUFG
16.15 Coffee and networking
17.00 Project finance in Africa: Who is taking the lead and driving the market forward?
- What impact has the recent reduction in local currency liquidity had on local and international banks in the project finance space?
- Taking the risk: How much risk are ECA/DFIs and international banks willing to take on African project finance deals?
- Construction risk and project bonds: How can institutional investors get comfortable with African construction risk?
- Investor perspective on project bond pricing: Are investor demands on yield too high, or are developers too used to borrowing cheap?
- Is mezzanine financing a viable option to finance projects in Africa?
Michael Fischer, Director Regional Officer, Southern Africa, KfW DEG
Alastair Herbertson, Director (Infrastructure Debt), SA & Africa Fixed Income, Investec Asset Management
Dominic O’Brien, Partner, Orrick
Holger Rothenbusch, Managing Director, Debt, CDC Group
Gill Raine, Senior Policy Advisor, ASISA
Jonathan First, Lead Specialist, Structured Products Unit, Development Bank of Southern Africa (DBSA)<b><br /></b>
Theuns Ehlers, Managing Principal, Head: Resource and Project Finance, Barclays Africa Group
17.45 Chairperson’s closing remarks followed by evening reception
Day Two: Wednesday 14th March 2018
08.15 Registration and coffee
08.50 Chairman’s opening remarks
09.00 Keynote address: Enhancing the stability and development of Uganda for 2018 – What are the Ministry’s strategies for boosting economic growth and financial management efficiencies?
Hon. Matia Kasaija, Minister of Finance, Ministry of Finance, Planning and Economic Development, Republic of Uganda
09.15 How are South African SOEs diversifying their funding sources and improving their governance?
- Which markets are open to SOEs? What are the comparative advantages/disadvantages of those markets for SOEs?
- How have their political and business positions impacted their ability to access capital?
- How are they changing their capex plans as a consequence of this? What has been the impact on liquidity?
- What steps are being taken to promote better governance?
Andre Pillay, Treasurer, Eskom
Phetolo Ramosebudi, Treasurer, Transnet
Tarryn Sankar, Investment Analyst, Futuregrowth Asset Management
Senior Executive, National Treasury, Republic of South Africa
Giulia Pellegrini, Portfolio Manager and Frontier Markets Economist, Blackrock *
10.00 Coffee and networking
10.30 Raising debt without government support: How are (in-) country DFIs shifting their focus to more commercial operations? Could this help stimulate the bond market?
- What impact is the low growth environment in South African having on the role of DFIs?
- How are DFIs working with (potential) issuers to help stimulate the bond market? What does their offering look like?
- Issuing bonds and improved credit willingness: How do the financing plans of DFIs look over the coming 12 months?
Senior Executive, Industrial Development Corporation (IDC)
James Doree, Managing Director, Lion’s Head Global Partners, Fund Manager, African Local Currency Bond Fund
Samuel Mugoya, Director, Syndication and Strategic Initiatives, Trade & Development Bank (TDB)
11.15 Bonds vs. loans vs. alternative capital markets’ solutions: How are companies managing their capital structures given changes in the political and economic landscape?
- CFOs and Treasurer strategies: Raising new capital, drawing out maturities, de-leveraging?
- What impact have ratings had on how CFOs and Treasurers manage their finances? How are ratings impacting borrower/issuer sentiment towards fund raising?
- How are (anticipated) changes in US interest rates impacting borrower/issuer appetite to raise funds? Is there demand for bonds and loans?
- Pricing, process and tenor: Which alternative financing options are available to corporates, and how can the growing pension funds be leveraged upon?
Thuto Shomang, Group Executive, Treasury, MTN
Tom Greenwood, Chief Financial Officer, Helios Towers
Mbako Mbo, Chief Financial Officer, Botswana Development Corporation (BDC)
Funso Sobande, Group Treasurer, Flour Mills of Nigeria
Thomas Lambourn, Director, EMEA Loans and Acquisition Finance, Citi
Ann Hunter, Head, Strategic Funding, Standard Bank
12.00 What is the appetite of South African investors to invest inter and intra-regionally given current market conditions?
- Beyond South Africa: Is there value outside SA? If so, which countries offer value?
- How have investors adjusted their portfolios both locally and cross-border due to changing market fundamentals? How is political risk across the continent impacting this?
- Increased transparency and governance: What documentation do investors now want to see before buying?
Simon Howie, Co-Head of South Africa and Africa Fixed Income, Investec Asset Management
12.45 Chairman’s closing remarks followed by networking lunch hosted by MUFG and close of conference
To find out about speaking opportunities please contact Rebecca Mead on Rebecca.Mead@GFCMediaGroup.com or call +44 207 045 0936.