Day One: Wednesday 13th March 2019
07.45 Registration and coffee
08.50 Chairman’s opening remarks
09.00 Keynote Address: The rise or fall of South Africa in the 2020s
Frans Cronje, Chief Executive Officer, Institute of Race Relations, South Africa
09.20 Vision 2019: Africa’s prospects, opportunities and challenges in 60 minutes
• Economy, policy, governance: What are the leadership visions for African states?
• Assessing economic fundamentals (from on the ground) vs. international investor perceptions
• Political transitions, macroeconomic factors and commodity prices: Evaluating the impacts on the economy and policy making
• Africa’s recovery economies: The comeback stories and evaluating long-term prospects
Nomvuyo Guma, Director Regulation & Competition, Economic Policy Division National Treasury, Republic of South Africa
Simon Rutega, Advisor, Financial Markets Development Committee, Bank of Uganda
Abu Kamara, Director - PPP Unit, Office of the President, Sierra Leone
Walter da Cruz Pacheco, Director of the Public Debt Office, Republic of Angola
Patience Oniha, Director-General, Debt Management Office Nigeria
10.20 Keynote presentation: Mobile enabled bond trading in Kenya
• Understanding the critical success factors for launching the world’s first mobile traded bond
• Fintech and Capital Markets: How is technology changing the way governments and companies raise capital?
• Assessing the strategy for capital markets in Kenya in the coming 6-12 months
Dunstone Ulwodi, Assistant Director, The National Treasury, Kenya
10.40 Coffee and networking
11.10 Trade, oil price, inflation, interest rates, growth: Africa’s dashboard macroeconomic of risk factors and their impact on financial markets
• How are shifts in global trade policy (US/China, Brexit) likely to impact trade in Africa? What impact will this have on the need for funding and investor sentiment?
• Has oil price stabilised? How closely linked is oil price to the short, medium, and long-term prospects of oil exporters such as Nigeria, Cameroon and Gabon?
• Will rates continue to rise? If yes, then what’s the concern for countries with high US dollar debt?
• Winners and loser: Which countries in Africa will grow fastest in 2019-20? Which economies will face adverse economic and financial conditions?
• Assessing the growth paths, credit profiles and economic outlook for 2019: Fundamentals and ratings perspectives region-by-region
• Governance, transparency and regulation: What lessons have been learnt and what policies need to be implemented?
Giulia Pellegrini, Portfolio Manager and Frontier Markets Economist, BlackRock
Jahangir Aka, Managing Director, Middle East and Africa, Neuberger Berman
Montfort Mlachila, Senior Resident Representative, South Africa, International Monetary Fund (IMF)
Bennie van Rooy, Chief Financial Officer, Landbank
Gardner Rusike, Sovereign Analyst, S&P Global
Senior Executive, ABSA Group Limited
Moderated by: Neville Mandimika, Economist and Fixed Income Analyst, Rand Merchant Bank
12.10 Underwrite-to-distribute vs. Club vs. Bilateral: How to lend in Africa in 2019
• Macro fundamentals per country, rising oil price, inflation, CAPEX, credit risk, politics: Gauging the risks and rewards of lending in Africa
• Powerful local banks, active DFI and IFI lenders, and tightening pricing: What is the cost of lending to (and in) Africa?
• Syndicated loan bankers’ strategies: What and where are the sweet spots in Africa? Is it all for relationship and ancillary business?
• Underwriting and distributing: Which banks have the stomach for classic syndications? Who is moving out? Who is trying to lend their way in?
• Ninja loans, RMB loans, Green loans: What alternative funding solutions are banks able to offer customers? What is the appetite amongst borrowers to look at new solutions?
• Assessing the appetite for international and regional banks’ to lend in Africa: Have politics, downgrades and rising NPLs impacted sentiment?
Michael Fischer, Director - Financial Institutions Africa, KFW DEG
Samuel Mugoya, Executive, Syndications and Agency Operations, TDB Group
Samta Lalan, Head of Distribution, Nedbank London
Holger Rothenbusch, Managing Director, Debt, CDC Group plc
Jo Maharaj, Head: Syndications and Distributions, Rand Merchant Bank
Moderated by: Eric Zimny, Managing Director, Head of CEEMEA Origination Loan Capital Markets, Sumitomo Mitsui Banking Corporation Europe Limited
13.00 Networking lunch hosted by MUFG
14.30 Transitioning from the loan market to the bond market: Assessing the drivers for borrowers to issue for the first time
• When to make the move? Evaluating which factors are the biggest drivers to move away from loan financing to bonds – pricing, tenor, costs
• Why make the move? How much are decisions driven by short term gains vs long term strategy?
• Successfully launching a bond programme: Why and how does the bond program meet a company’s objectives?
• Why timing is key: Taking into consideration the political and economic climate; How can issuance timetables be made more efficient?
• Understanding how to position the business to both local and international investors
Ignacio Temerlin, Director, Debt Capital Markets, Citi
Omair Mohyal, Fixed Income Product Specialist, London Stock Exchange
Kolapo Joseph, GM, Corporate Finance & Business Development, North South Power Company
William Mills, Senior Executive Officer, Primary Debt Markets, Mizuho Bank
Senior Executive, ABSA Group Limited
Moderated by: Kobby Bentsi-Enchill, Executive Director, Stanbic IBTC Capital
15.15 Realising Africa’s Islamic finance potential: Accessing an underutilised source of capital
• What is the market outlook for Sukuk and how can Sukuk/Islamic finance contribute to the vibrancy of African Capital Markets in terms of risk management, cost of funds, transparency and an increase in investor base?
• Islamic finance’s characteristics naturally lend themselves to long term sustainable funding so which factors are preventing further issuance on the continent?
• Understanding sukuk investors’ criteria: does the criteria differ between regional investors and international investors?
• Asset back and asset based: how can much needed long-term project capital be accessed through sukuk and other Islamic financing structures
• What more can be done by the Sovereign to develop local Islamic finance markets?
Mohammed Ameen Hassen, Head, Shari'ah Banking, Standard Bank Group
Hitesh Asarpota, Managing Director, Head of Debt Capital Markets, Emirates NBD
Luke Ombara, Director, Regulatory Policy and Strategy, Kenya - Capital Markets Authority
Jean Craven, Group CEO & Co-Founder, Barak Fund
Doug Bitcon, Head of Credit Strategies, Rasmala
Moderated by: Rizwan H. Kanji, Partner, King & Spalding
16.00 Coffee and networking
16.20 Objectives, strategies and successful execution: Understanding the decision-making process behind borrowers’ selecting debt markets and products
• CFO and Treasurer decision-making laid out bare:
o Global and regional economic considerations: Level of growth
o Sectoral/industry considerations: Commercial demand and CAPEX requirements
o Considering what financial instruments fit the needs of their company based on perception of future
• Market considerations: Local vs. International, Private vs. Public, Debt vs. Equity?
• Liability management vs. New capital raising: How is the approach different?
• Balancing liquidity with structure to arrive at the best price for the size and tenor requirements: Case studies
Manjit Dhillon, Head of Corporate Finance, Helios Towers
Aubrey Matlabe, Treasurer, Airport Company of South Africa (ACSA)
Benson Ajayi, Group CFO, Mixta
Sincedile Shweni, Corporate Specialist, Treasury, ESKOM
David Rajak, Capital Markets and Investor Relations Executive, Bayport Management Ltd
Chandi Mwenebungu, Director (Treasury), African Export-Import Bank (Afrexim)
Moderated by: Trang Nguyen, Director, Debt Capital Markets, SMBC Nikko Capital Markets
17.05 Stimulating funding and investment through the introduction of securitisation and structured credit: Development in RSA and prospects to export the model to the rest of Africa
• Limited primary issuance, secondary market illiquidity, and a hunt for assets both by bank treasuries and asset managers: The liquidity issue in South Africa and how to re-kickstart the market and break the deadlock
• Case studies of RSA property funds raising competitively priced capital through structured notes and exotic structures – can these examples be exported to other sectors and countries
• What new products and funds are being introduced to the market to encourage (i) banks and financial institutions to issue structured and securitised notes; and (ii) investor to buy them?
• Exporting best practice to boost liquidity in other African credit markets
Mark Herskovits, Capital Markets Director, SA Taxi
David Towers, Former Chair, South African Securitisation Forum (SASF)
Amitji Odedra, Associate Director, Qbera Capital LLP
Moderated by: Matthew Pirnie, Head of Financial Institutions, Global Credit Ratings (GCR)
17.50 Chairman’s closing remarks followed by evening reception and Bonds, Loans Awards Ceremony
Day Two: Thursday 14th March 2019
08.30 Registration and coffee
09.10 Chairman’s opening remarks
Eric Zimny, Managing Director, Head of CEEMEA Origination Loan Capital Markets, Sumitomo Mitsui Banking Corporation Europe Limited
09.20 Buy or sell… hard currency or local currency: How and where can bond investors find value in Africa’s credit markets?
• African credit markets vs. fundamentals: Does pricing reflect underlying risk? Are bonds paying out enough?
• Local currency vs. US dollar bonds: Is the inflation/FX risk of USD-denominated bonds being overplayed? How can investors penetrate local debt markets (given difficulties of access, liquidity and withholding tax)?
• Recovery economies’ stories: Is this where the value is? What are investors’ top picks for recovery story credits in 2019?
Simon Howie, Co-Head of South Africa and Africa Fixed Income, Investec Asset Management
Darias Jonker, Director Southern Africa, Eurasia Group
Joe Delvaux, Senior Fund Manager, Duet Asset Management
Gordon Smith, Principal, Frontera Capital Group Limited
David Makoni, Executive Director, Bank of Singapore
Adrien Diouf, Managing Director, Agence UMOA-Titres
Moderated by: Mark Kalil, Head: Syndicate Africa, Debt Capital Markets, Standard Bank Group
10.10 Replicating Inter-African Trade Corridors for Capital Markets: Policy changes/harmonisation to stimulate inter and intra-regional cross-border financial flows
• Pension laws, interest changes, exchange rates: What policy changes will boost capital flows and market efficiency?
• Inter-African Trade Corridors model to improve cross-border capital markets flows
• African Free Trade Unions: What are the benefits to trade, and the consequent benefits to capital markets and financing?
• FX and Multi-currency clearing
Roy Havemann, Chief Director, Financial Markets and Stability, National Treasury, Republic of South Africa
Mary Uduk, Acting Director General, Securities and Exchange Commission, Nigeria
10.55 Strengthening public debt capabilities and capacity across Africa
• How to successfully execute budget planning and management
• Understanding across the spectrum of African countries best practice and room for improvement in debt management policies
• Developing local currency capital markets to ensure a sustainable foundation for local financial markets
• Demystifying risk: what is the reality, how much should it be priced at given country fundamentals and what is the cost?
Johan Krynauw, Programme Manager, Public Debt Management, CABRI Secretariat
11.15 Coffee and networking
11.45 Going green: Evaluating the business case for borrowers accessing ESG financing and assessing investor appetite on the continent
• Monetising the non-financial benefits of ESG: How do issuers reap the economic and financial rewards by championing transparency and governance
• What metrics and measures are investors adopting to score ESG? How much of a driver is ESG in the investment process? Is ESG driven by end-investors’ social awareness or by data on long-term performance?
• How to quantify and qualify benefits of ESG to issuers and fixed income investors: Can it be modelled?
• Case study: How Senegal’s championing of transparency and governance has delivered them rewards
Olumide Lala, Africa Markets - Programme Manager, Climate Bonds Initiative
Adrian Bain, Vice President, EMEA Loans and Acquisition Finance, Citi
Joseph Mate, Head of Africa, Qbera Capital
Jonathan First, Lead Specialist, Product Innovation Unit, Development Bank of Southern Africa (DBSA)
Jon Duncan, Head, Responsible Investment, Old Mutual
Geraint Thomas, Director Debt Capital Markets, MUFG
Moderated by: Tallat Hussain, Counsel, White & Case
12.30 Africa’s development conundrum: How debt capital markets can bridge the infrastructure and power funding gap
• Blending development loans, commercial loans and DCM to mobilise private and public investment in infrastructure and power – so what is holding back the DCM part?
• Pre-construction vs. post-construction capital markets financing: How to get bond investors comfortable with African construction risk
• Institutional investor criteria for project finance investments: Are they jurisdictional, legal-framework, regulatory, or price-determined? What is differentiating US and European project bonds from African project bonds?
• Regional/jurisdictional change: How to create regional blocs with common regulatory body to promote project development efficiencies and boost funding
• Case studies: Efficiency fundraising solutions for new projects
• How is blended finance being used as a tool for scaling up investment in Africa?
• How can Telco and digital investments in infrastructure help grow the African economy?
James Doree, Managing Director, Lion’s Head Global Partners (African Local Currency Bond Fund)
Cross Kgosidiile, Chief Financial Officer, Botswana Power Corporation
John Lentaigne, Chief Underwriting Officer, African Trade Insurance Agency (ATI)
António Nunes, Chief Executive Officer, Angola Cables
Chinua Azubike, Chief Executive Officer, InfraCredit
Boitumelo Maseko, Chief Financial Officer, Development Bank of South Africa (DBSA)
Moderated by: Christopher Marks, Managing Director, Head of Emerging Markets, EMEA, MUFG
13.15 Africa Deals of the Year Case Study Roadshow
The session reviews the leading transactions from the past year. A selection of the shortlisted nominees of the Bonds, Loans & Sukuk Africa Deals of the Year will present their transactions, and by analysing the borrowers’ objectives, deals’ structure, market response and investor sentiment, highlight what made them so innovative and ground-breaking. For borrowers, this is your opportunity to hear about accessing new markets to secure financing.
Marco Angelino, Chief Financial Officer, Enel Green Power RSA (Sub Saharan Africa)
Resimate Baloyi, Senior Manager- Project and Structured Finance, MTN Group
David Rajak, Capital Markets and Investor Relations Executive, Bayport Management Ltd
Rolf Van Den Heever, Head of Balance Sheet Management and Capital Markets Execution, ABSA Group Ltd.
14.15 Chairman’s closing remarks and close of conference followed by networking lunch hosted by MUFG