+44 (0) 20 7045 0920
25th April 2019, JW Marriott, Bogota
+44 (0) 20 7045 0920

2019 Agenda

Network with the entire Andean fixed income community and discuss opportunities in the region’s capital markets space alongside leading decision-makers

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Corporate Partner  

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2019 Agenda

07.30 Coffee & registration

08.50 Chairman’s opening remarks
Baruc Saez, Managing Director, Itaú BBA

09.00 Stimulating GDP growth and infrastructure upgrades while combatting deficits and maintaining ratings: Government strategies for 2019
• Economic outlook and fiscal plans for 2019
• Supporting infrastructure development and supporting GDP growth: How much external capital is needed?
• Maintaining credit ratings, combatting deficits and stimulating growth: Initiatives to boost investment into the economy
• New markets, providing benchmarks and liquidity: Government initiatives to open up new pools of capital for corporates and developers
Luis Alberto Rodriguez Ospino, Technical Deputy Minister, Ministry of Finance & Public Credit, Colombia

09.20 Sovereign & sub-sovereign capital markets strategy in 2019 and beyond
• What is the outlook for growth, capex and refinancing amongst sovereign issuers?
• What are the needs for sovereign and sub-sovereign borrowers/issuers, and how will they meet these needs?
• How are Trade wars going to impact the region? What will the impact be on capital flows into Latin America?
• Broadening the investor base
• Accessing long term US dollar funding & prospects for long-term non-USD funding
• Debt management: How are sovereigns supporting GDP growth and infrastructure development while at the same time protecting ratings?
José Olivares, Director, Directorate of Financial Markets Management, General Directorate of Debt and Public Treasury, Ministry of Economy and Finance, Peru
Cesar Arias, Director of Public Credit, Ministry of Finance & Public Credit, Colombia
Athemayani Del Orbe, General Director, Public Credit, Ministry of Finance, Dominican Republic
Beatriz Elena Arbelaez, Secretary of Finance, District Department of Finance, Bogota
Richard Francis, Director of Sovereign Ratings, Fitch Ratings
Moderated by: Alexei G Remizov, Managing Director, Head of Latin America DCM, HSBC

10.05 Coffee and networking

10.35 How are Andean corporates approaching the capital markets in 2019?
• Growth, CAPEX, liability management: What are Andean top tier companies’ fund raising needs?
• Bonds vs. loans, international vs. local: Which markets offer the most attractive rates and terms?
• What are the most significant challenges and opportunities facing Andean funding and treasury teams in 2019? How are CFOs developing their 2019 CAPEX and investment strategies based on this?
• How will liquidity be impacted by a scaling back/halt to quantitative easing?
• How do corporates evaluate if they need to hedge or not?
• How can the costs of hedging be lowered to encourage Colombian and Peruvian companies to issue long dated bonds?
Carlos Isaza, Corporate Finance Manager, Celsia
Lina Maria Contreras Mora, Head of Financing Department, Ecopetrol
Alejandro Sanchez, Managing Director, Head of Investment Banking, Corficolombiana
Monica Macia, Head of Syndicated Loans, Americas, HSBC
Moderated by: Carlos Fradique, Partner, Brigard Urrutia

11.20 How to make it bankable: Securing long term funding for social infrastructure and non-conventional (renewable) power
• A different risk: How can funding for social infrastructure and renewable energy be made viable in the absence of guarantees?
• What structures or legislation can be developed to make social infrastructure and renewable energy projects bankable?
• Lessons and best practice from Argentina, Mexico, Uruguay: What is the framework? What does the journey from bilateral loan through to capital markets look like?
Carlos Barrera, Chief Executive Officer, Atlas Renewable Energy
Carlos Isaza, Corporate Finance Manager, Celsia
Luis Nunez, Managing Director, Colombian Infrastructure Fund, Blackrock
Moderated by: Cristhyan Rey, Director, PF LatAm Energy, SMBC

12.05 Beyond high-grade: How can sub BBB- issuers price through the volatility and place deals in a turbulent market?
• Who can issue? Where and how?
• What is international and local investor appetite for Andean high yield names? What is the appetite amongst high yield companies to access the public bond markets?
• A stepping stone for debut issuers: How to structure companies and balance sheets in order to sell to private credit funds and structured debt funds
• Lessons to be learnt from Peru: How to develop a robust sub-IG market
Santiago Giraldo Lopez, Chief Financial Officer, Technoglass
Roberto Held, Chief Financial Officer, Avianca
Alberto S. Jones Tamayo, Chair and CEO of Moody’s de México and Head for North Latin America, Moody’s Investor Service
Mauricio Fernandez, Vice President, Fixed Income, Itaú BBA
Moderated by: Gregory Harrington, Partner, Arnold & Porter

12.50 Networking lunch

13.55 Chairman’s remarks
Juan Manuel Rodriguez, Chief Representative, Colombia, SMBC

14.00 How to bridge the tenor gap by diversifying funding: Beyond (re)financing 15-year project financings with 5-year bilateral corporate loans:
• Assessing banks’ appetite to lend to Andean and 4G projects: Is the capacity still there?
• How can international banks and investors be brought into peso/sol transactions? What tools and solutions are being developed?
• A year on: Has government legislation resolved concerns of termination payments? What more needs to be done for banks and investors to be comfortable lending to projects?
• How can financing expand beyond 5-year bilateral loans into project loans, project bonds, and long-term PPP contracts?
o Replicating the success of Antioquia-Bolívar highway bond (2017) whilst avoiding unrestricted bond defaults under corruption scandal
o The challenge of greenfield projects and construction risk: Can bonds be structured to allow investors to take construction risk?
• Has the shift toward syndication, risk distribution and asking borrowers for guarantees by local banks, opened-up the lending landscape for international and regional banks?
Jinping Tang, Finance Director, Autopistas Urabas
Pablo Arroyave, Chief Financial Officer, Odinsa
Alberto Ñecco, Executive Director, Proinversión
Glaucia Calp, Regional Group Head - Latin America - Global Infrastructure and Project Finance, Fitch Ratings
Juan Carlos Álvarez, Country Head, Colombia, Crédit Agricole CIB
Moderated by: Jaime Otero, Head of Corporate Finance, Colombia, Itaú

14.45 How to protect and maintain credit ratings in times of high market volatility
• Credit ratings update on the region: Positive, stable, negative?
• Embarking on developing projects or large CAPEX programmes: What are ratings agencies keeping a watchful eye on? What can companies do to avoid “negative watch”?
• Case studies: Which companies and projects have come under ratings pressures at the start or during a project and how did they manage to maintain their ratings?
Candela Macchi, Director & Sector Lead, Infrastructure Ratings, S&P Global Ratings
Jorge Tabares, Vice President of Corporate Finance and Investment Management, Empresas Públicas de Medellín E.S.P
Aquiles Mercado Gonzalez, Chief Financial Officer, Promigas
Rodrigo Placido, Managing Director, Head of Latin America Corporate Sales, Crédit Agricole CIB
Moderated by: Mauricio Voorduin, Managing Director, Latin America Regional Head, Mizuho

15.30 Coffee and networking

15.50 Does Green finance and strong ESG credentials lead to better access to capital?
• Does green finance and ESG expand the investor pool? If so, by how much?
• Do ESG credentials offer a safeguard against corruption? How do investors measure ESG?
• Cost to borrowers: Does Green finance cost more? How are deals structured? Who foots the bill: The borrower or the investor?
• What are the challenges for borrowers to issue green bonds or green loans?
Jack Deino, Head of Emerging Markets Corporate Fixed Income, BlackRock
Alvaro Villasante, Generation, Grupo Energia de Bogota
Raul Herrera, Partner, Arnold & Porter
Moderated by: Anne van Riel, Head of Sustainable Finance, ING

16.35 Structured debt and private credit as a stepping-stone to boost local capital markets activity
• Assessing demand and supply factors in the local capital markets: Why are companies not issuing more?
• An alternative to conventional debt in the face of deteriorating credit quality: How to structure company balance sheets to target structured debt funds and private credit funds
• Public vanilla bonds vs. structured debt and private credit: Who are the investors? Where are their sweet-spots? What are their yield expectations?
• Harmonising regulation across Andean and Pacific Alliance market: How to deepen the market and boost inter-regional flows
• Changing borrower’s perceptions of the bond market: Lowering entry costs to public debt and Stock Exchange initiatives
Juan Sebastián Restrepo, Head of Investments AFP/Insurance & Product Innovation, Old Mutual Colombia
Pablo De La Torre, VP Transaction Advisory Services, Kandeo Asset Management
Natalia Hernandez, Director of Investment, Global Seguros
Joaquin Brignardello, Managing Partner, BD Capital
Moderated by: Isabella Muñoz Méndez, Executive Director, Colcapital

17.20 Chairman’s closing remarks followed by networking cocktail reception and Bonds & Loans Latin America Awards Ceremony

• Sovereign Debt Deal of the Year – Dominican Republic
Athemayani Del Orbe, General Director, Public Credit, Ministry of Finance, Dominican Republic

• Financial Institution Deal of the Year - Banco Santander Chile
Camila Herrer, Head of Funding, Banco Santander Chile

• Structured Loan Deal of the Year - Aurelian Ecuador
Ron Hochstein, President and Chief Executive Officer, Lundin Gold

• Leveraged Finance Deal of the Year - InRetail
Gonzalo Rosell, Chief Financial Officer, InRetail

• Structured Bond Deal of the Year - Atlas Renewable Energy
Carlos Barrera, Chief Executive Officer, Atlas Renewable Energy

• Niche Market Deal of the Year - Bow Power

• Project Finance Deal of the Year - Concesión Transversal del Sisga
Ernesto Javier Carvajal Salazar, General Manager, Concesión del sisga

• Andean Corporate Bond Deal of the Year - Frontera Energy
David Dyck, Chief Financial Officer, Frontera Energy

• Andean Syndicated Loan Deal of the Year - Grupo Energia de Bogota
Alvaro Villasante, Generation, Grupo Energia de Bogota

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