08.00 Registration and coffee
08.50 Chairman’s opening remarks
09.00 Bringing issuers and investors back to the market: What issuers need to be mindful of when approaching the markets
• USD activity outlook: What will the significant Eurobond pipeline mean for returning and debut issuers?
• Sovereign influence: How are the government’s plans to finance exclusively in the local market impacting conditions in the international and domestic credit space?
• How much funding are Argentina’s provinces looking to raise in 2019? What part of this will be sourced in the international capital markets? Who are the new provinces coming to market in 2019? How can they prepare for a successful debut?
• Local vs international, bonds vs loans: What factors determine which market issuers will access?
Juan Martin Vico, Finance Director, Telecom Argentina SA
Pablo Miedziak, Chief Financial Officer, San Antonio Internacional
Matías Salerno, Chief Financial Officer, Grupo CAPSA / CAPEX
Juan Pazos, Head of Strategy, Puente
Gordon Kingsley, Head of DCM Origination, Credit Agricole
Santiago Agote, Vice President Debt Capital Markets Latam, HSBC
Moderated by: Claude Serfilippi, Partner, Winston & Strawn
09.45 Argentina’s new trajectory: How are local and international stakeholders responding to an environment of increased macroeconomic risks and IMF support?
• Inflation, FX, Central Bank reserves – assessing the immediate impact of the macroeconomic volatility on conditions in the local markets
• Market reaction: How are international creditors responding to current market conditions and IMF involvement? What will the impact on foreign investment be in the short, medium and long-term?
• An in-depth look into the IMF agreement: What are the conditions of the arrangement? How will the deal impact activity and appetite in Argentina’s on- and off-shore capital markets?
• Effects on the real economy: Which sectors will be the biggest winners of the IMF agreement?
• How are Central Bank interest and exchange rate projections being adjusted to stabilise the economy in a context of increased volatility?
• Argentina’s future: To what extent are current macroeconomic challenges impacting the country’s development prospects? What other factors will play a role when determining long-term economic outlook?
Miguel Zielonka, Associate Director, EconViews
Roger Horn, Executive Director, Senior Emerging Markets Desk Analyst, Fixed Income Sales & Trading, SMBC Nikko Securities America
Emerson de Pieri, Managing Director Southern Cone, Barings Investment Latin America
Darin Batchman, Emerging Markets Corporate Debt Portfolio Manager, Latin America, Stone Harbor Investment Partners
Moderated by: Francisco Velasco, Head of Research, Banco Mariva
10.30 Money on the table: Which banks are committed to underwriting and distributing loans in Argentina in the long-term?
• How are macroeconomic volatilities impacting the criteria Argentine borrowers need to meet for banks to underwrite loans?
• Pricing, structure, covenants: How are foreign lenders adjusting their requirements to factor in increasing macroeconomic and currency risks?
• How do loans bankers envisage their roles in Argentina? Where do they see the opportunities in Argentina’s loan markets? Is the relationship model changing?
• Local USD and ARS funds: How much capacity is left for dollar loans amongst local banks? How much capacity is there to fund in ARS?
• Which banks are ready and willing to lend beyond Tier 1 corporates in Argentina? Which sectors are they looking to lend to?
Jorge Diehl, Corporate Treasurer, Aluar
Helena Radzyminski, Managing Director, Head of Loan Syndications Latin America, Natixis
Felix Frias, Investment Banking, Industrial and Commercial Bank of China (Argentina) S.A.
Diego Vogelbaum, Fixed Income, Itau BBA USA Securities, Inc.
Moderated by: Alexei Remizov, Managing Director, Latin America Global Capital Markets, HSBC
11.15 Coffee and networking break
11.45 Importing international project finance to Argentina: How to make projects bankable
• How to structure project finance with an ESG profile to capture ESG institutional allocations
• Skin in the game: Who can provide first loss tranches to make international funding feel comfortable: Government sponsored SPVs? Pension funds? Domestic closed end funds?
• Case studies of successful project finance deals: How deals were structured to meet the project financing needs of their sponsors:
o Stoneway Project Bond
o YPF/GE Project Loan
o Pampa’s El Corti Windfarm
Daniel Hanna, Corporate Finance Manager, Pampa Energia
Federico Barroetaveña, Chief Financial Officer, Techint Engineering & Construction
Doris Capurro, President, CEO & Founder, Luft Energía S.A.
Bruno Pahl, Director, Global Infrastructure Group Latam, Fitch Ratings
Esteban Pérez Andrich, National Director Of Renewable Energy, Ministry of Energy and Mining, Argentina
Moderated by: Pablo Maudes, Head of Project Finance, Latin America, Credit Agricole CIB
12.30 Using derivatives as a tool to unlock additional liquidity and successfully manage risks – market developments in Argentina and the region
• The new regulatory and fiscal framework: What is the impact on the development of the derivatives market and the use of hedging strategies in Argentina?
• Futures and options as a key asset in mutual funds’ portfolios – deepening the local investor base and unlocking new liquidity
• Derivatives markets in Argentina and the region: Is an integration possible?
• Equities and equity futures - new strategies for institutional investors to expand their portfolios
Diego Fernandez, Chief Executive Officer, ROFEX
Carlos Hourbeigt, Director, Comisión Nacional de Valores
13.15 Networking lunch
14.45 Piloting Argentina’s PPP programme: How are energy and infrastructure projects going to be financed?
• Gauging appetite for Argentina’s projects: How do foreign lenders and investors assess the risk-return profile of the PPP schemes?
• Reaching financial close – how are local and international macroeconomic developments impacting critical success factors?
• Attracting commercial banks to Argentina’s PPPs: What will enable banks to lend directly to projects? Which banks are prepared to lend to classic project finance deals?
• How are international and local lenders working together to secure enough funding for the PPP programmes? What is the distribution of risk and capital allocation?
• Funding projects in the capital markets: Under what circumstances do project bonds make economic and capital-cost sense?
• PPP lessons from across the region: Understanding successes and avoiding pitfalls
Tomás Darmandrail, National Director of Public Private Partnership Projects, Ministry of the Treasury
Gabriel Langenheim, Head of Fixed Income Southern Cone, Itaú BBA
Eugenio Bruno, Former Deputy General Counsel, Ministry of Finance
Moderated by: Daniela Cuan, VP-Senior Analyst, PPIF, Moody’s
15.30 Developing the local capital markets: How the new Capital Markets Law will deepen ARS funding
• Recap of the objectives, and review of how the new regulations and framework will be implemented
• Boosting liquidity: What new players will the law change attract to the market? How and why will new investors become active investors/traders?
• Expanding the product base: What new financing tools will be developed as part of the law implementation? Will their introduction facilitate access to capital?
• Promoting growth in capital markets activity: How is the change in the corporate governance structure going to impact conditions and volume in the local bond market?
• Capital market reforms in Brazil, Chile and other markets: Assessing post-implementation development and how Argentina’s progress compares
Ricardo Daud, Chief Executive Officer, Santander Río Asset Management
Carlos Planas, President and Head Portfolio, Axis Sociedad Gerente de Fondos Comunes de Inversion
Leandro Fisanotti, Advisor to the Board, Fondos Pellegrini
Juan Ignacio Ruth, Chief Investment Officer, Swiss Médical
Moderated by: Gabriel Gonzalez Beramendi, Chief Financial Officer, BACS
16.15 A roadmap for debut and mid-market issuers: What does the journey look like from ARS loans to the capital markets?
• How and why a company would convert its bilateral facilities into one syndication or a bond
• Going from loan-dominated portfolio to incorporating capital markets: What preparation and reorganisation of finance functions is required?
• Establishing a relationship banking group – what is their long-term purpose? What skill-sets and capabilities should companies be looking for in their relationship banks?
• Broadening the investor base vs. cost: What are the real costs of a bond issuance? How many banks is the ideal number of active joint lead managers, roles and titles?
Ramiro Molina, Chief Financial Officer, Plaza Logistica
Juan Francisco Mihanovich, Capital Markets and Finance Manager, Grupo Newsan
Patricio Aguirre, Chief Financial Officer, San Miguel
Moderated by: Fernando Canzani, Managing Director, BACS
17.00 Chairman’s closing remarks followed by cocktail reception hosted by HSBC
To find out about speaking opportunities email Nedina.Stefanova@GFCMediaGroup.com or call +44 207 045 0908.