2nd October 2018, The Four Seasons Hotel, Buenos Aires

2018 Agenda

The most important debt conference in Argentina

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2018 Agenda

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?

Supporting Argentina’s growth and infrastructure: Strategies for funding at the sovereign and sub-sovereign level

  • Economic growth and infrastructure development: How much capital is required and how does the government plan to raise capital?
  • USD vs. local capital markets: Will there be a shift towards greater ARS funding? How much offshore USD funding is still required to meet infrastructure development plans?
  • PPP pipeline and project funding: What are the government’s visions for the PPP programme?
  • The Capital Markets Law and ARS funding: Implementation to turn the vision into a deeper and more robust local market

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

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? 

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 

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?

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

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

Bringing issuers and investors back to the market: What returning 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?

Finding alternatives sources of financing in the IPO and Equity capital markets: Private vs. public, international vs. local

  • How to structure and package an Argentine IPO or follow-on offering
  • Cost/benefit analysis: What is the real cost of IPO/ECM deal versus a debt capital markets deal? 
  • Why were some recent follow-ons pulled? 
  • Selecting a market: Local vs. international, public vs. private equity: Where is the demand? How are local/regional deals different to international listings?

To find out about speaking opportunities email Nedina.Stefanova@GFCMediaGroup.com or call +44 207 045 0908.

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