+44 (0) 20 7045 0920
24th & 25th April 2018, Intercontinental Festival City, Dubai
+44 (0) 20 7045 0920

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The Middle East's largest finance and investment conference

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Agenda

Day One: Wednesday 17th May 2017

“Conducting business in changed markets”

07.45 Registration and coffee


08.50 Chairman’s opening remarks

Andy Cairns, Group Head of Corporate Finance, FAB – First Abu Dhabi Bank


09.00 Global trends in the capital markets

• What will be the key themes driving debt markets during the rest of 2017 and 2018?
• In light of this, how should ME issuers approach funding plans?

Martin Egan, Global Co-Head of Primary and Credit Markets, BNP Paribas


09.25 Scene setting and defining the new norm: President Trump, lower oil and geopolitical frictions

• How has economics and politics changed the new equilibrium in which we are conducting business today?
• Trump presidency: What is the likely impact on business, trade and financial markets for the GCC and the emerging markets?
• Banking and finance: Which challenges are here for the short term and which challenges are here for good?

Jason Tuvey, Middle East Economist, Capital Economics


09.50 Conducting business in the new norm: How are issuers adjusting their approach financing and risk in the new market environment

• Re-positioning the GCC as home to high quality credits and assets: How are issuers and their advisors presenting to investors?
• Will GREs and corporates be able to access the markets following successful issuances by sovereigns or are investors saturated from GCC credit?
• What implications have the sovereign issuances had on GREs and corporates? Has the market opened-up or have these jumbo deals maxed out investor allocations for GCC credit?
• Where are the pockets of liquidity away from the public bond/sukuk markets? How are issuers accessing them?

Suhail Farhan, Corporate Treasurer, EQUATE
Stefan Zottmann, Executive Director, Group Treasury and Corporate Finance, Ooredoo
Tom Koczwara, Director, Debt Management Office, Government of Sharjah
Jean-Marc Mercier, Global Co-Head of Debt Capital Markets, HSBC
Roderick Gordon, Head of Debt Capital Markets and Fixed Income Syndicate, Gulf International Bank B.S.C. (GIB)
Sam Mirza, Executive Director, Debt Capital Markets, MENA, Standard Chartered Bank
Jonathan Segal, Executive Director, Head of Capital Markets – Middle East and Africa, MUFG


10.40 Understanding the impact of liquidity and how to price loans in the GCC given the current recovering oil market

• How are banks in the region adjusting their lending capabilities in line with the current oil price environment?
• A closer look at pricing trends in the GCC over the past 12 months vs. the outlook for 2017-8
• How to bridge the gap between pricing expectations of borrowers and issuers, and the reality of banks’ financing capabilities

Hussain Albalushi, Chief Financial Officer, Electricity Holding Company
Khurram Siddiqui, Managing Director, Head of Loan Syndications, Emirates NBD Capital
Amir Riad, Global Head of Corporate Finance & Investment Bank, Wholesale Banking Group, Abu Dhabi Islamic Bank
John McWall, Group Head of Syndications, Bank ABC
Chiradeep Deb, Managing Director and Head of Corporate Finance, Mashreqbank
Villiers Terblanche, Partner, Latham & Watkins
Jonathan Macdonald, Head of Loan Capital Markets, FAB – First Abu Dhabi Bank


11.30 Coffee and networking break


12.00 Developing a local currency bond and sukuk markets: Planning for contingencies when the USD market window closes

• How much of a funding shortfall will a closing-up of international capital markets create? How much of the funding gap can be supported by GCC banks?
• Turkey, South Africa, Malaysia, Indonesia: How have other Emerging markets created local currency market? How much support do these markets offer when international capital inflows slows/dries up?
• Why the development of a local currency bond/sukuk market will enable tighter pricing of hedging local currency liabilities
• What is the split between hard currency and local currency bonds in the GCC? How will this evolve?
• Implementation of a common currency: What added benefits could this bring to the region?

Biswajit Dasgupta, Chief Investment Officer, Emirates Investment Bank
Abdul Kadir Hussain, Head of Fixed Income Asset Management, Arqaam Capital
Fawaz Abusneineh, Head of Debt Capital Markets, FAB – First Abu Dhabi Bank
Mohammad Ahsan, Managing Director, Rates and Fixed Income, Treasury and Capital Markets, Mashreq
Hisham Al Ali, Vice President, Finance and Group Chief Financial Officer, Rawabi Holding Company
Jonathan Fried, Partner and Head of Middle East Capital Markets, Linklaters


12.45 Refinancing or managing liabilities: What do successful GCC liability management exercises look like?

• The great wall of refinancing: A look at how much debt matures in 2017/18 and how issuers plan to manage their maturing liabilities
• Managing liabilities issuing bonds/sukuk vs. refinancing in the bank market: How is the process different and what are the pros and cons of each?
• What is the process of a liability management exercise? Where to start and how to issue? How does the process differ when managing maturing sukuk and Islamic facilities?

Mike Wallace, Director of Corporate Finance and Treasury, Aldar
Girish Shenoy, Head of Treasury, DP World
Richard Stumbles, Head of Liability and Transaction Management, Debt Capital Markets, FAB – First Abu Dhabi Bank
Iman Abdel Khalek, Head of Middle East and North Africa, Debt Capital Markets, Citi
Nomaan Raja, Partner, Latham & Watkins
Mustafa Aziz Ata, Managing Director, Head of Debt Financing, MENA, HSBC
Rajiv Shah, Head of Debt Capital Markets, Middle East, Turkey and Africa, BNP Paribas


13.35 Networking lunch hosted by MUFG


14.45 Uncovering Private Placements: What is driving demand for privately placed bond/sukuk deals and how can more issuers access the private placement market?

• How to do a private placement from start-to-finish: Initiation, preparation, execution and follow-up
• Who are the investors? How do private placement differ from public deals? What is driving investor demand for private placements?
• How developed is the market for GCC private placements? How much more capacity is there?
• Will demand and market development for private placements continue? What will/could drive issuers back towards the public bond/sukuk markets?

Chirag Doshi, Senior Vice President – Head of Investments & Treasury, Qatar Insurance Company
Samer Hamade, Head of Fixed Income Syndicate and MTNs, FAB – First Abu Dhabi Bank
Abrar Hussain, Head of Debt Capital Markets, Middle East, Credit Agricole CIB
Kashif Raza, Head of Debt Capital Markets and Distribution, Wholesale Banking Group, Abu Dhabi Islamic Bank


15.30 Why Go Green: What are the capital and economic advantages to issuing green bonds/sukuk?

• What are green bonds/sukuk? How are they structured differently to vanilla bonds/sukuk?
• Are green bond/sukuk investors different? How are deals marketed differently? Are they priced differently?
• Why go green? What is driving demand for green bonds/sukuk from an issuer and investors’ perspective?

Dato’ Mohamed Rafique Merican, Maybank Group Head, Islamic Banking, Chief Executive Officer, Maybank Islamic Berhad
Stephanie Sfakianos, Head of Sustainable Capital Markets, BNP Paribas
Debashis Dey, Partner, White & Case
Samer Saleh, Fixed Income Portfolio Manager, The Pension Boards - UCC
James Sadler, Director, Head of Debt Capital Markets, MENA Region, Bank of America Merrill Lynch


16.15 2017: The year Saudi Arabian debt globalises…?

• Who are the long-term sponsors of Saudi Arabia’s 2016 bond?
• Privatisations and transformation programme: How much capital is required? How much of this capital will come from public bond/sukuk markets?
• What are the financing needs which the KSA will be required to meet over the next 3-5 years? How will these needs be met?
• How successful will the Saudi 2030 vision be in diversifying the economy away from oil?

Rohit Sinha, Director, Acquisitions and Project Finance, ACWA Power
Yong Wei Lee, Head of MENA Equities, Emirates NBD
Ashish Marwah, Senior Director, Asset and Wealth Management, ADS Securities
Samad Sirohey, Managing Director, Head of Debt Capital Markets, Citi
Franck Nowak, Senior Analyst, MENA Fixed Income and Global Sukuk, Franklin Templeton Investments
Abdulhadi Shahadah, Head of Asset Management, GIB Capital


17.15 Chairman’s closing remarks and close of Day One



Day Two: Thursday 18th May 2017

08.20 Registration and coffee


08.50 Chairman’s opening remarks

Alexis Taffin de Tilques, Managing Director, Head of Debt Capital Markets, CEEMEA, BNP Paribas


09.00 This house believes sukuk is a complex product that will remain niche

Sukuk: a complex tool bound to remain niche or an asset class rising towards global success?
Lower oil prices opened-up the GCC credit markets in 2016. But instead of issuing sukuk, the majority of issuers chose to issue conventional bonds. Why? This year's debate will focus on whether the extra time and energy required to issue sukuk put issuers off selecting the product.

Usman Ahmed, Head of Fixed Income, Emirates NBD Asset Management
Doug Bitcon, Fund Manager, Rasmala Investment Bank
James Bejjani, Fixed Income Manager, M1 Group
Amit Davda, Executive Director, Portfolio Manager, Waha CEEMEA Fixed Income Fund
Sharif Eid, Portfolio Manager, Global Sukuk and MENA Fixed Income, Franklin Templeton Investments


10.00 How has reduced liquidity impacted the way banks approach underwriting and distributing loans?

• What impact have the Saudi, Qatari, Abu Dhabi and Omani bond issuances had on demand and supply for syndicated loans?
• How has the new norm (lower oil price) changed banks’ approach to underwriting deals, and how has it made distribution more complex? How can banks find new pools of liquidity to counter distribution risk?
• Regulation/compliance versus profitability: What is driving bank participation in the Middle East syndicated loan markets?
• Why are international banks shying away from lending to GCC banks? Are GCC banks ready and able to lend to corporates? Are banks geared up to support the market in the event of the capital markets window closing?
• How has the increase in sovereign debt impacted ratings?

Tarek Bachnak, Executive Director, Loan Origination, CEEMEA, Credit Agricole CIB
Zain Zaidi, Director, Loan Structuring and Origination, Middle East, Citi
David Pepper, Managing Director, Head of EMEA Loan Capital Markets, Bank of America Merrill Lynch
Antonio Stochino, Managing Director, Global Head of Loan Syndications, Banca IMI
Neil Jones, Deputy General Manager, Head of Corporate & FIG, MENA & Central Asia, Mizuho
Stuart Anderson, Managing Director and Regional Head, S&P Global Ratings


10.45 Why creativity is essential for private sector corporates to successfully secure capital in the markets

• Less liquid markets and jumbo sovereign borrowings: How much liquidity is there for corporates to tap?
• What creative structures have enabled corporates to raise capital in the bond, loan and sukuk markets?
• Bonds vs. loans; hard currency vs. local currency; conventional vs. Islamic finance: Which markets offer the best options for corporates?
• To what extent could leveraged and high yield deals present a new opportunity for corporates to raise financing?

Chandan Ghatak, Chief Financial Officer, Taghleef Industries L.L.C
Kevin Murphy, Group Chief Investment Officer, YBA Kanoo
Chandra Vikram Prahladka, Managing Director, Finance, Sobha LLC
Anita Yadav, Senior Director – Global Markets and Treasury Head of Fixed Income Research, Emirates NBD
Cyril Lincoln, Head – Real Estate, Abu Dhabi Commercial Bank (ADCB)


11.30 Coffee and networking break


12.00 Longevity of the US-Gulf relationship and the rise of the GCC ‘pivot’ to Asia
• The current state of the US relationship with the Gulf countries and GCC outreach to Asian economic powers
• How are Middle Eastern leaders thinking about the structure of the new relationship with Asia
• Will the rebalancing affect the outlook for bond, loans, and, sukuk issuances?

Ayham Kamel, Director, Middle East Research Practice, Eurasia Group


12.25 How to successfully secure long term sponsorship from Asian investors market-by-market

• What is driving Asian investor demand for GCC credit? What is their view of opportunities in GCC vs. rest of the world?
• Formosa bonds: How to get Taipei investors comfortable with lower-rated GCC credits given their sweet-spot is AAA?
• Tapping Asian bank liquidity – what are the benefits and what are requirements for successfully doing so?
• What types of GCC assets are Malaysian investors on the look-out for?
• Assessing demand from Korean, Thai and Brunei investors for GCC credit: Where is their sweet spot?

Todd Schubert, Managing Director, Fixed Income Research, Bank of Singapore
Dimitri Abdulkarim, Head of Loan Syndications MENA, MUFG
Ayham Kamel, Director, Middle East Research Practice, Eurasia Group
Naji Fouad Nabaa, Senior Investment Banker, Syndication, Abu Dhabi Commercial Bank (ADCB)
Antony Gurton, Head of Distribution, Loan Capital Markets, EMEA, SMBC Europe
Harvey Hoogakker, Managing Director, Head of Risk Distribution and Loan Syndications, EMEA, Wells Fargo


13.10 Networking lunch hosted by MUFG


14.15 Evolution of the sukuk market: How can this market carve out a niche for itself?

• Pushing the market forward: What is demand like from investors within the GCC? How can this market be made more globally accessible?
• What implications could new taxation regulations have on this market?
• How will the sukuk market evolve of the next 12-24 months? Is there a need from the market for hedging and derivatives products?

Bashar Al Natoor, Global Head, Islamic Finance, Fitch Ratings
Iftikhar Ali, Deputy Managing Director, Bank ABC
Dr Haitham Mohamed Al-Salama, Chief Economic Advisor to the CEO, Qatar Financial Centre
Zeina Rizk, Director, Fixed Income Asset Management, Arqaam Capital
Ahmad Anani, Partner, Pillsbury Winthrop Shaw Pittman


15.00 From a net-exporter to net-importer of capital: How are fixed income assets being priced given the shift in investor base?

• Shift from a local to international investor base: Is bond/sukuk pricing influenced by Asian investors? What are the implications of the shift in pricing dynamics for GCC issuers of USD/offshore bonds?
• Credit default swaps (CDS) to hedge portfolios: How deep is the market for CDS and how are investors using CDS to hedge their GCC exposures?
• How are local currency bonds/sukuk being priced? What benchmarks are being used to price deals?
• How are fixed income asset managers generating positive returns in a rising rate environment?

Mohamed El Jamal, Managing Director, Capital Markets, Waha Capital
Karine Kheirallah, Executive Director, Head Portfolio Management Dubai, Falcon Private Wealth
James Bejjani, Fixed Income Manager, M1 Group
Angad Rajpal, Senior Portfolio Manager, Fixed Income, Emirates NBD Asset Management
Paul Farrell, MENA and Turkey, Head of Sales and Relationship Management, BNY Mellon Corporate Trust


15.45 Structuring deals with a mix of debt and equity to finance the next round of projects

• Why the new normal (lower oil price) is forcing a change to the way project deals are underwritten and distributed
• The rise of ECA financing: How to attract support from Export Credit Agencies, and what is driving this shift? How can deals be structured differently in order to attract increased ECA support?
• How can PPPs encourage greater participation from private investors into projects?
• Project bonds/sukuk: How have these instruments changed the perception of how project finance deals are done?
• Understanding the move towards a mini-perm structure and what advantages this can bring

Neeraj Agrawal, Group Chief Financial Officer, Crescent Petroleum
Nicolas Thévenot, Executive Vice President, Head of Corporate Finance, APICORP
Sharath Coorg, Director, Acquisitions and Project Finance, ACWA Power
Willem van den Abeele, Director, Acquisitions, Investments and Financial Advisory, Engie
Alejandro Martin, Senior Investment Banker, Abu Dhabi Commercial Bank (ADCB)


16.30 Chairman’s closing remarks and close of conference


FX, Rates & Credit Trading
Middle East

The GCC’s only event for Traders and Hedgers

The Intercontinental Festival City, Dubai

Thursday 18th May 2017

09.00 Registration and coffee


09.50 Chairman’s opening remarks

Nadine Windsor, Head of Credit Trading and Investments, FAB – First Abu Dhabi Bank


10.00 Is oil price (and associated financial market) volatility the new normal? If so, what can banks and companies do to manage volatilities?
• Is oil price volatility here to stay? Why GCC FX Forward markets are now spiking and why they will continue to spike sporadically
• FX and rate risk: How much impact did market spikes have on banks and corporates in the region? What would be the impact should there be a change in FX-regime or a de-peg?
• How are risk managers mitigating the impact of market volatilities? How are traders taking positions?

Robert Mcadie, Global Markets Head of Research and Strategy, BNP Paribas


10.30 Bankruptcy law, netting and market infrastructure: The next stage of developing the GCC’s markets and attracting international investors
• How is EMIR likely to impact the way regional and international investors trade?
• Why creating a Clearing House and changing legislation to allow netting will bring in spreads
• How does the UAE bankruptcy law work? How does the bankruptcy law give comfort to international investors considering entering into a local currency market?
• Boosting liquidity and creating benchmarks: Creating local currency yield curves by regular sovereign issuance through selected dealers

Claire Matheson Kirton, Local Partner, White & Case


11.00 How can local corporates hedge local-currency liability exposures given widening disparities between LIBOR and local market LIBOR-equivalents (EIBOR, SAIBOR, DIBOR)?
• How banks structure, package, price and offer swaps to local corporates: Who does what and what drives demand, supply and price?
• Why offering Interest Rate Swaps are increasingly challenging for banks as illiquidity draws out regional LIBOR-equivalent rates
• Who are the new players entering the GCC local rates markets? How are they looking to add value to the market?

Marco Massucco, Managing Director and Head of Corporate Sales, FAB – First Abu Dhabi Bank


11.30 Coffee and networking break


12.00 Why hedging solutions are essential for the GCC financial markets to avoid a hard landing in the event of an FX regime change
• A US dollar de-peg: When and how to act; who to listen out for; what to watch
• Why the lack of a local currency bond market is affecting the ability for banks to manage risk
• Why hedging tools are needed to prepare for any FX regime change
• Case studies from countries that have de-pegged or floated a currency: Impact to markets and ways for the markets to prepare

Harsha Jayatunge, Head - Financial Markets Solutions, Abu Dhabi Commercial Bank


12.30 Corporates and FX risk: How to offer a hedge given the issue of “Wrong Way Risk”
• Divergent demand and supply: Why, as volatility increases, local corporates will need to hedge local currency loans, and banks will be less able to offer hedging solutions (at competitive prices)
• How can local banks and corporates find a solution to the issue of “wrong way risk”?

Shihaam Mowlana, Head of Trading, Emirates NBD


13.00 Chairman’s closing remarks followed by networking lunch


 

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