Tuesday 27th February 2018
08.00 Registration and coffee
08.50 Chairman’s opening remarks
Dmitry Surkov, Regional Head of Russia, CIS, Black Sea Region, Fitch Ratings
09.00 How the government plans to manage the fiscal deficit and invest in the economy to trigger growth
• Will the government take advantage of the current low interest rate environment to raise capital in 2018?
• How is the Ministry planning to bring the economy back to growth over the coming years? What strategies will be put in place to stimulate this growth?
• A look into the government’s economic agenda for 2018 – what policies will be changing?
Sergey Storchak, Deputy Minister of Finance, Ministry of Finance of the Russian Federation
09.30 How are bankers and investors pricing Russian corporate bonds and liabilities?
• How are Russian corporate bonds priced in the absence of a sovereign yield curve
• What is driving pricing down in the Eurobond market? What could threaten this trend in 2018?
• Pricing asymmetry across EMs – how does Russia compare to the rest of the developing markets universe? Is there scope for a pricing correction in the market?
• What is the importance of company presentation when negotiating pricing given the lack of an established reference point?
• What impact are the Fed’s interest rate hikes having on appetite for Russian credit? How far up will the US rates have to go for investors to pull out of Russia?
• Effect of sanctions on bond transactions and sanctions outlook for 2018
Richard Segal, Emerging Markets Credit Analyst, Manulife Asset Management
Pavel Isaev, Executive Vice President, Debt Capital Markets, Gazprombank
Elena Lukovkina, Head of Corporate Finance, Treasury and International Tax, Evraz Group S.A.
Jean-Marc Mercier, Global Co-Head of Debt Capital Markets, HSBC
Moderated by: Alan Kartashkin, Partner, Debevoise & Plimpton
10.10 How are Russian blue-chip companies managing their funding and capital structures in 2018?
• Re-financing vs liability management: A look at how much debt matures in 2018 and how issuers plan to manage existing liabilities
• Outlook for CAPEX growth: How are Russian blue-chips revising their 5 year CAPEX strategies? What are the first steps they will take when looking to re-start investment activity?
• What are the factors CFOs and Treasurers take into consideration when deciding to raise capital in the bond vs the loan market?
• Rouble vs USD: Will issuers continue to opt for rouble bonds in 2018? What is the value they see in raising capital locally vs. in the Eurobond market?
• Will Russian blue chips continue to use technologies such as block-chain and fintech in 2018? What new opportunities will the use of technology create?
• How are sanctioned companies successfully funding themselves? Which markets are open for them? Where do they see value in the market?
• Establishing a Russian green bond market: What opportunities is the rising prominence of sustainable finance creating for Russian issuers?
Maria Severtseva, Treasury Manager, Severstal
Olga Kirichenko, Head of Debt, Gazprom Neft
Ksenia Sergeeva, Head of Debt Financing, NLMK
Richard Cohen, Senior Associate, Allen & Overy
Moderated by: Alexey Ievlev, Head of Client Coverage, Russia, ING BANK (EURASIA) JSC
10.50 Coffee and networking
11.20 Financing strategies of Russian growth companies: Bonds vs loans, international vs local
• Russia’s growth companies: How much capital are mid-tiers looking to raise in 2018 to finance new business opportunities?
• Bonds vs loans: What instruments are available to Russian growth companies looking for funding?
• Price, tenor, size: What are the requirements of growth companies? How are bankers and investors assisting them by identifying the right products?
• Rouble vs USD: How is the government supporting growth companies in the local markets? Are similar opportunities available to them in hard currency?
• Pre-payment, mezzanine, trade finance: What alternative structures can play a meaningful role in supporting Russian growth companies? Who has been successful so far?
Anastasia Mishakova, Head of Credit Department, O1 Properties
Olga Gorokhovskaya, Managing Director, DCM, Sberbank CIB
Ruslan Karmanny, Head of Corporate Finance and Treasury, Eurochem
Moderated by: Blazej Dankowski, Head of Russia Debt Capital Markets, Citi
12.00 Unlocking opportunities by using derivatives: Is now the time to lock in rates?
• Global and national interest rate movements: How are Russian corporates using interest rates swaps to hedge their positions?
• Oil, gold, precious metals: What commodities can Russian producers use as a hedge against volatility? What are the differences in strategy depending on the type of commodity used?
• How big is the market for currency swaps in Russia? Is the trend of using swaps to access lower rates sustainable given trading volumes?
• How much appetite do Russian borrowers and issuers have for using derivatives? What are their concerns when looking to hedge?
Anna Tsaturyan, Head of Corporate Finance, Uralkali
Vladimir Kozinets, Head of Treasury and Risk Management, Rolf Group and President, Russian Association of Corporate Treasurers
Dmitry Muz, Head of Corporate Finance and Investor Relations, ChelPipe
Alexander Skoryukin, Counsel, Financial Market Strategic Development Department, The Central Bank of the Russian Federation
Moderated by: Stephen Gargiulo, Managing Director, Global head of FICE sales and Structuring, ICBC Standard Bank
12.40 Rating above the sovereign – what is the scope for corporate rating upgrades in 2018?
• What are the criteria credit rating agencies use when assigning a rating above the sovereign ceiling to a corporate?
• Outlook for Russian corporates: When will credit rating agencies be ready to upgrade Russian corporates? What would speed up the process?
• Private vs state owned companies: Who can be rated above the sovereign?
Josef Pospisil, Deputy Head EMEA Corporates, Fitch Ratings
13.00 Networking lunch
14.05 Chairman’s opening remarks
Oliver Blount, Managing Director and Head of Loan Capital Markets for CEE, ING Wholesale Banking
14.10 Acquisition finance in multijurisdictional and domestic context: case study
• Is acquisition financing alive? Latest markets trends and major players.
• Structuring issues to consider in acquisition financings: escrow arrangements, restrictions on upstream security, sanctions.
• English law v. Russian law: is the new standard syndicated loan documentation suitable for documenting of acquisition financing transactions?
• Case studies – domestic and cross-border acquisition financings
Dmitry Gubarev, Partner, Herbert Smith Freehills
Artjom Buligin, Partner, Herbert Smith Freehills
Liya Grishaeva, Managing Director, Legal Support of Export Projects, Russian Export Center Group (EXIAR, ROSEXIMBANK)
Denis Shanurenkov, Managing Director, Head of Syndications and Loan Trading, Sberbank CIB
14.50 Challenging the status quo: How are international banks responding to increasing competition from local players in the Russian syndicated loan market space?
• Evaluating Russian banks’ lending capacity: Are local state owned banks locking out foreign lenders from the market? Where can international banks compete?
• What international banks are actively lending in Russia? Who are the new players entering the market? Where do they see opportunities in the Russian loan markets?
• Ticket sizes, pricing, tenor: What do international banks need to put on the table to be competitive when pitching for a deal
• Secured vs unsecured: What is driving the trend towards unsecured lending in Russia? How have conditions in the market changed to allow international banks to relax securities at a marginally higher price?
• Which international banks are ready and willing to lend beyond Tier 1 corporates in Russia? Which sectors are they looking to lend to?
Anton Kukoba, Executive Director, Syndicated Lending and Structuring, Raiffeisenbank
Ivan Starcevic, Director, Loans & Acquisition Finance, Citi
Yuri Korsun, Senior Managing Director, Head of Structured Finance, Sberbank CIB
Evgeny Gaevskiy, Director, Syndicated Finance, ING
Moderated by: Constantin Koutzaroff, Managing Director, Deputy Global Head of Structured Commodity Finance, Credit Agricole CIB
15.30 What is next for Russia’s banking sector? How is the consolidation of the market impacting available liquidity in the bonds and loans markets?
• Next steps in Russia’s banking reform: What are the regulators’ plans and targets for 2018?
• Basel III and domestic consolidation: How will the new rules and requirements banks have to meet impact their working processes and funding strategies?
• How is the consolidation of the banking system impacting the amount of available liquidity in the Russian capital markets?
• How is the role of Russian private banks changing in light of the nationalisation of key commercial players? What are the consequences for the competitive dynamics in the market?
• How are subordinated debt write offs affecting investor sentiment? Are bondholders viewing this trend as isolated to the banking sector?
Anatoly Aksakov, Chairman of the Financial Markets Committee, State Duma and Chairman of the Board, Association of Regional Banks of Russia
Sergey Khotimskiy, First Deputy CEO Member of Management Board, Sovcombank
Nikolay Tsekhomsky, First Deputy Chairman – Member of the Board, Vnesheconombank
Moderated by: Alexander Danilov, Senior Director, Financial Institutions, Fitch Ratings
16.10 Coffee and networking break
16.30 Drivers of rouble bond issuance: How will changing interest rates and regulatory dynamics impact local market activity in 2018?
• Pros and cons of the Russian ratings system: Who needs to be rated under the new system? How much liquidity can issuers unlock by getting a local rating?
• CBR rate decreases vs Fed rate increases: How are changing interest rates locally and internationally going to impact the supply-demand dynamics of the local bond market?
• Local pension funds and asset managers vs international investors – who are the biggest buyers of rouble bonds? How will this change once rates fall?
Pavel Skachkov, Finance Director, Kalashnikov Group
Alexander Smirnov, Head of Corporate Finance and Treasury, Mobile TeleSystems PJSC
Alexey Tretyakov, Chief Executive Office, Aricapital Asset Management
Mikhail Avtukhov, Managing Director, Corporate & Investment, Sovcombank
17.10 Case study: Uncovering the drivers behind the demand for GTLK’s 30 billion roubles syndicated loan
• Behind the structure that made GTLK’s syndication a success: What opportunities did the use of a more complex structure create? What collateral did GTLK provide to attract additional liquidity from their bankers?
• What attracted foreign banks to participate in the GTLK syndication? Has a precedent been set for an increased involvement of international lenders in the rouble loan market?
• How did the development of Russian legislation help successful GTLK syndicated deal?
Alexander Studentov, Managing Director, Co-Head at Structured Finance and Loan Syndication, Gazprombank
Igor Gorchakov, Partner, Allen & Overy
Andrey Domokurov, Deputy Head of corporate finance department / financial institutions, GTLK
17.40 The CIS Sovereign Issuers Roundtable: A look into the Eurobond experience of Tajikistan and Belarus, and their issuance plans for 2018
Following the tremendous success of Tajikistan and Belarus in the Eurobond market in 2017, the CIS Sovereign Keynote Session offers a unique opportunity to hear directly from the sovereigns about the experiences they had in the capital markets, the process they underwent and their financing requirements and strategies for 2018.
Alexander Bulgakov, Executive Director of Debt Capital Markets, Raiffeisenbank
Maksim Yermalovich, First Deputy Minister, Ministry of Finance of Belarus
Nazira Satbekova, Head of Capital Markets Department / Investor Relations, Eurasian Development Bank
18.10 Chairman’s closing remarks followed by cocktail reception
To find out about speaking opportunities at the 2018 event, email Nedina.Stefanova@GFCMediaGroup.com or call +44 207 045 0908.