08.00 Registration & Coffee
08.50 Chairman’s opening remarks
09.00 Strategies for 2019: Investment to stimulate growth and managing fiscal deficits
• How is the Ministry planning to bring the economy back to growth? What strategies will be put in place to stimulate this growth?
• A look into the government’s economic agenda and policies for 2019
• Funding budgets, GDP and infrastructure: Government strategies to raise capital to inject into the economy
09.20 Growth, inflation, oil price, and geopolitics: Where is Russia’s economy heading in 2019?
• Geopolitics, global trade, growth and markets in 2018 reviewed: How politics and trade negotiations will play out, and how the global markets will perform in 2019
• Detailed look at GDP growth, inflation, commodities and rates: What is economists’ assessment of Russia in 2019?
• How much has a higher oil price boosted Russia’s economy?
• FX and interest rates: Where will the rouble stabilise in 2019? What is the new equilibrium rate of interest? How will this impact the real economy?
• Geopolitical shifts and new alliances: Analysing the new world order and how this impacts Russia’s economy
Dmitry Polevoy, Chief Economist, Russian Direct Investment Fund
Natalia Orlova, Chief Economist, Alfa-Bank
James Pomeroy, Global Economist, HSBC
Dmitry Dolgin, Chief Economist, Russia, ING
Alexey Zabotkin, Director of Monetary Policy Department, Bank of Russia
Moderated by: Alex Griffiths, Managing Director, Head of EMEA Corporate Ratings at Fitch Ratings, Fitch Ratings
10.05 How are Russia’s blue-chip companies planning to raise capital, manage balance sheets and de-risk their portfolios?
• Growth, CAPEX, liability management: What are Russia’s top tier companies’ fund raising needs?
• Bonds vs. loans, international vs. local: Which markets offer the most attractive rates and terms?
• Are private/international banks able to provide finance at the same competitive rates as local state-owned banks? What advantages can they play on? Where can they compete?
• Green bonds and green loans in Russia: What are the prospects?
• FX and interest rate volatility: How are top tier corporates managing their risk
• How are sanctioned companies successfully funding themselves? Which markets are open? Where can they secure competitively priced capital?
Mikhail Sychev, АССА, Head of Debt Finance Department, Gazprom Neft
Elena Petrenko, Head of Treasury, Severstal
Nikolai Lukashevich, CFA, Senior Director, Head of Russia/CIS Corporates, Fitch Ratings
Hugh Mathison, Senior Associate, Allen & Overy
Alexey Ievlev, Corporate Banking Director, Rosbank
Denis Rozhok, Director, Debt Finance, SIBUR
Moderated by: Pavel Isaev, Executive Vice President, Debt Capital Markets, Gazprombank
10.50 Coffee and networking
11.20 How investors are balancing macro fundamentals and market technicals to price Russian bonds
• From safe-haven trade to a closed market: Understanding today’s credit market dynamic
• What impact will rate hikes in the US impact investor behaviour for Russian bonds?
• Oil price, ratings, geopolitics as drivers of pricing: What is international investor sentiment for Russian risk today?
• Secondary market performance of Russian bonds versus performance of similarly rated EM credits
Dmitry Kononov, Vice President, CEEMEA, Debt Capital Markets, Citi
Richard Segal, Senior Emerging Markets Strategist, Manulife Asset Management
Daniil Shapirovsky, Head of International Finance, Borets
Irina Filippova, Deputy Director, Department of financial and banking activities and investment development, Ministry of Economic Development
Moderated by: Alexander Bulgakov, Executive Director, Debt Capital Markets, Raiffeisenbank
12.05 Kickstarting underwriting and distributing syndicated loans in Russia: Review and outlook of the market
• As demand for loans continues on an upward trajectory, who are the market players in the Rouble and USD markets? What is the impact on volume, pricing, tenor and size?
• Bringing new lenders to the market: Verdict(s) on the Russian LMA documentation and new syndications law – how have they encouraged new entrants to the market?
• What roles are international banks looking to play in the loan markets? Which banks are actively looking to lead deals and increase exposure?
• How are bankers pricing Russian syndications locally and internationally?
Ketevan Danelia, Director, Syndicated Lending & Structuring, Raiffeisenbank
Dmitry Gubarev, Partner, Herbert Smith Freehills
Alexander Studentov, Deputy Head of Loan Syndications and International Finance, Gazprombank
Alexander Mikhaylov, Chief Executive Officer, Europlan
Joseph Clark, Director, EMEA Loans & Acquisition Finance, Citi
Evgeny Gaevskiy, Director, Syndicated Finance, ING
Moderated by: Denis Shanurenkov, Managing Director, Head of Syndications and Structuring, Sberbank
12.50 Optimizing capital by combining debt and equity: what does 2019 hold for mezzanine financing?
• Lack of investments in the market and sponsor capital and mezzanine capital as a substitute. Use of various instruments by Russian banks and investment companies.
• Case study: mezzanine financing with quasi-equity cash upside instrument.
• Case study: mezzanine financing of a large holding with lenders’ protections implemented by way of share retention agreements, corporate agreements and amendments shareholders agreement.
Artjom Buligin, Partner, Herbert Smith Freehills
Evgeniy Malygin, Director, Sberbank CIB
13.20 Networking Lunch
14.15 Chairman’s opening remarks
Oliver Blount, Managing Director and Head of Loan Capital Markets for CCE, ING Wholesale Banking
14.20 Bringing buyers and seller of CIS debt back to the market: Where are the opportunities in 2019?
• Local currency vs. hard currency: Assessing pricing, size, tenor considerations for CIS issuers
• Investing into CIS: What investors need to know:
• Economic fundamentals of each state and ratings
• Balance sheet health: Sovereign, Corporate and FI
• Funding and investment requirements
• Track record and growth stories
• Pricing, yield and tenor variances between states, banks, corporates: Which CIS issuers price tightest and why?
• Russian investors looking beyond RUB and international investors hunting for yield: What is driving demand for CIS paper? Where does it sit within managers’ portfolios?
• Local, regional and international lenders in CIS: How much local currency debt do CIS issuers have access to? How to work with local, regional and international partners to raise USD debt
Alexander Tuytuynnikov, Chief Financial Officer, Magnum
Munir Yakubov, Founder and CEO, Portfolio Investments
Nazira Satbekova, Head of Capital Markets Department, Eurasian Development Bank
Abid Mamedov, Chief Executive Officer, AzFinance Investment Company
Artem Koptev, Head of Financial Institutions, Development Bank of Belarus
Moderated by: Alexander Bulgakov, Executive Director, Debt Capital Markets, Raiffeisenbank
15.05 The CFO/Treasurers’ decision-making dashboard: The roadmap towards successful first-time bond and/or loan issuance
• The business case for converting bilateral loans into syndications and bonds: What are the pricing, tenor and yield expectations for Russian private corporates?
• The CFOs risk dashboard – Comparing and contrasting what can be achieved in each market:
o What deal size, price, tenor and yield can private Russia companies’ issue in the local RUB market versus the international market?
o Is a public rating required to issue? Is a local rating sufficient? How much does getting a rating add to the cost of issuance?
• What are the pricing expectations of RUB and USD investors? Are international and/or RUB capital markets attractive to prospective issuers?
• The CFO’s checklist: How to avoid delays and mistakes on the way to the public debt markets.
• Going international: How and when to hedge?
o What is the price of hedging FX and interest rates today?
o Derivatives in Russia: What has changed since last year? Can issuers access the swaps they need to hedge?
• What is the business case for borrowing in the local loan markets? What pricing and tenor can private companies secure in the Russian bank market?
• Case studies and success stories: The decision-making process and successful closing of bond and loan deals by private sector companies
Andrei Matsiavin, Chief Strategy & Investment Officer, Board Member, Eurotorg
Georgy Smirnov, Head of Treasury, Nordgold
Dmitriy Muz, Director of Finance and Investor Relations, Chelpipe
Anastasia Mishakova, Chief Financial Officer, Esta Construction
Tatiana Kuzmina, Economic Adviser, Central Bank of Russia
Philip Agrachev, Managing Director, CIB, Sovcombank
Moderated by: Mikhail Turetsky, Office Managing Partner, Latham & Watkins
15.50 Coffee and networking
16.15 The business case for Pre-Payment finance: Advantages and disadvantages outlined
• Understanding the market environment and challenges commodity exporters are facing to secure financing for operations
• Is Pre-Export Finance considered debt? How is prepayment finance being used as an accounting tool?
• Structure of prepayment financing: How is risk spread in prepayment finance? Who bears the majority – the creditor, supplier, or the end-buyer?
• Pre-Export Finance and other Structured Trade Finance solutions vs. Prepayment finance: Assessing the pros and cons
Peter Gloushkov, Advisor to the General Director, Tatneft
Grigory Marinichev, Partner, Morgan Lewis
Ivan Dun, Managing Director, Head of Loan Syndications and International Finance, Gazprombank
Elena Borodkina, Head of Corporate Finance, GV Gold
Constantin Koutzaroff, Managing Director, Global Head of Structured Commodity Finance, Credit Agricole CIB
Moderated by: Ilya Krasnov, Head of Corporate Finance, Metalloinvest
17.00 Drivers of rouble bond issuance: Where is the local currency market headed in 2019?
• How have the local currency markets responded to the push for de-dollarization?
• What are current issuances pricing at in yield and maturity?
• How liquid are these markets and how can this market be deepened?
• Local pension funds and asset managers vs international investors – who are the biggest buyers of rouble bonds, and how do their criteria compare?
• What opportunities are there for alternative currencies? What are the challenges to issuing in alternative currencies, and how can they be dealt with?
Alexey Tretyakov, Chief Executive Officer, Aricapital Asset Management
Pavel Skachkov, Group CFO, Kalashnikov Group
Vladimir Kozinets, Head of Treasury and Risk Management, Rolf Group and President, Russian Association of Corporate Treasurers
Alexander Smirnov, Head of Corporate Finance, MTS
Olga Gorokhovskaya, Managing Director, DCM, Sberbank CIB
Moderated by: Mikhail Avtukhov, Deputy Chairman of Management Board - Head of CIB, Sovcombank
17.45 Chairman’s closing remarks followed by networking cocktail reception and close of conference