Wednesday 1st March 2017
08.00 Registration and coffee
<b>08.50 Chairman’s opening remarks<br />Victor Rozhkov</b>, Head of Corporate Business and Financial Institutions, <strong>Banca Intesa Russia</strong>
09.00 How is the government planning to support the continued growth of local capital markets over the next 12 months?
- What initiatives is the Ministry of Finance planning to introduce over the next 12 months to foster the development of the local markets?
- What impact is the government’s fiscal policy expected to have on rouble market activity?
Konstantin Vyshkovskiy, Director, Department of Public Debt and Sovereign Financial Assets, Ministry of Finance, Russian Federation
09.20 What strategies will the Central Bank implement to manage interest rates in 2017 to sustain foreign investor interest, serve local demands and meet its 4% inflation target?
- Where is the Bank of Russia planning to keep interest rates in 2017?
- How will interest rate expectations affect borrowing trends in the capital markets?
- How is the CBR policy of interest rate cuts going to impact inflation levels over the next 12 months?
- Is the 4% inflation target realistic in light of interest rate movements?
Alexandr Polonskiy, Deputy Director, Monetary Policy Department, The Central Bank of the Russian Federation
09.40 EM rally vs interest rates vs credit quality: What is driving investor appetite for Russian risk?
- Fundamentals vs macroeconomic trends: What is the main reason behind international investors’ increasing interest in Russian assets?
- What interest rate level is attractive enough to keep global investors interested in Russian credit? Would lower rates lead to capital flight in 2017?
- How do local investors perceive Russian risk differently to their international counterparts? Why are local fund managers looking for opportunities elsewhere?
- Is Russian credit overpriced: Do local investors expect a pricing correction in the market?
Alexey Tretyakov, Chief Executive Officer, Aricapital Asset Management
Richard Segal, Emerging Markets Credit Analyst, Manulife Asset Management
Alexei Tchoukhlov, Chief Financial Officer and Deputy Chairman of the Management Board, Alfa Bank
Alexander Mints, Managing Director, O1 Group
Moderated by: Jean-Marc Mercier, Global Co-Head of Debt Capital Markets, HSBC
10.25 Demystifying the Eurobond market for first-time Russian issuers: What do mid-tier corporates need to know to successfully tap the international capital markets?
- Is now the time to issue: What market conditions are mid-tier corporates on the lookout for when deciding to issue in foreign currency?
- Structure vs. tenor vs. pricing vs. covenants vs. ratings process – what do first-time issuers need to keep in mind when taping the international markets?
- Identifying opportunities: What sectors are most likely to require hard currency in 2017? How are they planning to attract investors?
- What developments in the legal and regulatory framework for offshore bond issuance should Russian companies be aware of?
Priit Pedaja, Head of Capital Markets and Investor Relations, Global Ports Investments PLC
Michael Dunning, Managing Director and Head of Corporate Ratings for Europe, Middle East and Africa, Fitch Ratings
Blazej Dankowski, Head of Russia Debt Capital Markets, Citi
Moderated by: Richard Cohen, Senior Associate, Allen & Overy
11.10 Coffee and networking
11.40 Back to a borrower’s market: How are top-tier Russian names adjusting their fundraising strategies to the shifting liquidity supply-demand dynamics?
- What is driving corporate demand for niche forms of financing? What specific instruments are Russian blue-chips demanding from their bankers?
- How much liquidity are Russian companies looking to contract to meet future maturities? How much have they already refinanced and when are they looking to borrow next?
- The Eurobond market comeback: Is the pick-up in primary market activity in 2016 going to continue over the next 12 months? Has the market reached a tipping point?
- What conditions are bankers ready to offer to their Russian clients in a context of increased competition in the sector?
- What are the advantages of working with ECAs compared to commercial banks? What are the options for Tier 2 and Tier 3 companies looking to attract credit lines?
Ksenia Sergeeva, Head of Debt Financing, NLMK
Irina Bobrysheva, Head of Treasury, Severstal
Michael Sychev, Deputy Head of Debt Division, Gazprom Neft
Peter Gloushkov, Head of International Legal, Tatneft
Anna Gorskaya, Head of Corporate Finance and Treasury, Delo Group
Alan Kartashkin, Partner, Debevoise & Plimpton
Moderated by: Alexey Ievlev, Head of Client Coverage & Lending, ING BANK (EURASIA) JSC
12.40 What is going to drive the Russian loan market forward in 2017?
- Has the consolidation of the banking sector in Russia changed the terms banks are offering to their clients?
- How are international banks active in Russia adjusting their lending strategies to new competitive dynamics in the market?
- Rouble vs USD: How do hard currency loans compare to local offerings in terms of pricing, tenors and covenants?
- A new benchmark: Is a further repricing of Russian credit expected in light of new macroeconomic and supply-demand dynamics?
- Bilateral vs syndicated vs PXF: What are the benefits and costs of each loan format? Which structure is going to dominate market activity in 2017?
Nicolas Lipovsky, Managing Director, Head of Loan Origination, Central and Eastern Europe, Middle East and Africa, Credit Agricole CIB
Victor Rozhkov, Head of Corporate Business and Financial Institutions, Banca Intesa Russia
Yuri Korsun, Senior Managing Director, Head of Syndicated Lending Department, Sberbank CIB
Evgeny Gaevskiy, Director, Syndicated Finance, ING
Moderated by: Alexander Danilov, Senior Director, Financial Institutions, Fitch Ratings
13.30 Networking Lunch
14.45 Chairman’s opening remarks
Oliver Blount, Managing Director and Head of Loan Capital Markets for CCE, ING Wholesale Banking
14.50 The rise of rouble liquidity: What trends are expected to drive the development of the local markets over the next 12 months?
- Sovereign issuance vs rouble liquidity: Is the local market liquid enough to absorb the volume?
- Pension fund reform – when is this happening and will this lead to a reallocation of pension fund investment into Russian companies?
- Market champions: How are Russian banks planning to support the local market and what will affect rouble lending dynamics in 2017?
- What products are local bankers offering to their clients and how are they meeting the increasing demand for rouble financing?
Andrey Bush, Head of Capital Markets Department, IFC Solid
Aleksandra Zakharova, Head of DCM, Gazprom Neft
Alexander Smirnov, Head of Corporate Finance and Treasury, MTS
Oksana Klypina, Debt Capital Markets Director, Sberbank CIB
Denis Tulinov, Head of Investment Banking Department, B&NBANK
Moderated by: Dmitry Muz, Director of Finance and Investor Relations, ChelPipe
15.50 New restructuring opportunities: What product offerings are bankers working on to help Russian borrowers lower outstanding liabilities?
- Non-conventional restructuring: What new instruments are being used to allow a business to successfully restructure a distressed position?
- ‘Russian mezzanine restructuring’: How are banks and companies using mezzanine financing to restructure debt? What is preventing the use of these instruments on a wider scale?
- How do international banks attitudes’ to restructuring compare to their Russian counterparts? What are the rights of the borrower and the bondholders in each scenario?
- Is now the time to restructure debt: Is there an opportunity for non-distressed borrowers to take advantage of new product offerings to decrease their leverage?
Artjom Buligin, Partner, Banking and Finance, Herbert Smith Freehills LLP
Anton Kukoba, Executive Director, Syndicated Lending and Structuring, Raiffeisenbank
Denis Shanurenkov, Managing Director, Head of Syndications and Loan Trading, Sberbank CIB
16.35 What is preventing Russian corporates from using derivatives given historically cheap hedging options and ongoing global volatilities?
- Benefits vs risks: Understanding the risk-return ratio of implementing a hedging policy
- Duration, interest, price: What products can bankers offer to Russian corporates to successfully hedge their position?
- What internal checks and policies need to be put in place to implement a hedging policy?
- Swaps vs. FX vs. derivatives vs. interest rates derivatives: What products should borrowers use to tailor their hedging strategies to their business strategies?
Anna Tsaturyan, Head of Treasury and Corporate Finance, Uralkali
Ilia Eremin, FX & IR Sales - Global Markets Division, Credit Agricole CIB
Moderated by: Ilya Krasnov, Head of Corporate Finance, Metalloinvest
17.30 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.
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