08.00 Registration and coffee
08.50 Chairman’s opening remarks
Spencer Maclean, Managing Director and Head Debt Capital Markets, Europe, Standard Chartered Bank
09.00 A new dawn: Repositioning Turkey for growth post-referendum
• The new strategic direction of Turkey’s economy: The business case for international investors to buy Turkey
• What are the growth and investment plans for Turkey? Where will these initiatives be financed?
• Credit guarantee funds to maintain capital flows in the local markets: What other initiatives are in the pipeline?
Mehmet Şimşek, Deputy Prime Minister for Economic Affairs, Republic of Turkey
09.40 GDP, current account, inflation and forex: What are economists’ assessment of Turkey’s macroeconomic fundamentals?
• Global economics and politics: What external factors are likely to impact Turkey most in 2018-19?
• Rising current account and FX volatility: How much pressure is this putting on the economy?
• How much has the downgrade in Turkey’s credit rating impacted the economy?
• Political volatility vs. economic stability and individual company balance sheets: What is the overall assessment of Turkey?
Murat Üçer, Advisor, Global Source for Turkey and Koc University
Ali Kirali, Director, Economic Research and Strategical Planning, Odea Bank
Banu Kıvcı Tokalı, Research Director, Halk Invest
Moderated by: Maya Senussi, Senior Economist MENA, Oxford Economics
10.20 Treasury and Capital Markets: Outlook on growth, financing and managing risk
• What are CFOs and Treasurers’ outlook on growth locally, regionally and globally?
• What are the key risks Turkish companies face in the current market? How are CFOs and and Treasurers managing their balance sheets and capital structures?
• Hedging and liability management: Is not the time to lock-in rates and renegotiate outstanding liabilities?
• A successful capital markets strategy to support a business in times of high market volatility: How are CFOs and and Treasurers approaching financing of their companies?
Görkem Elverici, Chief Financial Officer, Şişecam
Mert Öncü, Assistant General Manager – Treasury and Financial Institutions, Yapı Kredi
Burcu Geriş, Vice President and Chief Financial Officer, TAV Airports Holding
Moderated by: Hulusi Horozoglu, Assistant General Manager, Managing Director, Head of Wholesale Banking and Investment Banking, Turkey, HSBC
11.00 The rise and rise of participation banking: Financing the next power-players of the Turkish banking in the capital markets (sukuk)
• How liquid are the Turkish participation banks? Are they in need of capital? What is their cost of funding?
• Issuing sukuk to finance commercial growth: Analysing Participation banks’ business plans and a look at when they will be needing capital
• Linking Turkey with GCC and Asia: Can the Participation banks trail blaze investment gateways that will open up greater flows between GCC/Asia with Turkey?
Ahsan Ali, Head of Islamic Origination, Standard Chartered Bank
Doug Bitcon, Head of Fixed Income Funds and Portfolios, Rasmala
Malek Khodr Temsah, Executive Vice President, Treasury, Investment Banking and Financial Institutions, Albaraka Türk Participation Bank
Ruşen Ahmet Albayrak, Executive Vice President, Treasury, Investment and International Banking, Kuveyt Turk Participation Bank
Moderated by: Muzaffer Aksoy, Chief Representative, Bank ABC
11.40 Coffee and networking
12.00 Turkish banks vs. corporates: Investors’ analysis of individual company fundamentals versus market technicals – where are the opportunities?
• CDS, trading performance and pricing of Turkish bonds: What are investors’ evaluation of Turkish banks vs. Turkish corporates?
• Regulation and core capital: Are banks strong trading performance matched by their underlying risk? Are Turkish corporates?
• Quasi-government banks as a driver for Turkey’s growth: But is the political agenda to help support economic growth placing these banks at greater risk?
• A new dawn and beyond the referendum: Why investors continue to buy into Turkey
Brigitte Posch, Managing Director, Head of Emerging Market Debt, Barings
John Bates, Portfolio Manager, Head of Corporate Research, EM Fixed Income, PineBridge Investments
Rodney Thomas, Principal and Head of Emerging Market Credit Research, Apollo Global Management
Sedef Gunsur, Fixed Income Advisor – Executive Director, Bank of Singapore
Gülnur Üçok, Vice Chairman, Turk Rating
Moderated by: Paul Farrell, Corporate Trust, MENA & Turkey Head of Sales and Relationship Management, BNY Mellon
12.45 Bonds vs. loans, international vs. local: Which markets offer borrowers and issuers the best options given current market conditions?
• TRL vs. USD vs. Euro – which markets offer Turkish borrowers the cheapest all-in cost of funding?
• Should Turkish entities continue to borrow in foreign currency given the recent large FX swings and associated issues that have been faced?
• Public vs. private markets: Is there reverse-enquiry demand for Turkish debt?
• Is the wall of maturities in 2018/19, added to TRL volatility, putting pressure on the banking sector? How are corporates managing their maturing liabilities and the associated risks of refinancing?
• Sukuk and Islamic capital market structures: Do Turkish corporates feel they are competitive?
Hitesh Asarpota, Managing Director, Head of Debt Capital Markets, Emirates NBD
Atiye Er, Head of Corporate Finance, Anadolu Group
Gulbin Uzuner Bekit, Chief Financial Officer, Akfen Holding
Cigdem Cerit, Associate Director, Corporates, Fitch Ratings
Moderated by: John McWall, Group Head of Syndications Capital Markets, Bank ABC
13.30 Networking lunch sponsored by MUFG
14.45 Boosting core capital of Turkey’s banks: What has driven hybrid bonds to reach record issuance in 2017? Will it continue to be popular in 2018… but will investors buy?
• Basel III and the Turkish banking sector: What has caused the growth of hybrids in 2017?
• Regulation and bank capital: How has the regulators’ measures to alleviate the pressure on banks’ capital ratios impacted market?
• Outlook for the coming years: Are banks expected to issue Additional Tier 1 in the near future or will they be restricted to the Tier II capital instruments they have issued to date? What would the benefits be in Tier 1 issuance?
Markus Bayer, Head of CEE Debt Capital Markets, MUFG
Rajan Bagri, Head of FIG DCM, Europe and Americas, Standard Chartered Bank
Mustafa Turan, Senior Vice President, Head of International Banking & Investor Relations, Vakifbank
Ashwinder Singh Bakhshi, Director, Financial Sector Research, Barings
Moderated by: Derin Altan, Partner, Çakmak-Gökçe Avukatlık Bürosu
15.30 How can international banks carve out a niche in the Turkish syndicated loan markets?
• Is the weakening TRL impacting Turkish banks appetite to lend in USD and euros to projects? Does this open up an opportunity for international lenders to enter the market?
• Ticket sizes, pricing, tenor: Evaluating Turkish banks’ lending capacity and understanding what international banks need to put on the table to be competitive pitching for a deal
• Which international banks are ready and willing to lend beyond Financial Institutions in Turkey? Which sectors are they ready and willing to lend to?
• Who are the new players entering the market? Where do they see opportunities in the Turkish loan markets?
• What are IFI/DFI’s involvement in the debt and capital market space in Turkey?
James Copper, Director, Syndicate Sales and Trading Debt Capital Markets – Loans and Bonds, MUFG
Batuhan Tufan, Senior Vice President, Head of Financial Institutions, Garanti Bank
Daniel Borrego Cubero, Senior Banker, Loan Syndications, EBRD
Erdem Evgin, Executive Director, Financial Institutions, Standard Chartered Yatirim Bankasi Turk A.S.
Moderated by: Kathrin Marchant, Partner, Baker McKenzie
16.15 Coffee and networking
16.30 Working with local investors to raise capital in the TRL bond/sukuk markets: Attracting growth companies and non-bank financial institutions to the market
• Pension funds and liquidity: How government compulsory pension schemes have boosted liquidity in the TRL bond markets: What size of deal can the local markets digest?
• Pricing and tenor: How do they compare with international bond markets and TRL loans?
• Government and CMB initiatives to broaden the products available to issuers in the local markets
• TRL sukuk, asset-backed bonds: Does the additional structuring attract greater investor demand?
Adem Duman, Chief Financial Officer and Head of Marketing, Vakif Emeklilik Ve Hayat
Osman Yılmaz, Head of Treasury, Turkcell
Abdullah Kunt, Head of Portfolio and Fund Management & Assistant General Manager, Azimut Portfoy
Tevfik Kınık, Executive Vice President, Credit Analytics and Capital Markets, Aktifbank
Moderated by: Mehmet Ali Ersari, Chief Investment Officer, Ak Asset Management
17.15 Options for financing in the equity markets: Raising capital in IPO markets and successfully exiting private equity investments with IPO
• Evaluating the different way in which equity and fixed income investors perceive opportunities in Turkey: Is Turkey a buy, sell or hold?
• First Turkish PE exit through IPO: What were the legal and regulatory framework needed to make it a successfully IPO? How is this new Turkish product attracting international PE firms to participate in the Turkish market?
• IPO as an alternative route to raising capital in the public markets: What are the benefits to companies looking to boost capital in foreign stock exchanges? How Global Ports Holding IPO is opening the attraction for other top tier companies to go public?
Burak Dalgin, Managing Director, Darby Overseas Investments Ltd
Barış Seven, Investment Professional, Turkven Private Equity
Simon Porter, Partner, Baker McKenzie
Jan Fomferra, Director Corporate Finance, Global Investment Holdings
Moderated by: Muhsin Keskin, Partner, Esin Attorney Partnership
18.00 Chairman’s closing remarks followed by evening reception
Day Two: Project Finance & Capital Markets Turkey
08.30 Registration and networking
08.50 Chairman’s opening remarks
Muzaffer Aksoy, Chief Representative, Bank ABC
09.00 How Turkey’s newly formed Sovereign Wealth Fund will support and mobilise capital to develop the country’s infrastructure projects
- Strategy of the Turkiye Varlik Fonu (TVF): How it plans to support the development of domestic infrastructure? How much capital does it have to invest into infrastructure?
- Financier, creditor or guarantor: How will deals be structured to combine TVF funds with private sector investors and lenders?
Yiğit Bulut, Board Member, Turkiye Wealth Fund
09:30 Refinancing projects in the current market environment: What are the best options for developers and borrowers?
- How much is FX volatility impacting performance of Turkey’s projects?
- Process and execution: How is restructuring long term project finance deals different from a corporate restructuring?
- Balancing cost of structuring with liquidity: How much additional liquidity do well-structured deals attract? How does structuring impact on fees and overall cost of funding?
- How are Turkish Credit Guarantee Fund and the Sovereign Wealth Fund going to impact the refinancing of projects?
- Issuing bonds to refinance: Are bonds and projects bonds an option?
- When should developers/sponsors engage advisors?
Kerim Kemahli, Member of the Board, Chief Financial Officer, Nurol Holding
Salih Fatih Güneş, Treasury Director, Türk Telekom
Hale Tunaboy Yayla, Head of Project and Structured Finance, Yapi Kredi Bank
Gülyüz Sungur, Project Finance Unit Manager, Türkiye İş Bankası
Moderated by: Güniz Gökçe, Partner, Çakmak-Gökçe Avukatlık Bürosu
10:20 Coffee and networking
10:40 Exploring creative structures: A case study of Elazig PPP Hospital green infrastructure project bond
- First greenfield project bond: How was the deal structured? Can it be replicated for other infrastructure assets?
- Who are the investors in TRL project bonds? How far are investors ready to draw out tenors? What size of deals can the market digest?
Şule Topçu Kılıç, Deputy Country Head, Turkey, EBRD
Christopher Millward, Head, EMENA Region (Acting), MIGA, World Bank Group
Omri Gainsburg, Investment Director, Meridiam Infrastructure
Elif Canbey, Health Investment, Chief Financial Officer, Ronesans Holding
Michel Andre Volle, Managing Director, Infrastructure and Real Estate Group, HSBC
Moderated by: Banu Aslan, Partner, Bezen & Partner
11:30 Banking on PPP and international investors: Structuring deals to successfully attract necessary investment into Turkish projects
- Increasing appetite: What steps can be made to increase the willingness of international banks and investors to continue raising long-term financing for projects?
- Analysing risk and reward: Are Turkish energy and infrastructure projects bankable?
- What are developer/sponsor criteria when looking at project financing? Does the PPP model fit? Can the structure be replicated?
- Structuring a deal with ECAs: What are the keys to success? Which ECAs are looking to lend to Turkish projects? What are their criteria when selecting projects?
Famer Engin, Senior Regional Manager Eastern Mediterranean & Caucasus, Export Development Canada
Alessandro Dellino, Concessions Operations Manager Turkey & Far East, Astaldi Concessioni S.p.A.
Yeliz Tufekcioglu, Head of European Region International Network, Sace
Moderated by: Burak Egemen, Syndications & Treasury Client Solutions, Europe Middle East and Africa, IFC
12:20 Chairman's closing remarks followed by networking lunch
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