+44 (0)20 7045 0920
6th and 7th November 2018, Shangri-La Bosphorus, Istanbul
+44 (0)20 7045 0920

Agenda

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Agenda

Day One: Tuesday 6th November

 

08.00 Registration and coffee

 

08.50 Chairman’s opening remarks

Spencer Maclean, Global Head of Bond Syndicate, Standard Chartered Bank

 

09.00  Welcome address     

Murat Centinkaya, Chief Executive Officer, Borsa Istanbul

 

09.20 What is Turkey Wealth Fund’s mandate?

  • How Turkey Wealth Fund will achieve its key goals in 2019 and within the next five years?
  • What are the key objectives and growth strategies of Turkey Wealth Fund?
  • What are the problems that need to be addressed and priorities to be focused?
  • How will the new management deliver results? How are the KPIs defined?

Zafer Sönmez, Board Member and Managing Director, Turkey Wealth Fund

 

09.40  Politics and Economics: How are they affecting Turkey’s financial markets?

Turkey is entering a new era, and a number of upcoming changes to its political economy will impact its real economy and its financial markets.  This session will bring together economists and analysts to make predictions about how exactly each of the following will have an impact:

  • Falling local interest rates vs. rising global interest rates: What are the consequences of a de-coupling?
  • Weakening TRY, rising inflation, and subsequent monetary policy to address the FX: How will this translate to the real economy and to the financial markets?
  • Politics: What is the short, medium and long-term impact of a change in political structure? Examples from around the world that provide an insight into the future
  • Global, political or economic volatilities: Which are going to have the biggest impact on Turkey and how?
  • Impact, implications and the future of the Credit Guarantee Fund on the Turkish economy
  • What impact will the current state of the real estate sector have on the real economy?

Naz Masraff, Director of Europe, Eurasia Group

Murat Ucer, Economist, GlobalSource Partners

Philippe Dauba-Pantanacce, Senior Economist, Standard Chartered

Habib Rab, Program Leader, Equitable Growth, Finance and Institutions, World Bank

Moderated by: Derin Altan, Partner, GKC Partners

 

10.25  Where, how and with whom to finance: How are Turkey’s globalising businesses financing expansion?

  • Politics, global rates, Turkey’s macroeconomic fundamentals: Hype or new reality? How much has the environment for fund raising changed since November 2017?
    • Where are Turkey’s global businesses expanding into? What are the target markets and sectors? Are they raising capital for expansion in Turkey or overseas? 
    • Which Turkish banks are supporting and following globalising businesses? Are Turkish globalising businesses developing new relationships with local banks on the ground? What is the role of international banks?
    • What is driving Turkish companies to invest and pitch for business abroad? What is the ROI? How much does availability and price of funding per country/region vary, and impact ROI?
    • Bonds vs. Loans, Hard currency vs. TRY borrowing: Demand and supply factors for each – what options do corporates have? Why are some products more favourable than others?

Burcu Geris, Chief Financial Officer, TAV Airport Holdings

Görkem Elverici, Chief Financial Officer, Sisecam

Irina Sfeir, Director, Debt Capital Markets, SMBC Nikko

Moderated by: Bora Tamer Yilmaz, Chief Economist, Halkbank

 

11.10  Coffee and networking

 

11.40  A strategic relationship: Evaluating Chinese investment into Turkey’s economy

  • Which projects under the ‘One Belt One Road’ initiative will come to market in the next 6-12 months and how will they be financed?
  • How can contractors and issuers attract Chinese investment?
  • To what extent is Chinese investment plugging the gap for project financing across the infrastructure and energy space in Turkey?
  • Understanding the criteria and strategic aims of/to ensure Chinese participation

Necmettin Kaymaz, Chief Projector Director, Invest in Turkey

Asli Erden Ozturk, Associate Director, Senior Banker, European Bank for Reconstruction and Development (EBRD)

Kemal Girginer, Head of Finance, Director, Siemens AG Turkey

Moderated by: Yiğit Arslancık, Head of Wholesale Banking, HSBC Bank Middle East Limited

12.25  The business case for conventional issuers to debut in the USD Sukuk market: Costs, disclosure, liquidity, trading performance

  • How have recent FI and sovereign hard currency Sukuk performed in comparison to conventional issuances in the last 6-12 months?
  • Diversifying: Why should corporates consider offshore Sukuk as part of their portfolio?
  • Are the costs and disclosure requirements prohibitive? How can issuance timetables be made more efficient?
  • How do issuers develop relationships with investors e.g. non-deal roadshows, reporting and investor relations?
  • How significant is FX risk for Turkish issuers in a US dollar offering?

Doug Bitcon, Head of Credit Strategies, Rasmala

Ahsan Ali, Head of Islamic Origination, Standard Chartered Bank

Nadia Zubairi, Head of DCM, Capital Markets, Bank ABC

Hitesh Asarpota, Managing Director, Head of Debt Capital Markets, Emirates NBD

Moderated by: Rizwan H. Kanji, Partner, King & Spalding

 

13.10  Networking Lunch sponsored by MUFG

 

14.20  Understanding today’s credit market dynamics: How are investors pricing Turkish credit?

  • Politics, economic underpinnings, market dynamics, credit ratings: How are investors pricing Turkey’s bonds?
  • What impact are rating actions having on bond pricing? Why can Turkey price inside its curve in the same week as being downgraded? When and where are investors using ratings in their pricing models?
  • Weakening TRY: How are investors hedging their exposure to Turkey? Is the FX an opportunity for newcomers to the Turkish market? What is the business case for inflation-linked bonds?
  • Pivot towards Asia: What is investor sentiment in Asia for Turkish bonds and sukuk?
  • Buy, sell, hold… Where does Turkey fit within the global fund manager’s portfolio today?

Ashwinder Singh Bakhshi, Director, Financial Sector Research, Barings

Richard Segal, Senior Emerging Markets Strategist, Manulife Asset Management

Todd Schubert, Managing Director and Head of Fixed Income Research, Bank of Singapore

John Bates, EM Corporate Analyst, Senior Vice President, PineBridge Investments

Novruz Bashirov, EM Portfolio Manager, Rimrock Capital Management, LLC

Moderated by: Damien Chew, Head of the EMEA Telecoms, Media and Technology, Corporate Ratings, Fitch Ratings

 

15.05  As rates peak to an 8-year high, what is the outlook for the syndicated loan market over the coming 12 months?

  • What are the success criteria for issuing a multi-tranche, multi-currency loan in todays’ climate? How has pricing been impacted in the last 6 months?
  • Who are the new players in the market: Where are they looking to lend? How do they plan to add value to an already competitive syndicated loan market?
  • As international banks continue to roll-over huge syndications in uncertain times what do local borrowers need to do to continue this line of credit?
  • To what extent are reductions in loan volumes being driven by the borrower side rather than by lenders? What does this mean?

Dr Oliver Socher, Head of Banking Germany, Baker McKenzie

Osman Karakütük, General Manager, Treasury and Internal Operations, Ziraat Katilim

Beril Oguz, Head of Financial Institutions, DenizBank

Aakriti Mehta, Director, Corporate Finance, Standard Chartered Bank

Selcuk Yesiltas, Finance Director, Ciner Group

Moderated by: John McWall, Group Head of Syndications, Bank ABC

 

15.50  Coffee and networking

 

16.10  Analysing the business case for companies to raise equity capital instead of debt

  • Opening the market for corporates across the spectrum: How have recent legislative changes paved the way for an equity capital markets revival?
  • What is driving demand amongst equity investors locally and globally? Are the drivers sustainable?
  • Supply-side and corporate finance assessment: Equity vs. debt, local vs. international – is equity capital cheaper than debt capital? What are the real costs associated with transactions?
  • If TRY rebounds will demand and supply reverse, making debt markets more attractive and bring an end to the much-hyped ECM revival?

Burcu Ozturk, Chief Financial Officer, Medical Park Hastaneler Grubu

Hale Ozsoy Biyikli, Director, Turkven

Burak Dalgin, Managing Director, Darby Overseas Investments

Mehmet Gonen, Executive Vice President, Borsa Istanbul

Moderated by: Megan Schellinger, Partner, Baker McKenzie

 

16.55  Refinancing the wall of Turkish debt: Where to turn and how to (re)structure when repayments loom

  • How much US-denominated debt is up for refinancing in 2019-20? How much will need to be refinanced into TRY debt?
  • Do Liabilities Management exercises work at time of stress? Why issuers should be encouraged to be proactive when facing upcoming repayments
  • How much capacity is there in the Eurobond market to absorb upcoming refinancings? What access to banks and corporates have, and what other funding avenues exist?
  • Negotiating terms with lenders and investors: When to start the process and what is the roadmap towards successfully refinancing liabilities and drawing out tenors?
  • When does refinancing turn into restructuring? What impact can the term “restructuring” have on pricing of the liabilities that are being refinanced? Can restructurings happen without companies being associated with default?

Markus Bayer, Executive Director, Debt Capital Markets, MUFG

Mehmet Yörük, Vice President, Finance and Funds Management, Dogan Holding

Aslıhan Çapanoğlu, Head of Group Treasury, Coca-Cola Içecek

Brigitte Posch, Managing Director, Head of Emerging Markets Debt, Apollo Global Asset Management
Işıl Ercan, Unit Manager (Corporate Loans Underwriting Division, Türkiye İş Bankası

Enrico Canzio, Chief Counsel, European Bank for Reconstruction and Development, EBRD

Moderated by: Güniz Gökçe, Associate Partner, GKC Partners

 

17.55  Chairman’s closing remarks followed by evening reception

Spencer Maclean, Global Head of Bond Syndicate, Standard Chartered Bank

 

 

Day Two: Wednesday 7th November

 

08.30  Registration and coffee

 

08.50  Chairman’s opening remarks

Muzaffer Aksoy, Chief Executive Officer, Turkey, Bank ABC

 

09.00  Banking Turkey: How are banks managing their assets and liabilities, and how are international lenders changing the way they bank Turkey in light of the changing credit environment?

  • How are Turkish banks managing their assets and liabilities? How much capacity is there to support customer financing needs in TRY? Under what criteria/conditions can they lend in USD?
  • Cost of Turkish banks’ credit lines and funding: What are the cost of funds in TRY/USD/EUR?
  • Now there is a limitation on USD/EUR funding, what is the role of international syndicated loan bankers? Who can they lend to? What are their strategies and criteria?
  • Turkish risk and refinancing: What has changed in 12 months for companies looking to refinance loans with Turkish and international banks?
  • ECA, IFI and DFI support: Why multi-source funding and a long-term corporate finance strategy is essential for Turkish banks and companies to successfully secure capital from loan and bond markets

Burak Egemen, Syndications & Treasury Client Solutions, Europe Middle East and Africa, International Finance Corporation

Mustafa Turan, Head of International Banking & Investor Relations, Vakif Bank

Şakir Sömek, Executive Vice President, Alternatifbank

Simon Derrick, Managing Director, Loan Syndications, Standard Chartered Bank

Moderated by: Caryn Bell, Director, EMEA Loan Structuring & Syndications, Citi

 

09.45  Funding in USD/EUR and collecting revenues in TRY: Why developers must find alternatives to USD/EUR bank lending to fund Turkey’s infrastructure

  • Can local banks step-in and plug the funding gap left by USDs and Euros in the project finance market? Who are the big local lenders who can lead deals in TRY?
  • Caps on USD/EUR funding: Under what circumstances will developers continue to finance projects in the offshore markets?
  • ECAs, DFIs and IFIs: What are their strategies to lend to projects in Turkey? How can sponsors and developers secure more funding from these lenders?
  • TRY Capital markets: How to structure deals in TRY to attract Turkey’s institutional investors to project finance-linked bonds, sukuk and capital markets securities
  • Tax incentives (eligible for investments in projects): Why have they not worked?

Semih Ergür, Chief Executive Officer, IC Holding

Selahattin Bilgen, Chief Financial Officer, IGA Airport

Yeliz Tufekcioglu, Head of European Region, International Network, SACE

Moderated by: Sule Kilic, Deputy Country Director, Turkey, European Bank for Reconstruction and Development (EBRD)

 

10.30  Coffee and networking

 

11.00  Assessing the opportunities for non-bank FIs and mid-sized corporates in the local capital markets

  • What are the products available to non-bank FIs and medium-sized enterprises: securitisation vs bonds vs sukuk, compared to price vs risk vs tenor?
  • Competing for liquidity: What are investors looking for?
  • Assessing what is required for more institutions to access the local capital markets rather than the loan market: education, pricing, structures?
    • Beyond Participation banks and frequent corporate sukuk issuers: What is the business case for a company that normally raises capital in conventional format to issue TRY sukuk?

Dr. Menevse Ozdemir Diliduzgun, Senior Manager, Debt Capital Markets Advisory, Halk Yatirim Olga Ucoz, Treasury Manager, Hayat Varlik

Moderated by: Emrah Yucel, Chief Investment Officer, Iş Portföy

 

11.45  Turkey Deals of the Year Case Study Roadshow

The session reviews the leading transactions from the past year.  A selection of the shortlisted nominees of the Bonds, Loans & Sukuk Turkey Deals of the Year will present their transactions, and by analysing the borrowers’ objectives, deals’ structure, market response and investor sentiment, highlight what made them so innovative and ground-breaking.  For borrowers, this is your opportunity to hear about accessing new markets to secure financing. Categories in the awards include:

  • Structured Bond Deal of the Year
  • Project Finance Deal of the Year
  • Export Finance Deal of the Year
  • Islamic Finance Deal of the Year
  • Syndicated Loans Deal of the Year

 

13.00 Chairman’s closing remarks followed by networking lunch and close of conference

Muzaffer Aksoy, Chief Executive Officer, Turkey, Bank ABC

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