2019 Draft agenda
2019 Draft agenda
Realising Brazil’s privatisation programme: How much capital is required and where will it be raised?
• Debt vs. equity, local vs. international, bonds vs. loans: How much public debt will be required to finance the privatisation programme?
• Privatisations and Brazil: How does the government plan to privatise key industries?
• What impact does the proposed plan to downsize and securitize Caixa Economica’s loan portfolio have on the privatisation programme?
GDP growth and infrastructure development: How will the government finance its way in the markets towards a new economic vision?
• What is the current role of government agencies on fostering innovation and infrastructure development?
• Balancing fiscal discipline vs. re-kick-starting growth: How does the government plan to lower tax, reform pensions and maintain fiscal discipline?
• What are the implications of a potential funded pension scheme on fixed income in a time of lower interest rates?
• Transitioning from lender to market facilitator: What is BNDES’ role going forward and how will BNDES’ activities stimulate private investment into the economy?
Marina Anselmo Schneider, Partner, Mattos Filho
The Bulls, the Bears and the Heads of Debt Capital Markets: Gauging investor sentiment for Brazil and its outlook
• Sentiment vs. expectation post-election honeymoon: How do investors and lenders feel about Brazil’s prospects and outlook 6 months in?
• Which sectors and transactions are in higher demand? And what are the litmus tests for the new (Brazil) administration?
• Pension reform and privatisation programmes: What does the new economic vision for Brazil look like? How much capital is needed to finance it? How much will be raised on the external debt markets?
• Trade, politics, credit ratings and rates: How is Brazil’s economy responding to international and domestic volatility? How are they impacting spreads?
• The curious case of US/China relations: With whom is Brazil aligning and what is the impact on capital flows?
• Monetary policy and interest rates strategy: What is the new equilibrium (benchmark) rate of interest? What will be the impact of the new benchmark rate on bonds and loans activity?
• Ratings outlook: Where are the pressure points? What can companies insulate themselves from volatility? Can Brazil decouple from a slowing global economy?
Emerson de Pieri, Managing Director Southern Cone, Barings Investment Latin America
Jean-Pierre Cote Gil, Director, GPS Investimentos
Alexei Remizov, Managing Director, Latin America Global Capital Markets, HSBC
Milton Pinatti Ferreira de Souza, Partner, Lobo de Rizzo
Diego Ocampo, Senior Director and Sector Lead, Corporate Ratings, S&P Global Ratings
What are the new demand and supply dynamics driving Brazil’s syndicated loan markets?
• Analysing demand and supply: Who is looking to lend? Who is looking to borrow? How much capital can local and international banks commit to in new money versus refinancing in Brazil?
• How have international lenders adapted the way they bank Brazil? Why are select global banks without a Brazilian balance sheet lending in reais?
• Borrowing in BRL vs. USD: Comparing and contrasting pricing, size, tenor and terms/covenants
• Are Brazilian banks transitioning from a buy-and-hold approach to the role of providing demand at issuance and develop the secondary market?
Carlos Gradim, Treasury Director, Biosev
Monica Macia, Head of Syndicated Loans, Americas, HSBC
Claudio Pitchon, Head of Corporate and Investment Banking Brazil, Mizuho
Fintech and alternative banking: How are developments of non-bank financing solutions impacting capital markets activity?
• Local banks monopolise the market: Is the rise of challenger banks realistically a threat to products offered by traditional banks?
• Boost in institutional investor interest in cryptocurrency and alternative payment platforms: What impact will this have on payment processes within capital markets?
• Will the Central Bank and CMV increase regulation for FinTech? How could this affect the market activity? Heightened competition versus hemmed creative environment for FinTech
• What are the prospects for a regulatory sandbox for fintech in Brazil? Could one model work for capital markets, credit and insurance fintech?
Pedro Calhman, Subsecretary of Macroeconomic Policy and Infrastructure Financing, Secretariat of Economic Policy, Ministry of the Economy
Daniel Eskinazi, Principal, Darby Overseas Investment
Successfully financing a public-private engagement in an environment state owned dominated environment
• Decision-making process of why and how to approach the market with BNDES involvement
• Analysing innovative deal structure: A loan, ECA covered project bond and parallel loans
• Methods to secure long tenor financing in local currency
• How does ability to close deal with a mix of existing and new co-lenders affect future deal structures?
Senior Executive, CELSE
Funding post-BNDES: How to finance infrastructure concessions in the new Brazil
• What is impeding development of infrastructure projects in Brazil?
• Increased demand for ploughing CAPEX into infrastructure projects: What structures are working?
• How to finance infrastructure projects with BRL cashflows in US dollars
• Coming and going: Which international investors are looking to sponsor projects previously sponsored by larger local players?
• Long-term BRL funding: How can bankers, issuers and investors work together to increase tenors on local deals from 4-7 years to 10-15 years?
Caio Figueiredo, Chief of Staff, Secretariat of Infrastructure, Ministry of Economy
Eduardo Masson de A. Martins, Chief Financial Officer, EDP Brasil
Luiz Distrutti, Director, ING
Evolution of structured debt (CRIs, CRAs and securitisation) in Brazil: Do they make sense following a change in regulation?
• Private/public investment into agribusiness: Funding post-subsidies and change of regulation
• Is the rigorousness of the CRA regulation keeping away issuers or is the increased protection attracting investors?
• Foreign entry for investors on the CRAs is weakened by the taxation on the exchange rate. Is the protection good or bad news for investors?
• Fixed income vs. variable income and structured products: Where are the opportunities for investors in Brazil?
• Will the CRI, CRA and FII markets survive if the Federal Government cancels the income tax exemption applicable to these securities?
• What can we learn from CVM 356 regulation on FIDCs that is applicable to the CRAs and CRIs legislation?
Michael Fridman, Senior Structured Products and Fixed Income Analyst, Rio Bravo Investimentos
Jonatas Couri, Partner, Leaf Capital Partners
Bruno Gomes, Head of Alternative Investments, CVM
Thiago Giantomassi, Head of Capital Markets, Demarest
Liquidifying Brazil’s derivatives markets: Locking in rates before the tsunami of higher interest rates
• What is the (coming) risk to the unhedged portfolios/positions in Brazil? How can companies protect themselves against FX and credit risk exposure?
• Assessing the liquidity and complexity of Brazil’s derivatives market: Which products are best suited to hedge against macro-economic uncertainty in Brazil?
• Product-by-product: How do they work? What are the pros and what are the cons? How suitable is each product to the risk it is covering?
• What is the current cost of hedging? Strategies to lower costs to stimulate Brazilian companies trading in the derivatives market
Joelmir Silvestre Baumgratz, Senior Treasury Manager, Azul Linhas Aéreas Brasileiras
The burgeoning demand for green finance: Examining Environment, Social and Governance (ESG) as a vehicle for bond investment in Brazil
• Increased international appetite for ESG as an investment tool: How can issuers improve ESG scores? What do investors expect versus the reality?
• Corporate responsibility in the Emerging Markets: What methods are corporates implementing to improve transparency and deter corruption? TCFD recommendations: from theory to practice – what are the challenges?
• Going Green: Steps issuers need to take prior to launching a Green bond
• How can Brazil develop a green bond market to finance the agribusiness sector?
• What are the new challenges and opportunities for the continued development of the green bond market in Brazil?
• How can fintech contribute to green finance?
Jack Deino, Head of Emerging Markets Fixed Income, Blackrock
Raul Cadena, Chief Financial Officer, Votorantim Energia
Daniel Kastholm, Managing Director, Fitch Ratings
Accessing the bond and loan markets to successfully finance in Brazil in 2019
• Securing flexible financing to push through a bid and successful merger
• Company strategy and strong investor appetite for deal: Decision-making process of why and how to approach the market for financing
• Loan structure and ability to search for best alternative in tenor and pricing
• Method for cancelling the bridge: flexible finance mix (cash, local and international debt capital markets)
• Assessing possibility of launching bond structure in local market
Marcelo Feriozzi Bacci, Chief Financial Officer, Suzano