08.00 Registration and networking
08.55 Chairman’s opening remarks
Jonathan Brandon, Managing Editor - Bonds & Loans, GFC Media Group Ltd
09.00 The anomaly of Brazilian risk models: What issuers and investors need to be mindful of when managing their finances and approaching the markets
• In stark contrast to global yield curves, the steepness of the BRL yield curve suggests no fear of inflation: Why? Is there a decoupling of Brazilian and global risk?
• The Philips curve anomaly: How is inflation low when interest rates are falling? Why is inflation not responding to high employment figures?
• Are CDS spreads too low given where BRL currency is? Is CDS as a model of measuring risk working for Brazil?
• What is the economics behind the prolonged growth cycle since the crisis? Are the headline figures reliable?
• The Economists’ verdict: What is the perfect balance of CDI, inflation, growth and investment? But where do Economists’ believe CDI be next year, in 2 years and in 3 years? What the real rate of CDI?
Carlos Kawal, Chief Economist, Banco J. Safra
José Franco Medeiros de Morais, Under-Secretary of Public Debt, National Treasury Secretariat, Ministry of Finance, Republic of Brazil
09.40 Banking Brazil: How are lenders changing the way they bank Brazil in light of improving credit quality and historically low interest rates?
• International banks approach to banking Brazil: What programmes, controls and compliance measures have international banks and their clients put in place to get comfortable with Brazil again? What concerns persist?
• Brazilian risk and refinancing: What has changed in 12 months for companies to be able to refinance loans with international banks at better rates and/or without financial covenants today?
• Future of the development banks: For the first time in history Development Bank loans are more expensive than commercial banks so where are DFIs looking to add value to the Brazilian loan markets?
• Cost of Brazilian banks’ credit lines: What are the cost of funds in BRL and USD? Where are Brazilian banks looking to contribute to the Brazilian loan markets?
Carlos Gradim, Treasury Director, Biosev
Jose Roberto Lettiere, Former Chief Financial Officer, Natura
Emerson de Pieri, Managing Director, Southern Cone, Barings Investments Latin America
Antonio Giglio, Partner, Demarest Advogados
10.20 Investment Grade Corporate Bond Deal of the Year: Positioning the business for success in the capital markets
• Company objectives and company financials
• Decision-making process of why and how to approach the market for capital: Why timing is key
• Execution and political and economic environment: How to position the business to investors
Danilo Garcez Doria, Finance Director, Braskem
10.40 Sub-Investment Grade Corporate Bond Deal of the Year: How an EM HY issuer can secure 30-year funding in the bond markets
• Company objectives and the capital markets: Decision-making process of why and how to approach the market for capital
• How capital markets funding/liability management exercises fit into the capital structure of the business
• Critical success factors and objectives
Marcelo Feriozzi Bacci, Chief Financial Officer, Suzano
11.00 Coffee and networking
11.25 Why and how: Incorporating USD bonds into the capital structure
• Company financing requirements
• Which markets were considered to raise capital and why Azul selected the bond markets
• Roadshowing and presenting to investors: What types of questions are investors asking Brazilian debut issuers?
• Why and how the transaction met the company’s objectives
Joelmir Silvestre Baumgratz, Senior Treasury Manager, Azul Linhas Aéreas Brasileiras
11.45 Ratings and Brazil’s capital markets: When will agencies act and what will be the impact on the markets?
• When will the rating agencies updated their assessments of Brazil? What are their assessment of growth-inflation-CDI-fiscal spend mix in Brazil?
• What are the likely impacts of negative ratings action? Have markets already priced-in the ratings actions?
• Ratings a driver or debt capital markets activity: Are ratings likely to have a long-term impact to Brazilian companies’ access to the markets or will investors’ hunt for yield mean any ratings action will only have a short-term impact?
• What can Brazilian companies do to insulate or limit the impact of a negative ratings action at the sovereign level?
Jean-Dominique Butikofer, Head of Emerging Markets Fixed Income, Voya Investment Management
Marcelo Tramontina Peixoto, Portfolio Manager, Fixed Income, Santander Asset Management
Diego Ocampo, Senior Director and Sector Specialist, Corporate Ratings, S&P Global Ratings
12.25 Politics and volatility: How much will bond pricing and spreads be impacted by elections and regional politics?
• August 15th, Brazil’s election and market volatility: What can be learnt and prepared for by analysing market volatility in the run-up to Trump’s presidential victory?
• Election risk: What is the markets’ evaluation of each candidate’s impact on the capital markets?
• The power of politics: Are credit spreads being driven more by politics than by economic fundamental and market technical?
• What are the regional political events to watch out for that are likely to impact markets?
• 2017 was the year of global political volatility: But are there any events to look-out for in 2018?
Zeina Latif, Chief Economist, XP Investimentos
Alexei Remizov, Managing Director, Latin America, Global Capital Markets, HSBC
Moderated by: Peter Baumgaertner, Partner, Pillsbury Winthrop Shaw Pittman LLP
13.05 Global syndicate: A top-down view of the market and its future
• Global volumes, structures and pricing: Where are the large deposits and where is the capital headed? How can borrowers tap into this liquidity?
• Evolution of the role of bankers as intermediaries: Will the relationship banking model endure?
• Cooperation between banks and investors in Emerging markets: Structuring deals to align bank requirements with investor demands
• The (Loan) Price is Right: How would bankers approach pricing Brazilian Corporate, ECA, Acquisition and Project Finance Loans?
Luiz G. Tavares, Director, Syndications Americas, ING Capital LLC
Moderated by: Russell DaSilva, Senior Counsel, Pillsbury Winthrop Shaw Pittman LLP
13.45 Networking lunch
15.00 Long term BRL funding: When will the local currency market become a long-term alternative for Brazilian issuers?
• Accessing long-dated BRL funding: How can bankers and issuers work with investors to draw out tenors on local deals from 3-5 year to 10-15 years?
• Issuing (Euroclearable) offshore local currency bonds: Successful case studies from Mexico, Chile, Peru, Colombia and Uruguayan issuers … but why are Brazil late to the party?
• Platforms allowing retail investors to make-markets: What is the long-term potential impact to market liquidity?
• Is the new equilibrium CDI rate sustainable? Was the 2017 spike in BRL bond market activity short-lived (like 2012) or are there structural reasons why issuers and investors are coming back to the market?
• Attracting Brazilian exporters to the market: Issuing locally and swapping from fixed BRL to fixed USD – pricing, tenor, structure
Patricia Pimenta, Senior Portfolio Manager, Bradesco Asset Management
Jean-Pierre Cote Gil, Partner, GPS Planejamento Financiero (a Julius Baer Group Company)
Eduardo Martins, Finance Director, EDP Brasil
Ricardo Carvalho, Senior Director, Fitch Ratings
15.40 ESG, Green bonds: Why Environment, Social and Governance (ESG) is a core criterion for issuers looking to secure sponsorship from bond investors
• International investors are increasingly looking at ESG as a core criterion in their investment process: What issuers must EM issuers do to improve ESG scores? What are the expectations and the realities?
• Corporate responsibility in the Emerging markets: What are companies doing to improve transparency and deter corruption
• Preparing to go Green: What do issuers need to do before launching a Green bond?
• What are the challenges and opportunities for the development of the green bond market in Brazil?
Jack Deino, Head of Emerging Markets Fixed Income, Blackrock
Priscila Grecov, Deputy Secretary for Microeconomic Policy, Secretary for Economic Policy, Ministry of Finance, Republic of Brazil
Claudio Matos, Director, Debt Capital Markets, Brazil, HSBC
Gustavo Pimentel, Managing Director, SITAWI Finance for Good
Moderated by: Jonathan Kellner, Partner, Head of Sao Paulo Office, Shearman & Sterling LLP
16.20 Coffee and networking
16.35 Project finance: How can Brazil efficiently channel private sector investment into infrastructure projects?
• What is the appetite and quality of demand for funding? How much impact are new governance and compliance models having on the business environment and investors’ and lenders’ perception of risk?
• How to attract new capital into infrastructure projects: What structures/covenants can be put in place to put investors and lenders at ease?
• BRL bonds, syndicated loans, ECA financing: Which markets are available to project developers? How are they evaluating their options?
• Adjusting the model: What needs to change for Brazil’s infrastructure to be financed in the debentures market?
• Lessons learned from the recession: How did projects perform during the crisis and how can future transactions adapt and improve
Erik Breyer, President, Invepar
Camila Abel Correia da Silva, Director of Treasury, Risk and Investor Relations, AES Brasil
Bernardo Costa, Vice President, Senior Analyst, Project Finance and Infrastructure Group, Moody’s Investors Service
Nuno Faria, Junior Partner, Demarest Advogados
17.15 Opportunities in structured finance market: How are securitised assets linked to strategic sectors performing and what is the outlook for the markets in 2018?
• Investing in Brazil’s agriculture: What is driving the demand for structured assets linked to agriculture in 2018? Is the CRAs market oversaturated?
• Mortgage Backed Securities and Real Estate Investment Trusts: What are the latest developments in the CRI space?
• What does the law say in the case of distressed CRAs and CRIs: Who is protected in the case of a default? Do foreign and local buyers enjoy the same protection?
• NPLs linked to real estate and agriculture: Who are the buyers of Brazilian NPLs? How are regulations currently impacting the opportunities to develop an active secondary market?
Marcelo Cosac, Partner, Madrona Advogados
Rob Weintraub, Partner, Portfolio Manager, Vision Brazil Investments
Daniel Eskinazi, Principal, Private Debt, Darby Overseas Investments (subsidiary of Franklin Templeton Investments)
Jonatas Couri, Partner, Ecoagro
Michael Fridman, Rio Bravo Investimentos
18.00 Chairman’s closing remarks and close of conference