Day One: Tuesday 6th June
08.00 Registration and coffee
09.30 Chairman’s opening remarks
Claudio Matos, Director, Debt Capital Markets - Origination, HSBC
09.40 How is the government planning to reform Brazil’s economy and bring back growth in 2017?
• Update on the reform agenda: What reforms are the government planning to introduce in 2017?
• How is the Ministry planning to reach its fiscal spending targets in the last 6 months of the year?
10.00 What factors will determine investor appetite for Brazilian credit in 2017?
• What do investors need to see from the policy and market environment to encourage them to deploy their funds in Brazil?
• Assessing Brazil as an investment destination: How does Brazil compare to other emerging markets in a fund manager’s portfolio?
• How differently do international investors perceive the situation in Brazil compared to their local counterparts?
• Public vs private debt: What encourages investors to buy sovereign over private risk? Are fund managers going to increase their presence in the commercial credit space in 2017?
Greg Saichin, Chief Investment Officer, Global Emerging Markets Fixed Income, Allianz Global Investors
Wilbur Matthews, Chief Executive Officer and Chief Investment Officer, Vaquero Global Investment LP
Daniel Eskinazi, Principal, Darby Private Equity
Moderated by: Marianna Waltz, Managing Director, LATAM Corporate Finance, Moody’s
10.50 Coffee and networking
11.20 Banking Brazil: What are the new market dynamics and how are they going to continue to evolve over the next 12 months?
• How is the increasing concentration of the banking sector impacting the competitive dynamics of the loan market?
• What are banks looking for when lending to their clients? What requirements do borrowers need to satisfy to secure better rates and terms?
• How liquid are Brazil’s banks and how much of their liquidity are they ready to release to local businesses in 2017?
• How will banks adjust their lending strategies to lower domestic interest rates in the year ahead?
Helena Radzyminski, Managing Director, Head of Loan Syndications Latin America, Natixis
Monica Busch, Senior Regional Manager, Brazil & Southern Cone, Export Development Canada
Jaime Frontera, Managing Director, Loans Syndications, Credit Agricole CIB
Cynthia Cohen-Freue, Director & Sector Lead Latin America Financial Services Ratings, S&P Global Ratings
Kristie Pellecchia, Executive Director, Head of Loan Syndications for Latin America and US Corporates, SMBC
Mónica Macia, Head of Syndicated Loans, Americas, HSBC
Moderated by: Antonio Giglio, Partner, Demarest
12.20 From loans to bonds: How are Brazil’s mid- and top-tier corporates adjusting their funding strategies to the new normality?
• How much funding will Brazil’s companies need in 2017? What instruments will they use to diversify their portfolios, manage cash flows and meet outstanding liabilities?
• Eurobonds, securitization and trade financing: What opportunities does the use of more complex structures create for Brazil’s capital intensive industries?
• How much liquidity are Brazilian companies able to access in the international capital markets? How would a more expensive USD market impact their funding strategies?
• Is tapping the Euro market a viable alternative to the USD bond market? What do Brazilian corporates need to know to successfully issue a Euro-denominated bond?
Carlos Gradim, Treasury Director, Biosev
Samuel Canineu, Managing Director, Syndications Americas, ING Capital LLC
Arthur Rubin, Head of Latin America Debt Capital Markets, SMBC Nikko Securities America, Inc.
Moderated by: Diego Ocampo, Senior Director & Sector Lead Latin America Corporate Ratings, S&P Global Ratings
13.10 Networking lunch
15.00 Developing a private market for Brazil’s infrastructure: How are projects going to be financed in the absence of government subsidies?
• Addressing FX risks: What mechanisms can be used to limit foreign investors’ exposure to exchange rate fluctuations and secure long-term credit lines for Brazil’s projects?
• Challenging the local institutional investor base: Why Brazil’s infrastructure cannot rely on foreign investment alone and what do local fund managers need to contribute?
• What role will Brazilian banks play in funding infrastructure development: What is their rationale behind investing in a project?
• A new role for BNDES: What new initiatives and products will the development bank introduce to continue supporting the infrastructure sector?
• What regulatory adjustments are needed in order to provide traction to the debenture market in Brazil?
Eduardo Masson de Martins, Chief Financial Officer, EDP Brazil
Daniel Aquino, Head of Project Finance Brazil, Credit Agricole CIB
Guilherme Ballvé Alice, Head Specialized Finance Brasil, Sumitomo Mitsui Banking Corporation
Moderated by: Eduardo Lima, Partner, Tauil & Chequer Advogados in association with Mayer Brown
15.50 When are derivatives an effective way to avoid losses in a context of ongoing volatilities?
• FX vs commodity prices vs interest rates: What are the key risks Brazilian companies need to hedge against in 2017?
• Regulating derivatives: What local and international regulations are coming into place in 2017 and how are they going to impact the cost of using derivatives?
• How are Brazilian companies securing credit lines in order to hedge their positions? What are the requirements and experiences?
• Is using swaps to exchange dollar obligations into reals more cost-effective than taking out a BRL loan?
Fábio Zenaro, Superintendente de Produtos, B3
Luis Kondic, Head of Treasury Products and Structuring, Citi Brazil
Monica Futami, Legal Manager, BNP Paribas – CIB Legal
Moderated by: Helen Naves, Partner, Trench Rossi Watanabe – in association with Baker McKenzie
16.40 Establishing a comprehensive legal framework to allow Brazilian companies to successfully restructure their debt
• Resolving the complexity of the local law: What aspects of the bankruptcy law need to be changed to allow for a more time and cost efficient restructuring process?
• A market case for restructuring: What market solutions can be developed to replace lengthy bureaucratic legal proceedings?
• What implications does the preferential treatment of local vs international creditors create for future foreign investment flows into Brazil?
• Developing a Brazilian NPL market: What needs to change in the regulatory framework to improve the process for both the lender and borrower?
Eduardo Augusto Mattar, Partner, Pinheiro Guimarães – Advogados
Samuel Aguirre, Senior Managing Director, FTI Consulting
17.30 Chairman’s closing remarks followed by cocktail reception hosted by HSBC
Day Two: Wednesday 7th June
08.30 Registration and coffee
09.50 Chairman’s opening remarks
Carlos Eduardo Barros, Managing Director, Corporate Banking, Sumitomo Mitsui Banking Corporation - Brasil
10.00 New challenges after impeachment and economic recovery: What developments are going to put the Brazilian political economy to the test?
• 2018 and beyond: What will the upcoming general elections mean for the sustainability of the reforms introduced by Temer’s government?
• How are social tensions going to impact the successful implementation of the government’s ambitious fiscal spending cap program?
• What needs to happen to restore the public’s confidence in Brazil’s institutions after Lava Jato?
• Life after recovery: Where is economic growth going to come from in the aftermath of the crisis?
Carlos Kawall, Chief Economist, Banco Safra
Zeina Latif, Chief Economist, XP Investimentos
Alexi Remizov, Managing Director, Latin America Global Capital Markets, HSBC
Moderated by: Wilbur Matthews, Chief Executive Officer and Chief Investment Officer, Vaquero Global Investment LP
10.50 Focus on Brazil’s CRA market: What developments are going to affect the performance and progress of the market in 2017 and beyond?
• Benefits of investing in Brazil’s agriculture industry: How have CRA issues been performing and what does this mean for future investor demand?
• Are banks in a subordinated positions vis-a-vis CRA holders in the case of a distressed issuer? Do foreign and local buyers enjoy the same protection?
• What does the introduction of a dollar index for CRAs mean for attracting international investors to the local market?
• What impact is the withdrawal of tax subsidies from the market going to have on demand and supply dynamics?
Renato de Souza Barros Frascino, Agribusiness Director, Grupo Gaia
Jayme Bartling, Senior Director, Structured Finance, Fitch Ratings
Jonatas Couri, Director, Ecoagro
Moderated by: Thiago Giantomassi, Partner, Demarest
11.40 Developing a Brazilian green bond market: What are the drivers behind the increasing prominence of sustainable finance?
• How do banks assess green bonds vs other debt instruments? Is a green bond issuance a differential in terms of quality and pricing?
• Preparing to go green: What do Brazilian issuers consider when deciding to launch a green bond?
• What advantages does the green bond market offer with regards to liquidity and investor base? How do the benefits weigh up against the costs of a green issuance?
• Does the development of a Brazilian green bond market require setting up a formal regulatory framework or can the market be left to efficiently self-regulate?
Marcelo Habibe, Treasurer, Fibria
Guilherme Hirata, Strategic Planning and Finance, Suzano Papel e Celulose SA
Justine Leigh-Bell, Director, Market Development, Climate Bonds Initiative
Sebastiano Bottio, Principal Counsel, Treasury Client Solutions, Latin America, International Finance Corporation (IFC)
Moderated by: Erik Berg, Head of Debt Capital Markets, Latin America, Natixis
12.30 Chairman’s closing remarks followed by networking lunch