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600+ Attendees | 80+ Expert Speakers | 300+ Sovereign, Corporate & FI Borrowers | 80+Investors | 20+ Countries
As Latin America adjusts to the new normal, this event gathered 600 key players in Latin America's capital markets community and featured 80+ expert speakers. This was a fantastic opportunity to initiate an unlimited number of new business connections via our networking directory; hear first-hand how the rest of the market are navigating current challenges and opportunities; and check-in with your industry’s leaders.
Opening remarks: Themes that emerged from a year never to be forgotten
Wed 2nd Dec 2020, 13:50pm (Europe/London)
How are different Latin governments responding to volatility in a post-Covid economy? How much funding do governments need and which markets will they access?
Wed 2nd Dec 2020, 14:00pm (Europe/London)
- How effective are the fiscal and monetary measures to boost the Latin American economies?
- Sovereign liquidity and debt management: How much more funding is needed to deliver on their economic plans?
- Supporting local issuers to access the international and local markets: What are government plans?
Optimising capital structures in a crisis: How top tier corporates have adapted their finance and investments during and in response to the health crisis
Wed 2nd Dec 2020, 14:45pm (Europe/London)
- How has changing consumer behaviour and trade disruption affected corporates’ funding strategies in the medium-term?
- Assessing capital structures pre and post pandemic: How have corporates optimised their balance sheets to maintain a strong liquid position?
- How will a post-COVID economy affect the ability of Multi-Latin companies to secure cost-competitive funding?
Ratings and capital flows: How are downgrades going to impact investor demand for Latin American credit?
Wed 2nd Dec 2020, 15:30pm (Europe/London)
- Ratings, cliff risk and the capital markets: How will downgrades impact capital flows in Latin America?
- What the yield: Analysing sovereign curves and local interest rates to assess upcoming issuance and capital markets activity
Transitioning finance: Why issuers will increasingly incorporate ESG and SDG themed bonds and loans to drive down cost of funding
Wed 2nd Dec 2020, 16:10pm (Europe/London)
- USD vs. local currency, green vs. vanilla: How does pricing for a USD denominated green transaction compare to vanilla? How does this change when looking at local currency?
- E vs. S vs. G: How much importance are issuers placing on each of the three ESG criterion when looking to issue?
- Bank vs. capital market financing: Where can potential issuers source funding to go green? How does the price of funding compare?
Underwriting and syndicating loans in 2021: Who is lending, at what price and on what terms?
Wed 2nd Dec 2020, 16:50pm (Europe/London)
- Underwriting syndications vs club deals: Which structures are banks favouring as we head into 2021?
- Assessing local market liquidity: How do local banks’ appetite for offering favourable pricing and tenor vary across Latin America?
- To what extent are international banks willing to lend on long-term projects, if there are rating downgrades on the horizon?
Offshore investors of local currency bonds issued under international law: Unbundling the complexities of cross-border restructuring
Wed 2nd Dec 2020, 17:30pm (Europe/London)
- One size does not fit all: How to restructure debt country-by-country, jurisdiction-by-jurisdiction
- What should creditors and debtors expect before entering a restructuring?
- Reprofiling vs. haircuts: What methods are different Latin countries taking to restructure debt?
Dollar funding for local projects: How to re-attract international investors to Colombia’s 5G infrastructure programme
Wed 2nd Dec 2020, 18:00pm (Europe/London)
- How much external investment is needed to support the 5G infrastructure drive?
- How do hedging costs and ability to reconcile currency affect the diversity of investors who are willing to put money on the table?
- Bank funding vs. multilateral vs. capital markets: Which is the best avenue to boost liquidity and reignite investor appetite?
How is Mexico’s Ministry of Finance preserving its Investment Grade rating through market volatility?
Wed 2nd Dec 2020, 18:45pm (Europe/London)
How will the new US administration’s economic agenda affect Mexico’s own monetary policy and market activity?
Wed 2nd Dec 2020, 19:15pm (Europe/London)
- MXP pegged to the USD and ratification of USMCA: How have US interest rates and trade relationships impacted capital flows in and out of Mexico?
- What do investors, lenders and issuers expect to see from Mexican monetary policy and fiscal developments to aid economic recovery in 2021?
- What impact will Mexican mid-term elections have on FDI for energy and infrastructure projects in 2021/22?
How can local Mexican issuers access funding in 2021? Are both the bonds and loans markets available options? What structures are available for long-term funding?
Wed 2nd Dec 2020, 19:45pm (Europe/London)
- How do Mexican treasury and funding teams interpret ongoing market volatility? What do borrowers need to see before coming back to market?
- Assessing corporate funding methods pre and post pandemic: How do treasurers now view long-term funding?
- Afores, Fibras and bank funding: Understanding the diversified funding options available to restart capital market activity
What is the status of Mexican energy projects post-COVID?
Wed 2nd Dec 2020, 20:30pm (Europe/London)
- What are the government’s plans to boost capital into the private energy sector? Where is the government looking for this investment?
- How can Mexican developers re-engage international interest for energy projects?
- How will renewable projects be financed post 2021/22? Which markets can be tapped to access new capital? For how long will energy tariffs remain stable?
- ECAs, DFIs and IFIs: Will their appetite to lend to energy projects in Mexico change in light of the slowdown of energy auctions? How can developers secure more funding from these lenders?
The Central Bank of Mexico’s strategy to manage inflation whilst supporting growth
Wed 2nd Dec 2020, 21:15pm (Europe/London)
- How is the Central Bank balancing goals of promoting growth and staving off inflation?
- FX and inflation for 2021: What is the Central Bank’s forecast? What policies will be implemented in light of this?
- What are rates doing globally, and how does Mexico CB’s policy relate to and deal with this?
Close of day one
Wed 2nd Dec 2020, 21:45pm (Europe/London)
How much of the COVID-induced economic pressure is temporary and how much has exposed Brazil’s existing structural weaknesses?
Thu 3rd Dec 2020, 13:00pm (Europe/London)
- How much of the COVID crisis is structural and how much is cyclical? How will Brazil bounce-back in 2021 and 2022?
- Global economic ramifications of COVID-19: How does a globally changed economy and marketplace impact Brazil’s strategic positioning?
- Oil sustainability vs. global digitisation: How will structural changes to the economy impact business, infrastructure and trade-flow in and out of Brazil?
Private credit as an asset class in Brazil: What is the business case for lenders and borrowers?
Thu 3rd Dec 2020, 13:45pm (Europe/London)
- Why it is important to have alternatives to debt in the current climate
- What products are banks and private equity houses offering if borrowers choose to access alternative funding?
- What criteria do investors and borrowers need to see from lenders before they opt for alternative credit?
- Why are more lenders leaning towards private credit in the Brazilian market?
- What steps the government taking to regulate these alternative products?
How does the Brazilian government plan to fund its privatisation programme?
Thu 3rd Dec 2020, 14:30pm (Europe/London)
- How much capital is needed to fund privatising the sanitation, infrastructure and oil and gas sectors?
- How does the drive to privatise publicly held assets secure more fiscal discipline?
- Are they planning to raise funds in the local and/or international capital markets?
Structured debt: Alternatives for borrowers locked out of the Brazilian debentures market
Thu 3rd Dec 2020, 15:00pm (Europe/London)
- Who are the new players coming to the structured debt market following changes to CVM regulation on FIDCs?
- How has COVID-19 impacted appetite to seek distressed debt?
- What do borrowers need to consider before accessing the structured debt market?
- Why are investors increasingly looking towards CRAs and CRIs as safe investment in the current climate? To what extent will their interest boost the real estate sector?
- What steps need to be taken to kickstart the Brazilian debenture market?
Brazil’s Open Banking Regulation: How are non-bank financing solutions opening up the local markets for new lenders?
Thu 3rd Dec 2020, 15:45pm (Europe/London)
- Understanding the Open Banking timeline: How prepared are financial institutions to report on data sharing? Will all data sharing tools be integrated by November 2021?
- Will increased regulation for challenger banks and start-up payment platforms level the playing field between fintech alternatives and traditional bank products?
- What opportunities are available for new digital lending and payment platforms in this data-sharing environment?
- What impact will faster payments and introduction of the Central Bank’s Digital Currency (CBDC) in 2022 have on competition in the banking sector?
ESG case studies: a deep-dive on how two issuers executed green and social bonds in 2020
Thu 3rd Dec 2020, 16:15pm (Europe/London)
- What was the logic behind the ESG bonds? Were the issuers looking at pricing, or were there other benefits? What pricing was achieved? Why were May and September the right times?
- What was the pathway to these issuances? What preparation and ratings were required?
- What were the lessons learned? What do future issuers need to know when approaching ESG financing?
How to structure, package and distribute sub-investment grade bonds to local and international buyers
Thu 3rd Dec 2020, 16:45pm (Europe/London)
- Project vs. vanilla vs. infrastructure: What is the optimal size, price and structure for a bond in a sub investment grade environment?
- Distressed assets vs. senior unsecured debt: How are investors pricing different lending options across the Andean region? How does this impact the way a bond is structured?
- How do higher priced portfolios and lack of access to capital impact how international investors price Colombian credit?
How to restructure capital and refinance deals in Colombia and Peru with private credit
Thu 3rd Dec 2020, 17:30pm (Europe/London)
- What products are banks and private equity houses offering if Colombian borrowers choose to access alternative funding?
- Which Colombian funds can access private credit?
- Why turn to equity in this uncertain climate? Why not tap the debt market?
How has Ecuador worked with the IMF to restructure its debt, and what are its next steps?
Thu 3rd Dec 2020, 18:15pm (Europe/London)
- What components enabled a successful restructuring? What structures proved key?
- What were the primary concerns of key stakeholders, how were the assuaged?
- At what pace can fiscal adjustment and rebuilding of policy buffers reasonably take place? And what structural changes are required?
- Fiscal discipline versus subsidising growth: What is the right balance of monetary easing, fiscal stimulus, debt management and building ratings?
- How much confidence can be restored with IMF aid? What more is needed for countries to secure the long-term sponsorship of private sector investors?
What does Paraguay’s Ministry of Finance have planned for 2021?
Thu 3rd Dec 2020, 18:45pm (Europe/London)
*Please note that this session is in Spanish
- Policy response and contingent plan: What were the measures adopted by the country to face the COVID-19 Pandemic crisis?
- Economic Reactivation Plan: What are the keys measures adopted by the Government to reactivate its economy in the coming years?
- How effective have these measures been so far?
Beyond IMF: What structural reforms will investors need to see in Argentina to restore their long term confidence? (Presentation)
Thu 3rd Dec 2020, 19:15pm (Europe/London)
- Tax reforms vs. hyper inflation: Importance of pricing in inflation before implementing reform
- How will the 2021 mid-term election impact the administration’s ability to drive reforms?
PPPs, project bonds and collateral: How can Southern Cone governments and issuers structure and fund their energy and infrastructure projects?
Thu 3rd Dec 2020, 19:45pm (Europe/London)
- How can governments repackage offtaker agreements to make them more attractive to international investors and developers?
- What other avenues, apart from multilaterals are on the table for financing projects to a short deadline?
- What new collateral is available for Uruguayan and Paraguayan borrowers who want to issue new debt?
- Why has Chile been able to attract so much FDI for P3s, when P3 revenues are denominated in CLP?
- With US dollar funding limited, to what extent is are the local market deep enough for corporates to access the funding they need?
Inside Guatemala’s 2020 fundraising and policy, and plans for 2021
Thu 3rd Dec 2020, 20:30pm (Europe/London)
*Please note that this session is in Spanish
- How has Guatemala’s government responded to volatility in a post-Covid economy? How effective have fiscal measures been so far?
- What were the experiences and logic of the issuance in May? Why then? Why the social bond? What were the challenges, how were they overcome?
- What financing needs remain? How much more funding is needed to deliver on their economic plans? How will stimulus be balanced with stability?
Close of conference
Thu 3rd Dec 2020, 21:00pm (Europe/London)