Call us on
+44 (0) 207 045 0920

Green vs. Vanilla: Pricing vs. ROI – How do they stack up?

Broadcast on Oct 6, 2020 from Livestream: ESG & Capital Markets Africa 2020 - Virtual Conference

Gold Sponsor

Standard Bank

Multilateral Sponsor

Africa Finance Corporation

WAEMU Sponsor

Agence UMOA-Titres

Silver Sponsor

Nedbank CIB

Silver Sponsor

Rand Merchant Bank (RMB)

Bronze Sponsor

Fitch Ratings

Subscribe for access:

Green vs. Vanilla: Pricing vs. ROI – How do they stack up?

  • 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?
  • With green transactions requiring more work than vanilla, how does this translate in terms of ROI? Is the ROI and/or benefit of green worth it?
  • Short term pain to achieve long term gain: Do the long-term investment benefits outweigh (sometimes) frequent upfront costs?
  • Pricing up alternatives for green products: What products other than debt are offered under the “green umbrella”? How do they price in comparison?
Africa

Moderator

Christopher Egerton-Warburton

Christopher Egerton-Warburton

Christopher Egerton-Warburton

Co-Chief Executive Officer at Lion's Head Global Partners

Christopher (Edge) is an expert in the structuring and execution of innovative financing solutions.

Prior to establishing LHGP, Edge spent 14 years at Goldman Sachs within the Debt Capital Markets group. In his last role he was Head of the Sovereign, Supranational and Agency team. He spent six years within the EEMEA emerging markets team, where he worked primarily in Greece, Hungary, Israel, Turkey and South Africa.

In 2002 Edge joined the European Sovereign Financing team, which he headed from 2006, providing vanilla and innovative financing solutions to Goldman Sachs’ leading franchise in this sector. During this time he worked on transactions in Belgium, Germany, and the UK.

He was the lead banker on a new multilateral development institution – The International Finance Facility for Immunisation (IFFIm), on behalf of the governments of France, Italy, Norway, Spain, South Africa, Sweden and the UK.

Edge received an MA in Biochemistry from Christ Church College at Oxford University.

Lion's Head Global Partners

Speakers

Olumide Lala

Olumide Lala

Africa Markets - Programme Manager

Climate Bonds Initiative

Olumide Lala

Olumide Lala

Africa Markets - Programme Manager at Climate Bonds Initiative

Climate Bonds Initiative

Modupe Famakinwa

Modupe Famakinwa

Modupe Famakinwa

Head of Funding at Africa Finance Corporation

Africa Finance Corporation

Modupe Famakinwa

AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1.1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet of approximately US$6.1 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised US$1,150 billion (US$650 million and US$500 million) in 2019, US$500 million in 2017 and US$750 million in 2015 through Eurobond issuances; out of its Board-approved US$5 Billion Global Medium-Term Note (MTN) Programme. All Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA.

AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested over US$7.2billion in projects within 32 countries across Africa.

Nicholas Gunning

Nicholas Gunning

Debt Capital Markets

Standard Bank

Nicholas Gunning

Nicholas Gunning

Debt Capital Markets at Standard Bank

Nicholas joined Standard Bank’s Debt Capital Markets team in 2011 attending to the origination, structuring and execution of both securitisation and corporate bond transactions. During this period he has:

  • Issued and/or traded in excess of 50 short-term rated ABCP issuances across two conduits
  • Structured, executed and/or maintained 5 Standard Bank funded asset backed warehouse structures
  • Structured and executed over 40 rated term debt issuances representing in excess of 50% of the total public securitization volumes and over 90% of the non-bank public securitisation volumes in South Africa over the past decade

Nicholas holds an honours in Economics and an undergraduate degree in Mathematics and Economics, both degrees from the University of Cape Town

Standard Bank

Nicholas Gunning

About Standard Bank Group

Standard Bank Group is the largest African bank by assets, operating in 20 African countries and 5 global financial centres. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB.

Standard Bank has a 157-year history in South Africa and started building a franchise outside southern Africa in the early 1990s.

Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth.

The group has over 50 000 employees, more than 1 100 branches and 9 000 ATMs on the African continent, which enable it to deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management.

Headline earnings for 2019 were R28.2 billion (about USD2 billion) and total assets were R2.3 trillion (about USD163 billion). Standard Bank’s market capitalisation at 31 December 2019 was R277 billion (USD20 billion).

The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.

For further information, go to http://www.standardbank.com

Ahmed Kouchouk

Ahmed Kouchouk

Vice-Minister of Finance for Fiscal Policies

Ministry of Finance, Egypt

Ahmed Kouchouk

Ahmed Kouchouk

Vice-Minister of Finance for Fiscal Policies at Ministry of Finance, Egypt

Ahmed Kouchouk was appointed Vice Minister of Finance for Fiscal Policies & Institutional reform in March 2016. Since then he has been playing a leading role in designing and implementing Egypt’s macroeconomic policies and reforms especially fiscal and debt policies. Mr. Kouchouk he served as the leading negotiator and focal point on behalf of the Government of Egypt with the IMF. Mr. Kouchouk in his capacity, supervises and oversees the work of various policy related units and departments at the Ministry of Finance including Macro Fiscal Unit, Debt Management unit, Public Private Partnership unit, Transparency and Citizen Engagement unit, Public Financial Management unit, and Institutional reform unit. Mr. Kouchouk leads and supervises several work streams at the Ministry of Finance including engagement with International institutions, Rating agencies, Investment Banks and portfolio investors. He also supervises and manage the process of setting and updating the Macro Fiscal Framework including setting fiscal & debt targets over the medium‐term, preparing the annual budget, monitoring budget implementation, managing fiscal risks, and overseeing debt strategy and related policies. Mr. Kouchouk serves as Egypt representative at the Asian International Infrastructure Bank Board (AIIB). In addition, he is the Ministry of Finance nominated focal coordinator with monetary authorities. He served as a Board Member at the Central Bank of Egypt from April 2016 to June 2018. He also leads Egypt’s inter‐ministerial task force managing annual economic dialogue with the EU. Mr. Kouchouk is currently a board member at the Arab African Investment Bank, Egypt National Academy for Training, and Egypt Air Holding Company. Mr. Kouchouk is a professional economist and policy advisor with more than 18 years of applied experience. He worked as a senior economist for the World Bank from June 2013 to March 2016. He worked as an Economic Advisor to the Minister of Finance and Director of the Macro Fiscal Unit from 2012‐2013 and served as the Executive manager of the Macro Fiscal Policy Unit at the Ministry of Finance from 2007‐2008 and 2010‐2012. He also worked for Egypt Ministries of External Trade and Economy. Mr. Kouchouk earned his master’s degree in public policy from Harvard Kennedy School of Government in 2010 and earned a master degree in economics from York University in the United Kingdom in 2002. He has a B.S, in Economics in 1999 from the American University in Cairo. Mr. Kouchouk is married to Amal El‐Sayed (Banker and executive coach). They have two kids Salma (13 years) and Omar (11 years).

Ministry of Finance, Egypt