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Debt restructuring and debt forbearance: What lessons can be taken from successful transactions in South Africa across the rest of the continent?

Broadcast on Nov 24, 2020 from Livestream: Bonds, Loans & Sukuk Africa 2020 - Virtual Conference

Strategic Partner

National Treasury, Republic of South Africa

Platinum Sponsor

Absa

Platinum Sponsor

Africa Finance Corporation

Platinum Sponsor

Standard Bank

Gold Sponsor

African Export-Import Bank (Afrexim)

Gold Sponsor

MUFG

Gold Sponsor

SMBC

WAEMU Sponsor

Agence UMOA-Titres

Silver Sponsor

Development Bank of Southern Africa

Silver Sponsor

Emirates NBD

Silver Sponsor

Rand Merchant Bank (RMB)

Bronze Sponsor

African Trade Insurance Agency

Bronze Sponsor

Fitch Ratings

Bronze Sponsor

GCR Ratings

Bronze Sponsor

KFW DEG

Subscribe for access:

  • Navigating the legal and regulatory frameworks: What should you be aware of before entering a restructuring?
  • Understanding how to factor payment and covenant deferrals into your wider financing structure
  • Importance of mitigating against potential liquidity issues, and lack of protection on Stock Exchange listings
  • What role is the DSSI looking to play in kickstarting the most fragile sectors (e.g. retail, aviation, transport)? How will African economies support themselves post DSSI?
  • How does DSSI and debt restructuring fit together? Is a restructuring inevitable following any DSSI agreements?

Moderator

Anthony Evens

Anthony Evens

Head: Structured Asset Management

Absa

Anthony Evens

Anthony Evens

Head: Structured Asset Management at Absa

Anthony Evens is the Head of Special Asset Management at Absa’s Corporate and Investment Banking division providing restructuring solutions for clients across the African Continent. After qualifying as a CA(SA) Anthony moved to London where he spent 7 years working in Corporate Finance, Mergers and Acquisitions and Strategy for PwC and Barclays Capital. During this time, Anthony provided advice on deals across UK, Europe, North America, New Zealand and Australia.

Anthony returned to South Africa in 2008, which coincided with the Global Financial Crisis causing some unique dislocation in the SA banking market and Anthony’s initiation into the distress sector. Since then, Anthony has worked on most major restructurings amassing experience across a broad range of sectors and geographies in the African context.

One of Anthony’s desires is to see the African distress market develop to its full potential for the advancement of our economies.

Absa

Anthony Evens

Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is the parent company of one of Africa’s largest diversified financial services groups.

Absa Group, through its worldwide affiliates and subsidiaries (collectively referred to as “The Group”), offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance.

The Group has a presence in 12 countries in Africa, with approximately 42 000 employees.

The Group’s registered head office is in Johannesburg, South Africa, and it owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa (Absa Bank Limited), Tanzania (Barclays Bank Tanzania and National Bank of Commerce), Uganda and Zambia. The Group also has representative offices in Namibia, Nigeria, London and New York as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia.

For further information about Absa Group Limited, please visit: www.absa.africa

LinkedIn Page: https://www.linkedin.com/compa...

Speakers

Thomas Christiansen

Thomas Christiansen

Managing Director, Head of EM Sovereign Debt

Union Bancaire Privée

Thomas Christiansen

Thomas Christiansen

Managing Director, Head of EM Sovereign Debt at Union Bancaire Privée

Thomas joined UBP in 2017 from Nordea Asset Management , where he was responsible for the launch of their hard currency EM Debt strategy. Prior to that, he worked at BlackRock Financial Management for 10 years, most recently as a portfolio manager in their Emerging Markets Debt team. Before that, Thomas was a founding member of the BlackRock Investment Institute, where he worked as an investment strategist. Thomas is a Danish national and has a BSc in Economics, with honours, from New York University.

Union Bancaire Privée

Kevin Daly

Kevin Daly

Portfolio Manager, Emerging Market Debt

Aberdeen Standard Investments

Kevin Daly

Kevin Daly

Portfolio Manager, Emerging Market Debt at Aberdeen Standard Investments

Aberdeen Standard Investments

Hans Humes

Hans Humes

Chief Executive Officer and Chief Investment Officer

Greylock Capital

Hans Humes

Hans Humes

Chief Executive Officer and Chief Investment Officer at Greylock Capital

Hans Humes is Chief Executive Officer and Chief Investment Officer of Greylock Capital Management, LLC which he founded as a joint venture with Van Eck Global in May 1995.

Mr. Humes has over three decades of experience working in emerging markets. Humes was a Managing Partner of Van Eck Absolute Return Advisors, Inc. when he launched the fund which became the Greylock Global Opportunity Master Fund in 1997. From 1991 to 1994, he was a key member of the Lehman Brothers emerging markets debt trading team, co-developing the desk and managing over $500 million in investments. Prior to that he traded a proprietary debt portfolio at Banco Santander and engineered several debt/debt and debt/equity swaps in Latin America. Humes began his career at Manufacturers Hanover, where he worked on the sovereign debt restructurings for the Philippines and Yugoslavia.

Mr. Humes has served on numerous sovereign debt restructuring committees, among them the Steering Committee of the Private Creditor-Investor Committee for Greece and the Global Committee of Argentine Bondholders (GCAB), where he was co-chair. Mr. Humes has been active in policy and regulatory initiatives affecting creditors globally. He is currently co-chair of the IIF Committee of Sovereign Risk Management, a trustee of the IIF’s Principles Consultative Group (PCG) for the Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets, a member of the IIF Working Group on Reconciliation of Past Due Sovereign Debt and a member of the IIF Market Monitoring Group.

Mr. Humes is on the board of directors of the MacDella Cooper Foundation, which provides care and schooling for Liberian orphans, the Georgie Badiel Foundation, which focuses on providing access to clean water and sanitation to the people of Burkina Faso and neighboring Sub-Saharan African countries, and the Wendy Hilliard Gymnastics Foundation, which provides gymnastics training for young people in Harlem. Mr. Humes is also on the board of trustees of the New York Theatre Workshop.

Mr. Humes received his BA from Williams College in 1987. He has lived and studied in Nigeria, Morocco, Canada, Netherlands, Chile, Mexico, and Belgium and is fluent in Spanish.

Greylock Capital

Strategic Partner

National Treasury, Republic of South Africa

Platinum Sponsors

Absa Africa Finance Corporation Standard Bank

Gold Sponsors

African Export-Import Bank (Afrexim) MUFG SMBC

WAEMU Sponsor

Agence UMOA-Titres

Silver Sponsors

Development Bank of Southern Africa Emirates NBD Rand Merchant Bank (RMB)

Bronze Sponsors

African Trade Insurance Agency Fitch Ratings GCR Ratings KFW DEG