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Assessing sovereign debt outlook for 2021: Where are sovereigns looking for funding?

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:

  • How have rating downgrades affected sovereigns’ ability to source funding? What options are now on the table?
  • Hard vs. local currency: How has reliance and availability of USD for sovereigns changed due to COVID-19?
  • Re-engaging the institutional investor appetite into Africa: What do investors need to see from sovereigns to improve their debt sustainability?

Moderator

Chandi Mwenebungu

Chandi Mwenebungu

Chandi Mwenebungu

Director, Treasury at African Export-Import Bank (Afrexim)

Mr Chandi Mwenebungu is the Director & Treasurer (Treasury & Markets) of African Export Import Bank (AFREXIMBANK). He holds a Masters Degree in Accounting and Finance. He is a Fellow of the Association of Certified Chartered Accountants ("FCCA"), and a member of the Association of Corporate Treasurers ("ACT") in the United Kingdom. He is also an Alumni of Advance High Performing Leaders (AHPL) from the International Institute of Management Development (IMD), Switzerland. Mr Mwenebungu joined AFREXIMBANK in 2013. He has over 20 years of experience as a Treasurer and Investment Expert in the financial services sector i.e. in the Banking Industry, Health & Insurance Industry and the Asset Management Industry. He previously worked as the Head of Treasury and Investments for International Insurance Company of Hannover (InterHannover), a subsidiary of Hannover Re, in London, where he was in charge of treasury and investments activities in the United Kingdom, Sweden, Italy, Canada and Australia. Mr Mwenebungu also worked for Cigna International Inc. (Europe) in Glasgow, United Kingdom and Brussels, Belgium where he was in charge of treasury and investment activities in the EMEA region. Prior to his relocation to the United Kingdom, he worked for Nedbank Malawi Limited in Blantyre, Malawi.


Chandi Mwenebungu’s daily aspiration is to learn and have a better life. Chandi is an investor and interested in investing in entrepreneurship ideas that are life changing and expected to make an impact in business environment. He is interested to invest in his own right as an individual or through an entity as long as the risk or business idea on offer meets his appetite.

African Export-Import Bank (Afrexim)

Chandi Mwenebungu

Speakers

Oulimata Ndiaye Diasse

Oulimata Ndiaye Diasse

Oulimata Ndiaye Diasse

Head of Advisory Services at Agence UMOA-Titres

Agence UMOA-Titres

Oulimata Ndiaye Diasse

Agence UMOA-Titres is the regional agency supporting the issuance and management of government securities in the WAMU area. Established in March 2013 by the Central Bank Governor upon authorization of the WAMU Council of Ministers, its mission is to work actively for the establishment of a standard Government securities market within the union.

The Government securities market is the only local market, by tender, exclusively dedicated to the financing of the WAMU Member States. These sovereign issuers seek, through appropriate procedures, the issuance of Government securities by specific actors, either for their own account or for that of third parties.

Agence UMOA-Titres aims to build, in collaboration with all stakeholders, a regional market of Government securities able to play a critical role in the development of WAMU Member States.

The institution is aware of its social responsibility and defines itself as a responsible and citizen corporate by promoting among others child health and immunization. Since 2015, Agence UMOA-Titres is a social partner with a sub-regional foundation in charge of mobilizing funds to support vaccination through private sector.

James Mnyupe

James Mnyupe

Presidential Economic Advisor

Republic of Namibia

James Mnyupe

James Mnyupe

Presidential Economic Advisor at Republic of Namibia

“Mr. Mnyupe is a multidisciplinary financial professional with a background in accounting, asset management and wealth management. A graduate of UNAM and Rhodes University, Mr. Mnyupe plied his trade in the private sector for over a decade auditing a wide variety of companies in all 3 sectors of the Namibian economy and undertook extensive research on listed securities on the local stock exchange. He led one of Namibia’s prominent asset management firms for 5 years, was the Founding Chair of the Namibia Savings and Investment Association, was appointed to the High Level Panel on the Namibian Economy in 2019 by His excellency Hage Geingob and holds the CA, CFA and CFP designations.

Mr. Mnyupe possesses a holistic appreciation for how the capital and institutional savings markets intertwine to drive Namibia’s economic and developmental agenda. His involvement in various industry and national bodies have offered him a unique perspective from which to contribute to various dialogues and initiatives that look to deploy said assets across various opportunity sets, locally and regionally more effectively.

In September 2020, Mr. Mnyupe was appointed as President Geingob’s Economic Advisor.”

Republic of Namibia

Patience Oniha

Patience Oniha

Patience Oniha

Director-General at Debt Management Office, Nigeria

Ms. Oniha began her career at Icon Limited Merchant Bankers in 1986, where she rose to the position of a Manager, before joining First Securities Discount House Limited (now FSDH Merchant Bank Ltd.) in 1992. She rose to the position of General Manager/Director before joining Ecobank Nigeria Limited in 2000. From 2004 – 2008, Ms. Oniha was in Standard Chartered Bank Nigeria Ltd. as a General Manager.

After a fulfilling career in the banking sector spanning over 22 years, Ms. Oniha made a career move to the public sectors when she joined the DMO in 2008 as Director, Market Development Department. In this capacity, Ms. Oniha brought her banking experience to bear on various aspects of the DMO’s activities. A major achievement of hers during her eight years at the DMO was the introduction of Benchmark Bonds to develop the domestic bond market in order to improve liquidity and to create a sovereign yield curve which created opportunities for State Governments, Multilaterals and Corporates to raise long term funds. The purpose behind this drive was to create a debt capital market where the public and private sectors can access long term funds to finance Nigeria’s growth and development. For sustainable development of the debt capital market, she actively engaged with local and foreign investors, regulators and other stakeholders to develop a large and diversified investor base for FGN Securities and Bonds issued by other borrowers.

Ms Oniha managed the successful issuance of Nigeria’s debut USD500 million Eurobond in January 2011. The debut Eurobond opened a new source of funding for the Federal Government and Corporates. In 2013, she also managed the issuance of the dual-tranche USD1 billion Eurobond which was subscribed to the tune of about 400%. A number of Nigerian banks also tapped into this funding window by issuing Eurobonds. She was also responsible for the inclusion of FGN Bonds in the J.P. Morgan Government Bond Index – Emerging Markets (GBI – EM) in October 2012 which made Nigeria the second country in Africa, after South Africa to have its local currency sovereign bond included in the Index. The inclusion of FGN bonds in this Index attracted foreign investors to the domestic bond market as a whole. This was followed by the inclusion of FGN Bonds in the Barclays Capital Emerging Markets – Local Currency Government Bond Index (EM – LCBI) in March 2013.

While still at the DMO, Ms. Oniha was appointed as the Head of the Efficiency Unit at the Federal Ministry of Finance. To execute the mandate of the Unit which was to moderate the Government’s Overhead Expenditure and generate savings from the procurement process, Ms. Oniha introduced a number of initiatives. Amongst them were the issuance of 7 Circulars to control expenditure on specific Overhead items and the negotiation of discounts with airlines. These delivered savings estimated at N17 billion to the Government. She was working on the introduction of new processes for payment and procurements when she was appointed Director-General of DMO with effect from July 1, 2017.

Ms. Oniha obtained a B.Sc. Economics, First Class Honours from the University of Benin in 1983 and went on to earn an M.Sc. Finance from the University of Lagos in 1985. She is also a member of the Institute of Chartered Accountants of Nigeria in 1990 and a Fellow in 2008. She is also an Associate Member of the Chartered Institute of Taxation of Nigeria. Since her return to the DMO, Nigeria has issued its debut N100 billion Sovereign Sukuk and N10.69 billion Sovereign Green Bond. Nigeria also issued its first 30-Year tenored Eurobond in the International Capital Market which represents the first by a sub-Saharan country other than South Africa and has established the basis for long term infrastructure funding.

Debt Management Office, Nigeria

Patience Oniha
Arsène Dansou

Arsène Dansou

Arsène Dansou

General Manager, Debt Management Agency at Ministry of Economy and Finance, Republic of Benin

Ministry of Economy and Finance, Republic of Benin

Dr Joseph Allimany Thullah

Dr Joseph Allimany Thullah

Dr Joseph Allimany Thullah

Director of Debt Management at Ministry of Finance & Economic Development, Republic of Sierra Leone

A Sierra Leonean with a PhD in Economics, Masters of Science in Statistics, Masters of Arts in Economic Policy Management and a Post Graduate Diploma in Education from universities within and outside Sierra Leone. Dr. Thullah has extensive career development path on general administration, Public Debt, Micro and Macroeconomic Management and Public Financial Management, with over 20 years working experience.

He began his career as researcher in the Central Bank of his Country and later moved to the Ministry of Finance, where he ascended to the position of Assistant Director in Public Debt and left in November 2020 to serve as the Debt Advisor in the Debt Department of Commonwealth Secretariate in London. For many years, Dr Thullah combines both Academic and Industry experience in his endeavor as economist as he used to teach Econometrics, Statistics, Mathematics for Economics, International Economics, International Economics, Trade and Finance across various years in both the graduate and post graduate levels at the oldest University of his country, Fourah bay College, University of Sierra Leone.

Dr. Thullah has strong capacity to undertake complex technical research with special attention to Public Debt Management and overall Fiscal Policy Management. He has extensive knowledge in budgetary preparation, implementation and general economic reforms and very useful revenue generation. He has undertaken independent research on Public Debt, Exchanged Rate, corruption and the role of stock exchange in the development of the economy. Dr. Thullah also lectures economics, statistics, and international economics (largely on Pro-Bono Basis) at University of Makeni (UNIMAK) whilst serving as external examiner for economics, Business Administration/Studies in the department of Business Administration and Human Resources Department at UNIMAK.

Finally, Dr. Thullah has demonstrated excellent skills in job companionship with proven record of team spirit with peers and elders in the work place. He is highly organized, respectful and always purposeful and can undertake multiple tasks in deadline driven environment like the Central Bank , Ministry of Finance and the University of Serra Leone.

Ministry of Finance & Economic Development, Republic of Sierra Leone

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