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Elections, trade, and post-COVID recovery: How are investors pricing African credit in the current climate?

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:

  • Market volatility and credit ratings: How is uncertainty being priced into African bonds?
  • How are investors hedging their exposure to downgrades across the continent?
  • How has the US presidential campaign and upcoming election impacted the way investors view Africa credit?
  • AfCFTA: How do investors view the Africa Free Trade Agreement as a vehicle to stimulate post-COVID growth between economies? Does it affect how they price differently across the continent?
  • Where do investors see opportunities for African credit as we head into 2021?

Moderator

Greg Smith

Greg Smith

Fund Manager, Emerging Markets Fixed Income

M&G Investments

Greg Smith

Greg Smith

Fund Manager, Emerging Markets Fixed Income at M&G Investments

Gregory Smith is an Emerging Markets Fund Manager at M&G Investments. He is focused on emerging market sovereign debt, with a particular interest in the Middle East and Africa. He has a PhD in quantitative economics, plus expertise in finance and assessing political risk. Prior to joining M&G he was a senior economist and sovereign debt advisor at the World Bank. His research includes investing with an Environmental-Social-Governance (ESG) lens, what future sovereign debt restructuring might look like, and he is author of the book ‘Where Credit is Due: How African Debt Can be a Benefit Not a Burden’.

M&G Investments

Speakers

Joe Delvaux

Joe Delvaux

Portfolio Manager, EM Distressed

Amundi Asset Management

Joe Delvaux

Joe Delvaux

Portfolio Manager, EM Distressed at Amundi Asset Management

Amundi Asset Management

Mark Kalil

Mark Kalil

Head: Syndicate Africa, Debt Capital Markets

Standard Bank

Mark Kalil

Mark Kalil

Head: Syndicate Africa, Debt Capital Markets at Standard Bank

Mark has 25 years of Capital Markets experience across the African continent. His specialisation includes cross-asset sales and structuring to institutional investors. His career started at Standard Bank in 1996 and has included leading Syndicate across the debt:equity spectrum for Investment Banking and heading the International Equity Sales & Trading unit in Global Markets. His key deal experience across the local currency markets includes leading Syndicate on the debut bond issues for the IFC in Namibia, Rwanda, Zambia and the AfDB EuroZar bond and for Standard Bank’s Treasury funding solutions in Africa. He has introduced many key market development initiatives for Sovereign and Corporate issuers across the African regions. He holds a Bachelor of Science (Mathematics) from the University of the Witwatersrand.

Standard Bank

Mark Kalil

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 158-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 1100 branches and over 6500 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 2020 were R15.9 billion and total assets were R2.5 trillion (about USD170 billion). Standard Bank’s market capitalisation as of 31 December 2020 was R209.4 billion (USD14 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

> LinkedIn URL - Standard Bank Corporate and Investment Banking Page https://www.linkedin.com/showcase/standard-bank-corporate-and-investment-banking/

Markus Bayer

Markus Bayer

Head of CEE & Africa Debt Capital Markets

MUFG

Markus Bayer

Markus Bayer

Head of CEE & Africa Debt Capital Markets at MUFG

MUFG

Markus Bayer

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,500 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world.

Please visit the website for more information - https://www.mufgemea.com/

LinkedIn Page: https://www.linkedin.com/company/mufg

Twitter Page: @MUFGEMEA

Matthew Duggan

Matthew Duggan

Head of Syndications

Absa

Matthew Duggan

Matthew Duggan

Head of Syndications at Absa

Matthew Duggan is based in Johannesburg and head of a unique cross product syndicate function with regional responsibility for Africa.

The integrated syndicate platform is responsible for the execution and risk management of Absa’s primary capital and loan markets’ businesses across the continent. In this role he chairs the firm’s Underwrite Committee

Matthew has over 20 years of investment banking experience commencing his career at JP Morgan in London followed by a move to Credit Suisse. He joined Absa in 2011 with an initial focus on establishing a Syndicate platform for the Africa region and ensuring greater connectivity with Barclays.

Matthew’s deal experience is broad and diverse having worked on a number of landmark fixed income, equity and equity linked transactions across the EMEA region ranging from the IPO of Telkom SA in 2003 through to the recent inaugural Barclays Africa Group Tier 2 USD issuance in 2018.

Absa

Matthew Duggan

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...

Simon Howie

Simon Howie

Co-Head of South Africa & Africa Fixed Income

Ninety One

Simon Howie

Simon Howie

Co-Head of South Africa & Africa Fixed Income at Ninety One

Simon is a co-head of SA & Africa Fixed Income and is responsible for the SA and Africa Credit team at Ninety One. He joined in 2005 when he was tasked with building its credit business and capabilities. Ninety One now holds a leading position in managing diverse institutional credit portfolios, including both the listed and unlisted markets. These strategies include the Emerging Africa Infrastructure Fund, a donor-funded debt strategy that supports sustainable infrastructure and the multi-vintage Ninety One Credit Opportunities range which targets private and illiquid credit in South Africa and the rest of Africa.

Simon was previously with Investec Bank where he was responsible for debt origination (including corporate bonds, structured credit and securitisation) and was involved in the Southern African debt capital markets from its infancy in the late 1990s.

Simon holds a Bachelor’s degree in Architecture from the University of Natal, a Master’s degree in Business Administration from Nijenrode University in The Netherlands, and is a CFA® Charterholder.

Ninety One

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