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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

Emerging Markets Strategist

M&G Investments

Greg Smith

Greg Smith

Emerging Markets Strategist at M&G Investments

Gregory Smith is part of the fund management team at M&G Investments. He is focused on emerging market sovereign debt, with a particular interest in frontier sovereigns 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 where he did stints covering East Asia and Africa, with time spent in Mongolia, Vietnam, Ghana, Zambia, Cameroon and Gabon. He began his career on the Overseas Development Institute’s fellowship scheme, working as an economist in the Ugandan finance ministry. His research includes investing with an Environmental-Social-Governance (ESG) lens, sovereign debt management, and what future sovereign debt restructuring might look like.

M&G Investments

Speakers

Joe Delvaux

Joe Delvaux

Joe Delvaux

CIO Global Fixed Income at Emerging Market Investment Management

Joe Delvaux is the CIO for Global Fixed Income at Emerging Market Investment Management. He has been investing in Africa and Middle East since 2006 when he started as a prop trader for Exotix Ltd. Prior to his current role, he has also worked for Insparo Asset Management, Kingsley Asset Management and Quantum Global Investment Management. Joe holds an MSc in Banking and International Finance from the Cass Business School, City University London, is a holder of both IMC and Islamic Finance Qualification.

Emerging Market Investment 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 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

Markus Bayer

Markus Bayer

Head of CEE Debt Capital Markets

MUFG

Markus Bayer

Markus Bayer

Head of CEE 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 around 2,700 offices in more than 50 markets. The Group has over 180,000 employees, and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.

MUFG aims to be the world’s most trusted financial group through close collaboration among its operating companies, and to respond to all of the financial needs of its clients, serving society, and fostering shared and sustainable growth for a better world.

Please visit our website for more information - mufgemea.com.

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

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 South Africa & Africa Fixed Income

Ninety One

Simon Howie

Simon Howie

Co-Head 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 Investec Asset Management. He joined in 2005 when he was tasked with building its credit business and capabilities. Investec Asset Management now holds a leading position in managing diverse institutional credit portfolios, including both the listed and unlisted markets. 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