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Ratings and capital flows: How are downgrades going to impact investor demand for Latin American credit?

Broadcast on Dec 2, 2020 from Livestream: Bonds & Loans Latin America 2020 - Virtual Conference

Gold Sponsor

Fitch Ratings

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HSBC

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ING

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Mizuho

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SMBC

ESG Sponsor

Banco Sabadell

ESG Sponsor

BBVA

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Crédit Agricole CIB

Latin America Sponsor

Itau BBA

Silver Sponsor

Cervantes Sainz

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Moody's Investors Service

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S&P Global Ratings

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Vigeo Eiris

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Winston & Strawn

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Brigard Urrutia

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Holland and Knight

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PCR Verum

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Santos Neto

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UK Export Finance

Subscribe for access:

  • Ratings, cliff risk and the capital markets: How will downgrades impact capital flows in Latin America?
  • What the yield: Analysing sovereign curves and local interest rates to assess upcoming issuance and capital markets activity
Latin America

Moderator

Julyana Yokota

Julyana Yokota

Senior Director and Sector Lead, Infrastructure Ratings

S&P Global Ratings

Julyana Yokota

Julyana Yokota

Senior Director and Sector Lead, Infrastructure Ratings at S&P Global Ratings

Julyana Yokota joined S&P Global Ratings in 2013 in the Infrastructure Ratings Group in Latin America.
Before joining S&P Global Ratings, Julyana worked for 15 years in the banking industry, including Itau, Credit Suisse and BNP Paribas. She holds a BA in Engineering from the University of Sao Paulo and a graduate degree in Finance from Insper Institute of Education and Research.

S&P Global Ratings

Julyana Yokota

Speakers

Nick Eisinger

Nick Eisinger

Portfolio Manager, Co-Head of Global Emerging Markets Active Fixed Income

Vanguard

Nick Eisinger

Nick Eisinger

Portfolio Manager, Co-Head of Global Emerging Markets Active Fixed Income at Vanguard

Nick Eisinger is a principal and co-head of the Vanguard Emerging Markets active funds. In addition he is a senior member of the global (credit) asset allocation committee.

The EM funds invest in hard currency sovereign/quasi sovereign bonds, as well as local currency rates and FX, and some private corporates. EM strategies are made on a standalone basis in two dedicated EM funds, and across the various Vanguard global multi-sector active FI funds. The team manages around USD12bn across its active EM franchise.

Nick previously worked at Fidelity Investments on global bond markets (EM and developed) and macro strategy. Nick has also worked at Deutsche Bank in London on structuring asset-backed transactions across the Middle East and Emerging Europe.

Nick was previously head of the emerging markets securitization team at Fitch in London, and before that worked in global sovereign ratings, also at Fitch, for over 7 years.

Nick graduated from the University of Edinburgh with a 2.1 in modern languages, and also holds a MSc. Post Graduate degree in Latin American Politics and Economics from London University.

Vanguard

Graham Stock

Graham Stock

Partner, Senior Sovereign Strategist, Emerging Markets

BlueBay Asset Management

Graham Stock

Graham Stock

Partner, Senior Sovereign Strategist, Emerging Markets at BlueBay Asset Management

Graham joined BlueBay in September 2013 to manage the emerging markets sovereign research team, with particular responsibility for Latin America. He became a Partner in July 2018. Before joining BlueBay, Graham was Chief Strategist at Insparo Asset Management. Prior to that, he worked for 12 years in emerging markets research at JPMorgan in New York and London, heading up Latin America sovereign strategy, CEEMEA FX strategy and Sub-Saharan Africa research. In the early stages of his career, Graham taught English in Colombia, worked as an economist for the government of Papua New Guinea, was a management consultant in London, and was Senior Latin America economist at the Economist Intelligence Unit. Since July 2020, he has been co-chair of the Investor Policy Dialogue on Deforestation in Brazil, leading engagement with the authorities. Graham has a First Class BA (Hons) degree in Hispanic Studies from the University of Sheffield, and an MA (Econ) degree in Development Economics from the University of Manchester.

BlueBay Asset Management

Jorge Camiña

Jorge Camiña

Director, Infrastructure Debt

Allianz Global Investors

Jorge Camiña

Jorge Camiña

Director, Infrastructure Debt at Allianz Global Investors

Jorge Camiña joined Allianz Global Investors in June 2016 as Director within the Infrastructure Debt team based in New York. At AllianzGI, Jorge has spearheaded our energy investments in U.S. and our expansion into Latin America, including our first debt investment in Mexico, the El Encino-La Laguna gas pipeline and other like the Tres Hermanas & Marcona wind portfolio in Peru. Jorge lead the execution of renewable energy transactions in the Americas representing over 2 GW of installed generation capacity, including the 8point3, Moapa, Mount Signal 3 and California Flats solar PV projects and the Grande Prairie and Balko wind farms, while also has been involved in the transportation sector with the financing of the acquisition of Pocahontas Parkway in Virginia in 2016.

Prior to joining Jorge was Head of Project & Acquisition Finance for Santander in New York, leading a team responsible for non-recourse financing in North America. Jorge joined Santander in 2005 and held several positions in non-recourse financing in Madrid and with the Corporate Syndicated Loans group in New York. His background includes experience across transaction in Latin American, US and Europe, and segments ranging from Corporate Loans and Project Finance to Leveraged Buyouts. Prior to Santander he was with BBVA at the M&A Advisory Group in Madrid. He initiated his career with Arthur Andersen and ABN Amro Bank. Mr. Camiña received a BS from Deusto Business School, Bilbao, with specialization in Finance

Allianz Global Investors

Sergey Dergachev

Sergey Dergachev

Functional Head of Emerging Markets Corporates

Union Investment Privatfonds GmbH

Sergey Dergachev

Sergey Dergachev

Functional Head of Emerging Markets Corporates at Union Investment Privatfonds GmbH

Sergey Dergachev joined Union Investment´s fixed income portfolio management team in April 2008. As Functional Head Emerging Markets Corporate Debt and Senior Portfolio Manager, he is responsible for the emerging markets corporate bonds unit, which he has built up at Union Investment since 2009. In addition to that, Sergey plays a vital role in developing and promoting ESG themes and integration for EM debt portfolios at Union Investment. Prior to joining Union Investment, he worked at Frankfurt Trust from 2006 till 2008, as portfolio manager managing emerging markets fixed income debt portfolios (sovereign and corporate debt).

Sergey studied international business administration at the European Business School in Oestrich-Winkel, as well as at the Ecole Supérieure de Commerce in Rouen and the University of Westminster in London. In addition to that, Sergey is a certified chartered financial analyst (CFA), financial risk manager (FRM) and chartered alternative investment analyst (CAIA). He also holds a Master of Business Administration (MBA) degree from the University of Durham.

Union Investment Privatfonds GmbH

Jack Deino

Jack Deino

Head of Emerging Markets Corporate Fixed Income

Blackrock

Jack Deino

Jack Deino

Head of Emerging Markets Corporate Fixed Income at Blackrock

Jack Deino is Head of Emerging Markets Fixed Income Portfolio Management and a senior portfolio manager at Invesco. In addition to overseeing overall EM debt portfolio management and trading, Mr. Deino is the lead Portfolio Manager for Invesco’s emerging markets sovereign and corporate credit portfolios.

Mr. Deino joined Invesco in 2006 and has more than 21 years of experience trading, analysing and investing in Emerging Markets securities. He has been involved in the restructuring of diverse credits on a global basis and has played an instrumental role in developing and implementing the emerging markets credit research process at Invesco as well as at previous firms. Mr. Deino has held positions at Inverlat International, Daiwa Securities America, Zephyr Management, Orix Capital Markets and APS Financial Corp.

Mr. Deino earned a BA degree in Latin American Studies from the University of Texas at Austin and is fluent in both Portuguese and Spanish, Conversant in French, and has knowledge of basic Mandarin. He is a CFA charterholder and is a member of the CFA Institute.

Blackrock

Jack Deino