Event sponsors

For the past two years, the Africa Debt Capital Markets Summit has been the premier event focusing exclusively on Africa’s debt markets. The first and second editions focused on understanding the framework of African debt capital markets, meeting the most influential players from the continent, as well as creating a platform for issuers, investors, advisors and intermediaries.

Event introduction

Since the financial crisis in 2007, African debt capital markets have been characterised by a steady growth, both in terms of volume and quality of issuances. Bonds are increasingly being used by governments and private issuers alike as instruments to finance large, capital-intensive investments.

For the past two years, the Africa Debt Capital Markets Summit has been the premier event that focuses exclusively on Africa’s debt markets. The first and second editions focused on understanding the framework of African debt capital markets, meeting the most influential players from the continent, as well as creating a platform for issuers, investors, advisors and intermediaries.

While these remain key and fundamental objectives of the Summit, this year the event will also explore a range of specific products, such as Islamic bonds, diaspora bonds and infrastructure bonds. The Summit will also focus on the latest developments in Africa’s local currency bond markets, sub-national and municipal bonds, as well as a range of case-studies focusing on recent or prospective bond issuances across the continent. Other key themes addressed this year will be realities and perceptions of risk, rating and the sustainability of Africa’s debt in relation to the broader national and regional economic context.

Why attend?

When we launched this event two years ago, the African bond market was an opportunity in waiting. Since then we have seen the successful issuance of many sovereign bonds, new debt instruments and a growing appetite for debt from governments, MFIs and the private sector.

Ambitious, and much needed, infrastructure projects are hungry for capital and many ideas are being touted to unleash a new wave of financial activity in this area, with the debt markets an obvious outlet.

There are also large pools of capital wanting exposure to the African growth story – funds from the West to new ones from the emerging markets in the Middle East and Asia.

Still, fundamental questions remain. How risky is African debt? Is growth sustainable? Are countries borrowing too much? Can this debt be serviced? We are hearing that the end of cheap money and QE is in sight. How will this have an impact on investments in emerging markets and the cost of capital?

What about the local exchanges and regulatory environments? How deep are they, how liquid are they and are they evolving as quickly as they should?

How can we make African debt capital markets, at home and abroad, more attractive and more diverse? How does Africa fare in a global context?

Plenty of questions which I hope we will be able to raise and address over the course of the day.

Lastly, I am pleased to say that the inaugural ADCM Summit did yield results. It is our clear objective within our events team to organise forums that lead to concrete action. And, two years ago, what started as a conversation between a leading investment bank and an interested party has resulted in a well planned and well executed issuance earlier this year.

So here’s to more deals and a day of constructive and informative dialogue.

Speakers

  • Sunil Benimadhu
    CEO - Mauritius Stock Exchange

  • Rashmi Chandaria
    Member - Comcraft Group

  • Stuart Culverhouse
    Executive Director, Chief Economist and Global Head of Research - Exotix

  • Angus Downie

    Angus Downie
    Head of Economic Research - Ecobank

  • Richard Fox
    Senior Director - Fitch Ratings’ Sovereigns Group

  • Paul Hartmann
    Special Advisor, Ministry of Finance - Namibia

  • Samer Hijazi
    Director - KPMG Financial Services

  • Sheikh Bilal Khan
    Shari’ah Scholar - Linklaters LLP

  • Kamran Khan
    VP, International Business - FreeBalance

  • David Makoni
    Fixed Income Portfolio Manager - STANLIB

  • Archer Mangueira
    Chairman Capital Market Commission of Angola -

  • Cédric Mbeng Mezui
    Senior Financial Economist, Regional Integration Department - African Development Bank

  • Sam Mensah
    Technical Advisor, Ministry of Finance, Ghana -

  • Tom Minney
    Editor, African Capital Markets News - African Growth Partners Ltd

  • Yibin Mu
    Senior Economist - International Monetary Fund

  • Francis Odubekun
    East Africa Advisor, U.S. Department of Treasury -

  • Giulia Pellegrini
    Vice President, Emerging Markets Research - Sub-Saharan Africa - J.P. Morgan

  • Lasitha Perera
    Senior Investment Advisor - Frontier Markets Fund Managers

  • Jorge Pereira Ramos
    Managing Director - Investment Banking Banco Espírito Santo Angola

  • Eddy Sternberg
    Vice President and Portfolio Manager for Emerging Markets - Loomis, Sayles & Company

  • Anver Versi
    Editor, African Banker - IC Publications

Programme

08.00 – 09.00

REGISTRATION AND BREAKFAST

09.00 – 09.30
Welcome and Opening Remarks from Omar Ben Yedder, Publisher, African Banker

09.30 – 09.40
Presentation
Overview of Debt Market Development in Africa from Yibin Mu, Senior Economist, International Monetary Fund

09.40 – 10.30
Session I: Panel Discussion

Deepening African Debt Markets

  1. The latest developments and opportunities in Africa’s debt markets
  2. How to make African debt more attractive to investors
  3. The fundamental drivers of African debt markets

Moderator – Anver Versi, Editor, African Banker

Speakers:

  • Sunil Benimadhu, CEO, Mauritius Stock Exchange
  • Stuart Culverhouse, Executive Director, Chief Economist and Global Head of Research, Exotix
  • Paul Hartmann, Special Advisor, Ministry of Finance, Namibia
  • Piedade Macamo Matavela, Deputy National Director of Treasury, Government of Mozambique
  • David Makoni, Fixed Income Portfolio Manager, STANLIB

10.35 – 11.00
Keynote Address followed by Q&A

Structured Finance: Conditions for Infrastructure Project Bonds in African Markets

  • Cedric Achille Mbeng Mezui, Senior Financial Economist, Regional Integration Department, African Development Bank

11.00 – 11.30: COFFEE BREAK

11.30 – 13.00
Session II: Panel Discussion

Sovereign issuances and Africa’s economic outlook: case-studies and perspectives from Ghana, Rwanda and Zambia

  1. Bond issuances in the broader national and regional economic context
  2. What are the drivers of Africa’s growth? Is debt sustainable?
  3. Political and credit risk: realities versus perceptions
  4. Rating: a decisive factor for investors?
  5. African sovereign bonds and risk: a view from rating agencies

Moderator: Tom Minney, Editor, African Capital Markets News

Speakers

  • H.E. John Rwangombwa, Governor, National Bank of Rwanda
  • Dr. Sam Mensah, Technical Advisor, Ministry of Finance, Ghana
  • Richard Fox, Head of Middle East & Africa Sovereigns, Fitch Ratings
  • Giulia Pellegrini, Vice President, Emerging Markets Research – Sub-Saharan Africa, J.P. Morgan
  • Eddy Sternberg, Vice President and Portfolio Manager for Emerging Markets, Loomis, Sayles & Company

13.00 – 14.00    LUNCH

14.00 – 14.45
Session III: Discussion

Country Focus Discussion Angola

Moderator – Tom Minney, Editor, African Capital Markets News

Speakers

  • Archer Mangueira, Chairman, Capital Market Commission of Angola
  • Jorge Pereira Ramos, Managing Director, Banco Espírito Santo Angola

14.50 – 15.30
Session IV: Expert Discussion

Islamic bonds (Sukuk): Untapped opportunities?

Moderator –  Omar Ben Yedder, Publisher, African Banker

Speakers

  • Samer Hijazi, Director, KPMG Financial Services
  • Sheikh Bilal Khan, Shari’ah Scholar, Linklaters

15.30 – 16.00: COFFEE BREAK

16.00 – 16.30
Exclusive Discussion:

Sub-national bonds

Speaker:

  • Hon. Ben Akabueze, Commissioner for Economic Planning and Budget, Lagos State, Nigeria

16.30 – 17.50

Session V: Panel Discussion followed by Q&A

Africa’s Local Debt Markets

  1. Developing local currency bond markets
  2. Local VS international markets: what is the comparative advantage?
  3. Expanding and diversifying the investor base

Moderator – Tom Minney, Editor, African Capital Markets News

Speakers

  • Hon. Maria Kiwanuka, Minister of Finance, Planning and Economic Development, Uganda
  • Rashmi Chandaria, Comcraft Group
  • Angus Downie, Head of Economic Research, Ecobank
  • Francis Odubekun, East Africa Advisor, Government Debt
  • Issuance & Management, U.S. Department of Treasury/ Technical Assistance
  • Lasitha Perera, Senior Investment Advisor, Frontier Markets Fund Managers
  • Frédéric Wandey, Financial Officer, Treasury Department, IFC

17.55 – 18.00        

Closing Remarks

*The programme may be subject to change

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  • African Banker

  • IC Events

  • IC Publications

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