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.
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.
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.
CEO - Mauritius Stock Exchange
Member - Comcraft Group
Executive Director, Chief Economist and Global Head of Research - Exotix
Head of Economic Research - Ecobank
Senior Director - Fitch Ratings’ Sovereigns Group
Special Advisor, Ministry of Finance - Namibia
Director - KPMG Financial Services
Sheikh Bilal Khan
Shari’ah Scholar - Linklaters LLP
VP, International Business - FreeBalance
Fixed Income Portfolio Manager - STANLIB
Chairman Capital Market Commission of Angola -
Cédric Mbeng Mezui
Senior Financial Economist, Regional Integration Department - African Development Bank
Technical Advisor, Ministry of Finance, Ghana -
Editor, African Capital Markets News - African Growth Partners Ltd
Senior Economist - International Monetary Fund
East Africa Advisor, U.S. Department of Treasury -
Vice President, Emerging Markets Research - Sub-Saharan Africa - J.P. Morgan
Senior Investment Advisor - Frontier Markets Fund Managers
Jorge Pereira Ramos
Managing Director - Investment Banking Banco Espírito Santo Angola
Vice President and Portfolio Manager for Emerging Markets - Loomis, Sayles & Company
Editor, African Banker - IC Publications
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
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
- The latest developments and opportunities in Africa’s debt markets
- How to make African debt more attractive to investors
- The fundamental drivers of African debt markets
Moderator – Anver Versi, Editor, African Banker
- 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
- Bond issuances in the broader national and regional economic context
- What are the drivers of Africa’s growth? Is debt sustainable?
- Political and credit risk: realities versus perceptions
- Rating: a decisive factor for investors?
- African sovereign bonds and risk: a view from rating agencies
Moderator: Tom Minney, Editor, African Capital Markets News
- 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
- 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
- Samer Hijazi, Director, KPMG Financial Services
- Sheikh Bilal Khan, Shari’ah Scholar, Linklaters
15.30 – 16.00: COFFEE BREAK
16.00 – 16.30
- 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
- Developing local currency bond markets
- Local VS international markets: what is the comparative advantage?
- Expanding and diversifying the investor base
Moderator – Tom Minney, Editor, African Capital Markets News
- 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
*The programme may be subject to change
Africa Debt & Capital Markets Summit, 2012
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