3 5 June, 2020 Novotel Madrid Center, Madrid - TXF News
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
3 – 5 June, 2020 Novotel Madrid Center, Madrid
Thank you to our sponsors
Partners:
Host sponsor:
Sponsors:
Corporate sponsor:
ECA partners:
Supporters:
Media partners:
Welcome to TXF Global 2020
Providing industry knowledge before you can smell it, TXF Global 2020: Export, Agency & Project Finance is
heading to Madrid. Sustainability, trade wars, sanctions, blended finance, regulation, high-growth regions, SMEs,
future industry funding and the OECD consensus are just a few of the topics dominating this year’s agenda. Quite
simply, this is the event you cannot afford to miss.
Packing the mightiest of punches, TXF Global will again combine keynote addresses from CEOs and state
ministers outlining the future of industry, sustainability and digitisation, as well as infrastructure and project
roadmaps. Mixed with detailed technical workshops, lively debate forums and regional roundtables TXF Global
allows for an intimate networking environment like no other.
This unrivalled industry gathering for the export, agency and project finance world gathers 1,000 practitioners
from across the world. We look forward to seeing you all in Madrid...
1000 150 350 80
Guests speakers Companies Countries
What to expect
Sustainability javelin Compete on the world stage Agency CEO triathlon
The track and field event will Gain in-depth regional CEOs of ECAs and DFIs pass
take center stage, as expert analysis including innovations the baton on blended finance,
sustainability forerunners and project pipelines at our collaboration, competition,
go head to head with ECA dedicated regional stadiums sustainability criteria and
industry leaders for Africa, Asia, Americas, more
Europe & MENA
The hurdles The shotput The Olympic village
The latest regulatory outlook Top athletes of the industry Take advantage of deal-
including Basel IV, OECD, discuss how export, agency making and networking
MIFD, IFRS and industry and project finance needs to opportunities in our
lobbying adapt to the rapidly changing detailed technical
world to finance e-mobility, workshops, lively debate
energy storage, connected
forums and ideas labs
cities and more
“Not only was the quality of the debates and participation good/
current/topical but you guys also managed to assemble the who’s
who of the world of Project & Export Finance. Well done indeed!”
Rajit Nanda, ACWA Power
“Excellent event, the best networking for “Once again TXF rocked it!”
financing deals! Perfect!” Katerina Trimpsa, National Grid
Shuki Raz, LR Group
Top speakers of 2020
Here are a few of the top athletes running for victory at the 2020 event
Xiana Méndez
Secretary of State for Trade
Spain
Hiroshi Matano Kirstine Damkjaer Kimberly Reed Gabriel Cumenge
Executive Vice President CEO President and Chairman Deputy Assistant Secretary
MIGA - Multilateral EKF - Denmark’s Export US EXIM BANK - Export- Ministry of Finance of France
Investment Guarantee Credit Agency Import Bank of the United - DG Trésor
Agency States
Anna-Karin Jatko Catrin Fransson Pauli Heikkilä Wenche Nistad
Director General CEO CEO CEO
EKN - The Swedish Export Swedish Export Credit Finnvera plc GIEK - The Norwegian
Credit Agency Corporation (SEK) Export Credit Guarantee
Agency (GIEK)
Kutoane Kutoane Fernando Salazer Palma Peter Gisler Pedro Novo
Chief Executive Officer Chairman & CEO CEO Executive Director in charge
Export Credit Insurance CESCE SERV - Swiss Export Risk of Export
Corporation of South Africa Insurance Bpifrance
SOC LTD (ECIC SA)
Teguh Widhi Harsono Katerina Tsirimpa Shewangizaw Kifle Kazunori Ogawa
Vice President of Funding Head of Corporate Finance Director of Business Resident Executive Officer,
Perusahaan Listrik Negara National Grid Development Regional Head, EMEA
(PLN) (Persero) Ethiopian Railways Japan Bank for International
Corporation (ERC) Cooperation (JBIC)
Agenda at a glance
Monday 1 June
8:00-17:30: ECA Finance Training
Our tried and tested programme is champion!
Discounts available for main event-goers.
Tuesday 2 June
8:00-17:30: ECA Finance Training conti
nues...
15:00-18:00: Pre-registration at the Novo
tel Madrid Center
17:00-19:00: Walking Tour
Take in the sights of Madrid with your fellow
guests. This complimentary activity is the
to enjoy a summer night, the tour draws to perfect way
close conveniently where the Ice-breaker drinks
begin
19:00: Ice Breaker Drinks
Open to all guests, the pre-conference drinks
gives the ideal opportunity to get networking
and ease yourself into the main event early
Day 1: Wednesday 3 June
8:00: Registration at the Novotel Madr
id Center
8:50-18:00: The main event day 1
On your marks, get set, go! Three days,
three streams, 150 speakers, 1000 atten
networking app, complimentary concierge dees,
service, 1-to-1 meeting zone. We’ve said
enough
18:15-18:45: Awards Ceremony, Novotel
Madrid Center
Find out who’s top of the medal table at
the Deal of the year awards 2019 cerem
ony
19:00: Cocktail Reception, the Royal Tapes
try Factory Sponsored by
Soak up all the great content from the open
ing day and take your network to the next
level
Buses leave from the Novotel Madrid Cente
r from 19:00-19:30
(10 mins drive to the venue)
Day 2: Thursday 4 June
7:00-8:00: Morning run
Rise and shine! Athletes assemble for the
Parque de El Retiro morning run
9:00-18:00: The main event day 2
Another day of inspiring content and plent
y of networking
Day 3: Friday 5 June
9:00-15:30: The main event day 3
No tears please, all good things must come
to an end. Full presentation slides plus Audie
Response Survey results will be emailed nce
to you. And don’t forget to fill in an evalu
ation form
14:00: ECA networking lunch
We’ve left the best until last with our ECA
hosted lunch tables, don’t miss out on tapas
networking and product updates. ,
Agenda Navigating key
Use this key to quickly find the subject most important to you:
Sustainability Future of export OECD Role of Role of ECAs, Geopolitical risk, Regulation Digitisation CPRI market Project finance Financing
finance Consensus Bankers DFIs & MFIs economic outlook, traditional ECA
trade & Covid 19 industries
Agenda: Madrid 2020
Plenary Track, Field & Road Events
Olympic opening ceremony: The Hurdles: The OECD The 100m Relay: Banking lead-
Keynote ministerial address Consensus revisited er’s session
Olympians of the export & agency finance world We gather leaders from the OECD, Berne Union, and We ask heads of units that include export, project
assemble to gain the strategic outlook from the Spanish IWG to give the latest update on the modernisation and trade finance their view on the future of
ministry of economic affairs. As a major exporting nation, of the OECD consensus and the IWG guidelines. export finance as an asset class within the wider
which geographies top the new Spanish administrations How has each organisation progressed and where group strategy. In today’s landscape of price
national interest? What will the government do to aid compression and rolling regulation how is ECA
does the situation stand today? Will the OECD
export, trade and international development? How do finance perceived? What does this mean for the
consensus survive? Where will recent efforts from
export, agency and project finance asset classes fit into future of large ECA finance teams? The role that
the IWG, EBF and national federations leave us
the bigger economic picture? What are the pros and banks will play in structuring ECA transactions
in the near future? Will the IWG rules be legally
cons of linking trade with aid? How can the international given liquidity from institutional investors and
community work with the Spanish government to ensure binding, or just a set of guidelines? ECA direct lending? The effect of digitisation and
trade and collaboration in an era where fragmentation Michal Ron, Secretary General, International innovation within trade and export finance and the
and protectionism are increasing? Working Group types of transactions banks favour? Will we see a
Xiana Méndez, Secretary of State for Trade, Spain Beatriz Reguero Narado, COO, State Account shift away from financing long tenor illiquid assets
Business, CESCE in favour of new fast-moving industries?
The Javelin: Sustainability The Steeplechase: The Role of The Decathlon: The global
leaders’ panel ECAs in 2030 heads debate
With 10 years until the UN General Assembly Two teams comprised global heads of export
Following the update on the OECD Consensus we
2030 agenda for sustainable development we finance go head to head to outline their vision on
invite our ECA CEO contestants to outline their
analyse the past 5 years to see how successful how our industry will evolve over the next 10 years:
vision for the role of ECAs in 2030: how do they
agency-backed finance has been at implementing
intend to shape their organisations to deal with the Financing the UN 2030 agenda, SDGs and Paris
the UN Sustainable Development Goals (SDGs)
most pertinent challenges of today? How are they Agreement, including sustainable supply chains, green
and Environmental Social Governance (ESGs)
addressing the UNs SDGs and ESGs? Given the drive bonds, regulatory and lending incentives for green
and how-to roadmap and successfully implement
toward sustainability what does this mean for fossil
these. What can lenders, industry and regulators manufactures, the implications of stranded assets
fuels and legacy projects? Will we see stranded
do to incentivise sustainable projects? Will we have Export credit in the age of rapid geopolitical
assets? International investment in clean fuel
measures such as reductions in ECA premiums for
technologies? What does this mean for international change, trade wars, balkanisation and sanctions
green project borrowers? Exclusions from ESIA
competition and using cleaner technology to outbid Digitisation, increased transparency, new
evaluations? Are ESG-tied tied debt and
more environmentally destructive alternatives? What
sustainability linked loans a tangible reality for platforms and financing SMEs
projects will be backed and what won’t be backed?
export finance as increasingly seen in commodity Financing future industries, connected cities,
What will the landscape look like post proposed
finance? On a macro level how can we help finance
regulations and the changing roles of banks and e-mobility and transport, energy storage
the Paris Agreement and how do we ensure all
ECAs? Any comments to the OECD debate? The future of banking in today’s compressed
signatories adhere to the principles? What can be
done to accelerate the decarbonisation of industry Pauli Heikkila, CEO, Finnvera profit environment
in developed, emerging and developing markets? Kimberly Reed, President & Chairman, US EXIM Bank Andre Gazal, Global Head of Export Finance, Credit
What can we learn from business leaders and Agricole CIB
Wenche Nistad, CEO, GIEK
institutions pushing the forefront in sustainability?
Anna-Karin Jatko, CEO, EKN Yasser Henda, Global Head of Export Finance, BNP
Kristine Damkjaer, CEO, EKF - Denmark’s Export Paribas
Credit Agency Nabil Jijakli, Deputy CEO, Credendo
Paul Richards, Head of Structured Export Finance, ANZ
Gabriel Cummange, Deputy Secretary, Peter Gisler, CEO, SERV
Co-moderator: Katy Rose, COO, TXF
French Ministry of Finance (DG Trésor) Moderator: Max Thompson, Editor, TXF Co-moderator: Dominik Kloiber, Co-founder, TXF
Goalball: TXF trends, data and The Marathon: The new paradigm The olive wreath CEO panel: Leader-
survey of blended finance and DFI ECA ship in 2030
Following our podcast series, we take our highly multi-sourcing Introduced by Hercules, the olive wreath was the
tuned athletes out of the studio to face the factual Heads of DFIs, MFIs, ECAs and investors gather to prize for the overall winner at the ancient Olympic
might of TXF data and the findings of the export strategise mobilising private and public funds to Games. 2800 years later our modern heroes
finance survey. What does our industry look like allow sustainable infrastructure projects to flourish address the future of leadership and how to gear
today? Are the economic woes of the outside in developing countries. Key questions include: large organisations to tackle today’s most
world set to soar ECA finance to lofty heights? How do we navigate the differing mandates of pertinent issues including sustainability, climate
Will we see an increase in borrowers moving away ECAs and development agencies to allow for all change, trade wars and the role of data and
from riskier asset classes? What do the product parties to play a part in critical projects? Will DFI’s/ technology in transforming industry to help
users want from their lenders and ECAs? What is MFI’s be willing to drop their ‘preferred credit people and business prosper in an increasingly
the MLT outlook? Which industries and regions are status’ and be on an equal footing with the ECAs? challenging marketplace. How do we prepare
growing, maturing, in decline and where should How can agencies complement each other rather industry and business to survive economic
you focus your efforts? How has our industry been than compete? What does this mean for pricing downturns and global Outbreaks? How will this
affected by the Global Covid 19 outbreak? and documentation? What specific examples and impact their existing businesses, product lines and
case studies can we learn from? What role can ability to take on projects?
government play in determining national interest Fernando Salazer Palma, Chairman & CEO, CESCE
and green development polices for ECAs and Pedro Novo, Executive Director in Charge of
bilateral development agencies? What is the role Export, BPifrance
of asset managers, alternative liquidity and credit
insurance in mobilising additional resources? How
are philanthropists and impact investors, looking
achieve their ESG goals, adding to the pool of
below-market capital? What can we expect
from the US International Development Finance
Corporation and continued activities of the NDB
and AIIB?
Sabrina Borlini, Director Syndicated Loans &
Mobilisation, IFC
Olympic Medal Ceremony: TXF Perfect 10 Awards
Each year the market submits their favourite deals from each region to Tagmydeals, with the 10 winners and their deal teams announced at the awards ceremony. Hold on
to your seats this will inspire you!!
The Hammer Throw: ECA, agency The Shotput: Regulation uncovered The Discus: Financing future ECA
and private market underwriter Our panel or industry experts and regulatory industries
soapbox figures debate the key regulatory issues of today: The future is connected, clean and fast moving.
Back by popular demand, this session allows ECAs, 1. The status of the EU CRR regulation (Leverage The financial tools and institutions best placed to
Ratio exemptions) finance this growth are yet be determined. Here
agencies and private market underwriters from
across the world to update exporters, lenders and 2. ECB Guidance on NPLs we gather leading industry lights and forward-
borrowers on their latest products and innovations. 3. Basel IV and impact on balance sheets thinking manufacturers and contractors to assess
We invite the panel to cross examine each other 4. Sustainable finance regulation and its impact on what these industries will look like and how we
and the audience to ask probing questions the export finance market can harness the ECA product to finance these?
on coverage, direct lending, national interest, 5. Increased demand on risk management for How will e-mobility, energy storage and connected
funding through net stable funding ratio NSFR cities change the face of our business? What can
pricing, ECA reinsurance, local content, the
2021 and effect on competition we learn from the renewables sector? With over
OECD consensus, shopping lines, untied finance
6. Implications of the OECD CIRR for the market as a whole a 1bn people not connected to grid electricity,
and sustainability, private market tranches and
7. IBORs and export finance are we as an industry doing enough? How can we
competition between guarantors
8. Effect on European banks of increased adapt as an industry to move with the times?
Kazunori Ogawa, Resident Executive Officer,
competition on dollar-based transactions, deposits Hacina Py, Global Head of Export Finance and of
Regional Head for EMEA, JBIC and the regulatory perspective Impact Finance Solutions, Société Générale
Hiroshi Matano, Executive Vice President, MIGA – 9. Secure Overnight Funding Rate (SOFR) versus Catrin Fransson, CEO, Swedish Export Credit
Multilateral Investment Guarantee Agency LIBOR – what are implications for the market? Corporation (SEK)
Maelia Dufour, Director International Relations, Vinco David, Secretary General, Berne Union Stefan Crets, Executive Director, CSR Europe
Bpifrance Francesca Beomonte, Global Head of Structured
Trade & Export Finance, UniCredit
The Pole Vault: Institutional investors The High Jump: Untied Lending Around the world in a hop, skip and a
& secondary markets distribution We examine the outlook for this increasingly jump: Underwriters views on global
The countercyclical ECA market does well in a popular product; allowing for nationally strategic and local risks
downturn due to its inherently safe and structured projects to be unlocked in a more flexible
environment than the traditional ECA structure Gain the inside view from leading underwriters
nature. With fears of recession looming, many and brokers on how they perceive the market,
under the confines of the OECD consensus.
factors point to a demand for increased ECA Which European ECAs will introduce these in region by region, risk by risk: What is the
financing and liquidity. Banking regulation on long the near future, and what can we learn from the general market appetite and performance across
dated, liquid loans and has severe implications on first agencies to market? With the increased established private and public obligor risk? How
available bank liquidity and the cost of funding, demand for strategic metals in battery storage is this broken down by sector and by geography?
paving the way for institutional investors, asset and e-mobility how will untied finance play a role
What are the latest pricing considerations? Where
managers and secondary market distributors. in the development of nations vying to be at the
forefront these industries? With the ability to offer are they seeing growth? What new products are
While better placed to pick up the slack, what are being developed in new markets? Where will we
more favourable borrower pricing, will European
these investors thinking in the current environment, ECAs have to the ability compete with their Asian see increased coverage? How has the global
and what is their appetite for ECA backed debt? counterparts? How do the products and terms outbreak of Covid 19 and economic downturn
differ between the OECD and non-OECD ECAs? affected appetite for risk?
Moderator: Dr. Sebastian Hofert von Weiss, Head Andrew Underwood, Head of PRCB, UK & Ireland,
of Project Finance, EY/AHB Global Political Risk, Credit & Bond, AXA XL
Moderator: Hans-Peter Busson, Global ECA
Lillian Labbat, Global Head Credit & Political Risk,
Coordination Leader, EY/AHB
Zurich
Regional Stadiums
Using data powered by Tagmydeals we introduce the inaugural TXF Regional Olympics. Here we gather the major SOEs, borrowers, exporters,
developers, ECA, DFIs and financial institutions that worked on some of the most iconic regional projects, pushed the boundaries of innovation and are
busy road mapping the future of industry in their geographies.
TXF data for volume and number of deals by region in 2019:
Region Volume in $. No of deals %
1. Asia Pacific 16,303.18 37 17.5%
2. Russia CIS 15,806.70 32 17.0%
3. Europe 12,890.16 52 13.8%
4. Middle East 12,166.97 14 13.1%
5. Latin America 9,177.38 32 9.9%
6. North America 7,916.74 14 8.5%
7. Africa 7,133.66 44 7.7%
8. Australasia 7,082.35 4 7.6%
9. Asia 4,243.25 17 4.6%
10. Undisclosed Region 441.39 1 0.5%
Grand Total 93,161.78 247 100.0%
Africa stadium
The African Games: Econ- 50K Race: Responsibly Weightlifting: Mozam- Athletics: Home grown
omist overview funding Africa’s infra- bique LNG Case Study ECAs & agencies uncov-
Great excitement exists over structure demand Mozambique is one African nation ered
Africa’s emerging opportunities The demand for energy and punching well above its weight by Africa has a rich tapestry of ECAs
for investment and increased infrastructure across Africa continues hosting two of the largest energy- and agencies, here we invite the
trade. However, there also remains to be huge, how we finance these related project financings the continent continents foremost agencies
significant barriers to entry and projects and the technologies we has ever seen: the Total (previously to meet with the international
political risks facing many investors adopt are crucial for the future Andarko Petroleum) led $20 billion community, discuss their project
including slowing economic growth, of the continent and our global Area 1 Mozambique LNG project and pipelines, funding requirements,
rising debt, and fierce competition climate. This session pits together the ExxonMobil-led Area 4 Romuva guarantees, product updates,
among investors seeking to developers, agencies, borrowers, LNG Scheme requiring $15billion of development goals and area
benefit from privatisations and SOEs, banks and investors to draw debt. With both deals expected to coverages.
infrastructure deals. While public example from individual projects, close in 2020, the scene is set for key
Invite list: Afreximbank, ATI, AFD,
debt as a percentage of GDP as well as projects in the pipeline, actors to share the latest and greatest
AfDB, BECI, DBSA ECIC, ECGC Z,
has stabilised in some African and to address how we fund Africa’s at the TXF Olympics. What has
ECGE, ECIC SA, GEXIM, NAIFE,
markets, slower growth and falling insatiable demand for infrastructure progressed on the two projects? What
NEXIM
government revenues are the new through socially responsible finance. innovations can we learn from? Does
challenges facing many African How do we increase the use of PPP this set a new precedent for African
governments. Small diversified structures to tackle growing sovereign project financing?
markets like Rwanda and Benin are indebtedness, and where are such
performing well, but many large structures most applicable? Local
resource-dependent countries are currency financing: where and how
struggling in the current economic best is it used? How can digitisation
climate. As a result, the IMF warns help empower people through MSME
that some sovereigns will struggle to growth? How do we incentivise
service their debts. green energy? How do we increase
Dr Robert Besseling, Executive the sustainability of supply chains in
Director, EXX Africa existing carbon negative industries?
According to a recent report by TXF
Data, 14.1% of all sustainable deals were
done in 2019 were closed in Africa -
the path is gradually being paved and
slow and steady wins the 50k race!
Shewangizaw Kifle, Director of
Business Development, Ethiopian
Railways Corporation (ERC)
Kutoane Kutoane, CEO, ECICMENA stadium
The Fencing: Tensions in MENA’s The Vault: Banking more mega bor- Equestrian Dressage: Emerging
land of project opportunity rowers and projects ECAs & agencies spotlight
While 2019 saw MENA drop down in regional With deal volumes in 2019 down we invite local The Middle East is fast growing its own network
deal charts, the region continues to offer a borrowers, SOEs and DMOs to take to the stage and ECAs and agencies, here we invite the regions
wealth of ECA savvy borrowers and a rich project discuss why they work with ECAs, when they look foremost agencies to meet with the international
pipeline, one that carries huge promise in the for other alternatives and how ECAs can improve community, discuss their project pipelines, funding
face of enhanced geopolitical risk: The latest their offerings to borrowers? What are the main requirements, guarantees, product updates,
on US and regional tensions with Iran? Who will challenges to using ECA products in the GCC? Are development goals and area coverages.
rebuild Iraq? Saudi Aramco’s IPO and scope for there size thresholds to ECA financing? What will be
further international investment in infrastructure the effect of Duqm Refineries rejection of ECAs due Invite list: Bahrain Development Bank, Credit
modernisation projects? to upfront premiums on multisource financings? Can Oman, Dhaman, ECGE, ECI, ICIEC, ISDB, JLGC,
ECAs be more flexible to compete with the speedy LCI, QDB, SEP, Saudi EXIM Bank, new precedent
due diligence, long tenors and big-ticket coverage of for African project financing?
Chinese ECAs? Will the $1.9 billion Assuit Oil refinery
expansion in Egypt, the integrated $10 billion
petrochemical plant at the Duqm refinery in Oman,
and the $1billion Salalah Methanol ammonia plant
expansion bring a return to former ECA borrowing
glory in 2020 and beyond?
Europe Stadium
Cross Country Mountain Biking: Economic outlook for Quadruple Sculls Rowing: Export credit for European
the Eurozone borrowers
Twelve years after the global economic crisis, the European economy faces major With fears of recession and rumours of another crisis emerging in the darker
challenges; with monetary policy remaining ultra-loose, fiscal space limited, long corners of the TXF Olympic Village, we examine the market for ECA borrowing
term interest rates low, asset price valuations high, and corporate investment in category zero countries. How are banks familiarising key borrowers with
relatively tepid. Uncertainty to the outlook is elevated, arising from trade, Brexit the ECA product? Will ECA be the tool of choice preparing to should there
and geopolitical tension. Despite strengthened regulation, some segments of be another crisis? What factors have to be at play for the ECA product to be
the financial sector continue to signal risks to financial stability. On the structural favourable to bind markets, balance sheet borrowing and corporate lending?
front, a bolder consensus needs to be reached and substantial changes need to
be implemented. The euro is lagging behind major competitors in its capacity to
innovate, partly owing to an ill-suited financial sector and lack of equity. While the
challenges of digitisation and innovation will be here for years to come. Half a year
after a new commission and a new ECB president, which strategies and avenues
will be employed? How can we ensure the greening of the European economy
becomes an opportunity for Europe´s development?
Laurent Marin, Senior Economist, Economics Department, European Investment
Bank (EIB) projects?Asian Stadium
Badminton: Key trends and market Going for Gold: Asian borrowers’ Windsurfing: Formosa 2 offshore
opportunities panel wind case study
The Asia-Pacific shuttlecock soared over the TXF Data showed Asia-Pacific as the top ECA We gather the principal actors to share the story
net in 2019 ahead of its regional competitors, borrowing region for 2019, accounting for 17.5% on the 376MW Formosa 2 offshore wind scheme
comfortably topping the charts when it comes to of overall export finance volumes. Our gold in Taiwan signed in October 2019. Sponsored by
overall borrowing volumes. This, combined with medallist borrowers shed light on the projects Macquarie Capital (75%) and Swancor Renewable
Japan and China’s dominance of the international that contributed to these volumes and the Energy (25%), the TWD60 billion ($1.91 billion)
lending countries, shows that the region is developments that led to successful financial debt package has ECA support from Credendo,
even more active than ever before. What is the close. We ask what are their project pipelines EKF, K-Sure and UKEF. BNP Paribas, Credit
economic forecast for the next 5 years? Which and refinancing needs to 2025? How can banks, Agricole, Societe Generale (financial adviser),
parts of the region will see the most growth, and exporters and ECAs improve their products to Natixis, ING Bank, DBS, OCBC, MUFG, SMBC, ANZ
in which sectors can we see the most projects? streamline processes? What is the role of various and HSBC. The domestic lenders are CTBC, E.Sun,
Will RMB internationalisation begin to displace debt instruments in meeting their investment Fubon Bank, KGI Bank and Taiwan Life Insurance.
dollar dominance in the region and what is the objectives, while maintaining balance sheet health? EKF and UKEF will cover 100% of part of the
outlook for local currency markets? What have we What considerations are taken when opting for local debt, Credendo will provide a guarantee of
learned from the China-led BRI initiative so far? ECA-supported debt, capital markets, bonds, bank 95%, while the remaining ECAs will provide 100%
How are the geopolitics of power shifting with the loans and other products? cover. This intricate 18 year-facility, composed
US, Australia and Japanese Trilateral Infrastructure Teguh Widhi Harsono, Vice President of Funding, of 6 tranches split 50/50 between covered and
Partnership allegiances in the face Chinese policy Perusahaan Listrik Negara PLN uncovered portions, is no small feat, what can we
bank dominance? How will the market adapt and learn from the successful close? Why is this Asian
respond to Covid 19? case so different from offshore projects elsewhere
in the world? How will ECA finance continue to
blow wind into the sales of the Asian and global
offshore wind market in years to come?
Nabil Jijakli, Deputy CEO, CredendoRussia & CIS Olympic Stadium
The Wrestling: Financing Parallel Bars: Ukraine-Russia Gymnastic Rings: Case study –
Russia’s huge borrowing relations and sanctions Amur Gas Processing Plant
demand We shine the spotlight on Russia Ukraine relations We shine the spotlight on the Gazprom Pererabotka
post the promotion of Dmitry Kozak by Vladimir Blagoveshchensk €11.4 billion ECA-backed debt
With 32 deals in 2019 and the second largest regional
Putin this January. After six years of conflict will package to finance the Amur gas processing plant
share in terms of volume, Russia CIS continues to
we see peace? How will this change the trade (GPP) in Russia on 5 December, a huge part of the
remain a heavyweight borrowing region, despite
landscape? What does this mean for projects in process chain of natural gas supplies to China via
the sanctions imposed by the US. Given the project
Ukraine? the Power of Siberia gas pipeline. What can be
pipeline, we assess how to harness the ECA product
learnt from the international collaboration in the
to make the most of this huge opportunity and foster
structuring of the €11.4 billion debt package with
growth. How can compliance issues be mitigated to
direct and indirect DFI and ECA support from Euler
make the ECA product more attractive? What are the
Hermes, SACE, Exiar and China Development Bank?
alternatives used by the Russian market? Eurobonds
We analyse the three major debt packages to fund
by Russian issuers? Why do PXF structures remain
EPC contracts: the €4 billion facility to fund Maire
attractive for raw material producers? What is the role
Tecnimont’s joint venture with China’s Sinopec to
of Russian banks? Is dollarisation an inevitable pattern
supply equipment, with SACE backing around €1
for Russia? Are government policies/ bank internal
billion. The €3 billion partially Hermes-covered facility
policies impacting the volume of dollar denominated
to back a contract with Linde for the procurement of
deals? Which hard currency offers the most potential?
the gas cracker. And the €3.4 billion 15-year facility
What is the impact of financial payment systems such
provided by Bank of China, China Construction Bank
as CHIPS/SWIFT on this? Given the excess liquidity
Corporation, and China Development Bank to fund
among Russian banks, how much room is there for
the purchase of equipment from China National
international lenders? How successful are SDG Linked
Petroleum Corporation (CNPC).
loans currently in place and what is preventing further
interest? Where is the future pipeline for ECA-backed Heiko Lentge, Global Head Export Credit Agency
Advisory Practice, PwC
deals and projects within Russia?
Ulrich Schulte Lünzum, Head of Department,
Maxim Subbotin, Head of Strategic Projects, PJSC
Project Finance and Untied Loans, Euler Hermes
Uralkali
Albrecht von Blumencron, Director, Energy Project
Ilya Krasnov, Head of Corporate Finance and Advisory, ING
Financial Risk Management, Metalloinvest
Anton Efremov, Chief Financial Institutions Officer,
Inter Rao
Mikhail Sychev, Head of Debt Finance Department,
Gazprom NeftAmericas Stadium
The Football: Economist overview Penalty shoot-out: Local currency financing
With Latin America and North America hosting 46 deals, contributing to a The devaluation of certain Latin American currencies has resulted in a greater
combined 18% of deal volumes in 2019, the Americas represents the largest demand to complete deals in local currencies to reduce foreign exchange exposure,
region in terms of deal volumes. Here our chief pundit assesses the strengths particularly in countries such as Brazil and Colombia. It takes two to tango; how can
and weaknesses of this footballing dream team: How are the new administrations agencies providing guarantees and lenders cooperate to the streamline the process?
in Mexico and Brazil are progressing? Are the project pipelines as promising as Are local investors familiar enough with the infrastructure asset class to deploy
expected and where can we see a stream of viable projects?? Following Alberto money on a longer-term basis? What lessons can we take away by comparing
Fernandez’s election what investment opportunities exist in Argentina? With dollarised and non-dollarised markets? Will the yield curve in the region help
looming worries of a recession along with the on-going US-China trade war, how is mobilise local investors? What innovative strategies and solutions are being used
cross-border trade, particularly in the Americas being affected? What side of the and with which currencies? How can it be addressed institutionally? What can we
political spectrum will LatAm fall under following the set of elections in 2019? learn from the examples set by airlines and local currency borrowers?
FEX ZONE
brought to you by
At both TXF and ANZ, we’re keen to nurture those rising stars of the export finance
world and that’s why we’re giving away a limited number final day tickets to the
bright young things of the export finance world. Anyone who is under 30 and is part
of a FEX chapter across the UK, Germany, Singapore, Hong Kong or the Netherlands
can apply for tickets, please contact: dkloiber@tagmydeals.comCPRI Olympics Sport climbing: Product Archery: CPRI trends un- Beach Volleyball: Insuring Basketball: CPRI product users’ belay covered infrastructure investors in workshop Our panel of distribution and Underwriters and brokers gather to emerging markets In this open-door workshop, we syndication bankers, deal originators, shine a light on key market trends. How For investors, lenders and developers bring together brokers, underwriters corporates and ECAs go head to is product development evolving and investing in infrastructure in foreign and sophisticated buyers to uncover head to share how they utilise the what is the insurer/reinsurer appetite nations, political risks include project market myths, explain the intricacies private market. How to get the most for ‘non-standard credit’ solutions cancellation due to regime change, of the CPRI market to existing product from the product across capital relief, including derivatives exposures, currency inconvertibility or transfer users and those new to the market. risk mitigation and capacity? Impact portfolio underwriting, regulatory restrictions; asset confiscation, of Basel III & IV regulations and how capital trades, alternative insured expropriation or nationalisation, these will threaten capital relief? If counterparties? Latest loss trendings? sanctions and payment defaults. Here banks have to allocate more assets to Appetite for ECA reinsurance? Is we look at political risk insurance for asset-based finance, what will the role the ECA seen as a competitor in the investors in projects in both public of insurance be? Is this an opportunity primary market or as a client in itself and private, where equity and debt to insure more, or a challenge to the for ECA reinsurance? The growth of providers can cover against loss when market as regulation won’t allow it? Is long tenor infrastructure loans? Does financing developers in overseas the market keeping up with demand in the market view the rise of alternative projects. The investment criteria of terms of capacity and appetite? What finance as an opportunity? How public insurers and the high costs are corporate users buying for, where quickly will we see the standardisation of private insurance can be a barrier do they see opportunities? How does of CPRI documentation? to investors and lenders. How can this compare to banks? How do they infrastructure investors adopt de- see insurance internally? How does this risking strategies in politically sensitive compare to the ECA market? How are geographies and markets? How can ECAs using reinsurance strategically? private market products can layer Matthew Beckett, Director, Insurance with public insurance products to Placement, SMBC make emerging market investments Tim Gaul, Global Export & Agency possible? Finance Director, Caterpillar Gary Lowe, Managing Director, Head, Global Credit Insurance Group, Capital Structuring and Distribution Group, Standard Chartered Bank
Proximo powered project finance stadium
The Skateboarding, an Olympic first:
Financing the boom of European offshore wind
With the cost of offshore wind farms ever decreasing while efficiency increases in tune to the drive for clean energy from European governments, we examine key
projects and players in this exciting sector. Given the cheap debt of just over 100bp for the ($2.46 billion) 588MW Beatrice offshore wind farm in Scotland is there more
liquidity than available projects? What can be learnt from the financing of the EDF Renewables ($2.4 billion) 450MW Neart na Gaoithe offshore wind farm in Ireland? Will
the 480MW Saint Nazaire offshore wind project financing, a first for France, provide a bankable template for future wind farms in France and other nations looking to join
the party?
Olympic Aquatics
200m Butterfly: Cruise Shipping Freestyle Relay: Oil & Gas continues to float to
As previous prospects of ship production for the oil and gas sector run dry, the top
manufacturers are increasingly re-evaluating their product and diversifying into In terms of volume the Oil & Gas sector dominated the ECA charts in 2019, with
cruise shipping, joining those who’ve been enjoying this buoyant market for power coming second, the same story as 2018. We examine the demands of this
the last ten years. We gather industry leaders to debate hot topics including sector and project pipeline across key regions in the medium to long term. How
sustainable financing and whether SDG linked loans can be encouraged in an will West Africa and Mozambique develop? The MENA region? What measurers
industry which is labelled as highly damaging to the world’s oceans? What impact can be employed to ensure the supply chain is as sustainable as possible? What
will the Poseidon Principles have on ship financing and decarbonisation of the role will hydrogen play in gas to power and grid infrastructure? How profitable is
shipping industry? In an industry where liquidity is in abundance, why is growth the industry really? What is the oil price outlook and how will this impact future
in the last year only expected at 1.7%? How can the factors impacting borrowers’ project development? Will the strive toward sustainability see stranded assets?
interests be mitigated? Will clean fuel technology be stand the test of time?
Gilles Pinot de Villechenon, Global Head of Financing & Treasury, Chantiers de Neeraj Agrawal, Group Chief Financial Officer, Crescent Petroleum
L’atlantique
Paris 2024: TXF Initiatives uncovered
Surfing: FEX model UN 2030 Modern Pentathlon: Stages for Change
We gather the cream of the crop from The Future of Export Finance (FEX) The TXF Stages for Change initiative: a platform that celebrates diversity in our
network to give their vision of how our industry will develop to 2030. How do industry by foregrounding expert women and minority speakers; here one year on
they see the UN 2030 agenda playing out? What will the geopolitical landscape from the initiative’s inception we catch up with the leading voices from the various
look like? The role of banks and ECAs? What industries and technologies will we gatherings to share our findings with the wider export and agency finance world.
finance? What are the findings from TXF research? From TXF Global 2020?Corporate Olympics Mixed Doubles Tennis: Borrowers & exporters Olympic Torch: SME, supplier credits & roundtable digitisation dragons’ den Here the most active global borrowers and exporters debate the key themes of Our sporting dragons assemble to hear the latest and greatest products today in this open forum double session: How will the market for SDG loans play to allow new athletes to compete on the global stage: SMEs are the key to out? Is the prospect of further compliance procedures unattractive for borrowers, growth in manufacturing nations, emerging markets and developing nations given the level of paperwork already associated with ECA products? Does a lack globally. Historically the costs associated with structuring buyer credits for SME of standardisation across banks prevent this from becoming standard? Are the transactions have been prohibitive to lenders, and the complexities similarly increased costs associated to new sustainable technologies, attractive to exporters prohibitive to product users. All this is changing through digitisation strategies. and banks, off putting to borrowers? What new products are ECAs offering and How are click and cover product being developed? What do new support portals what innovations have come to the fore? Effects of US-China Trade war: Despite and IT systems look like? How disruptive might the new digitised world be for volatile markets, general consensus is that trade opportunities remain high and people working in export finance? How can technology enable new distribution borrowers remain keen to expand business growth. Does this increased risk make networks in Africa for banks? Local currency financing? With ECAs publicly stating the ECA product more attractive than ever? Is it more difficult to secure liquidity they will to reach out to people who haven’t been serviced yet, what has been from banks if you are looking to borrow from within a certain region? How can done, and who is leading the way? How are exporters responding to these tools, this be mitigated? What do the results from the TXF survey of borrowers and and importantly what do importers who ultimately drive business think? exporters views on ECAs tell us? Laure Duvernay, Head of Project Finance, Alcatel Submarine Networks Carlos Alfonso Ferrer, Head of Corporate Development and Concessions, FCC Construction Shewangizaw Kifle, Director of Business Development, Ethiopian railways Caspar Van Houten, Structured Finance Officer, Van Oord Ingrid Furukvist, Senior Financial Advisor, Ericsson Marcus Dolman, Vice President, Customer Finance, Rolls Royce Luca Boetti, Advisor for Structured Finance & Special Situations, Steelinvest Cristina Bergomi, Senior, Vice President, GE Gilles Pinot de Villechenon, Global Head of Finance & Treasury, Chantiers de L’Atlantique Tom Parkman, Head of Research Projects, TXF
Dug Out
Individual closed door, pitch side dug outs will be made available for you to have your say
in this confidential, Chatham House compliant, arena:
Water Polo: Sustainability workshop briefing
Sprint Hurdles
Navigating disruption to trade: Trade wars, sanctions, Covid 19 and epidemics
400m Hurdles: OECD Consensus Debate
As the big debate continues to unravel, we review the latest on the modernisation of the OECD Consensus from the perspectives of key stakeholders and
advocates. How can we level the playing field for OECD and non-OECD countries? How can ECAs who don’t offer the OECD CIRR be competitive? How are OECD
institutions drawing up their own interpretations and guidelines to compete with their non-OECD counterparts as seen through the growth in untied lending?
What are the implications of efforts from the IWG, EBF and national federations? How can we speed up the decision-making process? What’s the latest regulatory
outlook across key considerations including credit points and premium arrangements?
TXF Olympic Village:
The lounge:
New this year we introduce the TXF Lounge, equipped with rolling data presentations, an innovation hub for new products and technologies to be presented,
sponsored product pitches, and a speaker’s corner where you can meet the speakers after they have finished their sessions.
ECA networking and product update roundtables:
Top ECAs are invited to host concurrent roundtables where bankers, exporter and borrowers can join to hear the latest innovations, coverage updates and have the
chance to network with fellow product users.
Networking zone:
Book one to one meetings with your peers, make new connections and close deals.Who could you meet?
Top corporate companies that joined in 2019 included:
Aarsleff Dredging International Outotec
ABB Duqm Refinery and Petrochemical Paul Wurth
Industries Company
ABO Wind Pertamina
Egyptian Propylene and
Acrow Bridge Polypropylene Company Perusahaan Listrik Negara (PLN)
ACWA Power Eiffage Petersen Matex Trading
Againity AB Elecnor PetroPerú
Airbus Emirates Post Plasser & Theurer
Akin Gump Strauss Hauer & Feld ENEL Group PowerChina Intl
Alcatel Submarine Networks ENERCON Powertis
Alexander Dennis Enter Engineering ProjectGlobe AB
Alstom Erdemir Proman
AME International Ericsson QGMI
Amur GPP Eurofinsa R1 International
Andrae Project Finance EUROPIPE Reliance Industries Limited
Andritz Hydro Ferrostaal Equipment Solutions Rheinmetall
ArcelorMittal Fincantieri Cantieri Navali Italiani Rolls Royce
ArianeGroup FLSmidth Royal IHC
BAE Systems Fluor Saipem
Bahrain Petroleum Company GAUFF GmbH & Co. Engineering Scania
(BAPCO) SENVION
Gazprom
Baker Hughes GE Company (BHGE) Shanghai Electric Group
GE
Ballast Nedam Sharjah Airport
GEA Group
BAM International Siberian Coal Energy Company (SUEK)
General Electric
BAM Nuttall Siemens
Genting Hong Kong
Bechtel Siemens Gamesa Renewable Energy
Getinge Group
Big Dutchman SIMEST
Haldor Topsoe
Boegelsack Energy SK E&C
HOMT España
Bombardier Transportation SKODA PRAHA
Germany Hospinorm Projects
IBM SMS Group
Bosch
Imagro Spa Societe d’Electricite du Senegal
Bouygues (Senelec)
Braskem INTECO
Sogea Satom
Brueckner Jan De Nul
STRABAG International
Burmeister & Wain Scandinavian JV Driver
Sutor Bank
Contractor Kalpataru Power Transmission Ltd.
TAKRAF
Business Connection Konecranes
TechnipFMC
Canadian Commercial Corporation Linde AG
(CCC) Tenova
Loesche
Cassa Depositi e Prestiti Thales
LR Group
Caterpillar ThyssenKrupp
LUKOIL
Chantiers De L’Atlantique Trans Adriatic Pipeline (TAP)
Lydian
China National Aero-Technology Tui Cruises
Mabey Bridge Ltd
Engineering Corporation Valmet
Magil
CMI Group VAMED
MAN Energy Solutions SE
CNHI International Van Oord
AMeeras
Cofides Vanderlande Industries
Metalloinvest
Colas Vestas
Metlife
Contracta Engenharia Vietnam Electricity (EVN)
Meyer Werft
Coriolis Technologies VINCI Energies International And Systems
Mitsubishi Corporation
Crescent Group Voith
Mota-Engil Group
Damen Shipyards Group Volvo Construction Equipment
MV Werften
Danieli & C. Officine Meccaniche Wärtsilä
National Grid
Deutsche Rohstoffagentur (DERA)
Notus energy Plan
Odebrecht
OerlikonGet your ticket for 2020!
Early Bird
Full Price
€3799
€3999
(expires 3/4/20)
BOOK NOW
Got a question?
Ask our dream team
Tom Pycraft
For speaking opportunities and
corporate passes:
tom.pycraft@txfmedia.com
Natasha Warne
For media and association partnerships:
natasha.warne@txfmedia.com
Dominik Kloiber
For sponsorship packages:
dominik.kloiber@txfmedia.com
Alexandra Shatova
For group bookings and delegate passes:
alexandra.shatova@txfmedia.com
Grace Jackson
For hotel and logistics enquiries:
grace.jackson@txfmedia.com
Call us on
+44 (0) 20 3735 5180You can also read
