08.15-09.00 Registration and Coffee Ground Floor ... - Commerzbank
08.15-09.00 Registration and Coffee Ground Floor ... - Commerzbank
08.15-09.00 Registration and Coffee Ground Floor ... - Commerzbank
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<strong>08.15</strong>-<strong>09.00</strong> <strong>Registration</strong> <strong>and</strong> <strong>Coffee</strong><br />
<strong>Ground</strong> <strong>Floor</strong> Lobby<br />
Opening session will take place in Mountbatten Room<br />
<strong>09.00</strong>-09.05 Euromoney Opening Remarks: Nick Hayward, Managing Director Asia Pacific, Euromoney Conferences<br />
09.05-09.20 Keynote Address: Mark Hoban MP, Financial Secretary to the Treasury, HM Treasury<br />
09.20-09.35 Keynote Address:<br />
09.35-09.50 Keynote Address: Mark Boleat, Policy Chairman, City of London<br />
09.50-10.40 Panel I: The Hong Kong Dim Sum Market: A Local Market Going Global<br />
10.40-11.05 <strong>Coffee</strong> Break<br />
The primary drivers of the extraordinary growth of the dim sum market in 2010 <strong>and</strong> 2011 were the unquestioned<br />
appreciation of the RMB <strong>and</strong> the market as a new mechanism for moving funds of ‘lawful origin’ onshore. The<br />
appreciation assumption came under question in the final quarter of 2011. To date, 2012 has been a surprise for<br />
China watchers as Beijing’s strategy for the internationalisation of the Chinese currency has gained momentum. Hong<br />
Kong remains central to this process <strong>and</strong> dim sum bonds are its most advanced element.<br />
Has 2012 brought increased issuer diversification in terms of sector, credit profile <strong>and</strong> geography?<br />
How has the credit profile of issuers in the CNH market developed?<br />
Is the discipline of credit differentiation asserting itself?<br />
Was the Hong Kong deposit base rebalancing in late 2011 reflective of a more effective transmission system<br />
to move funds onshore or a loss of confidence in the RMB appreciation bet?<br />
What are the risks <strong>and</strong> implications for CNH/CNY to diverge?<br />
How will the balance of flows, onshore <strong>and</strong> offshore, support market development?<br />
What recent <strong>and</strong> impending measures have been put in place by the HKMA to assist market development?<br />
Moderator: Mark Johnson, Editor, Euromoney Conferences<br />
Speakers: Augusto King, Managing Director, Head of Debt Capital Markets Asia, RBS<br />
Spencer Lake, Co-Head of Global Markets, HSBC<br />
Clifford Lee, Managing Director <strong>and</strong> Head of Fixed Income, DBS<br />
Samson Lee, Managing Director, Head of Debt Capital Markets, Bank of China International<br />
Jon Pratt, Head of Asia Pacific Debt Capital Markets, Barclays<br />
Hakan Wohlin, Managing Director, Global Head of Debt Origination, Capital Markets <strong>and</strong> Treasury Solutions,<br />
Deutsche Bank<br />
Mountbatten Lounge
11.05-11.50 Workshop A hosted by DBS<br />
Mountbatten Room<br />
Exploring the Offshore RMB Funding Opportunities<br />
in Different Parts of Capital Structure<br />
What is the key issuance trend in offshore RMB<br />
senior unsecured to subordinated debt?<br />
What are the opportunities <strong>and</strong> risks?<br />
Is liquidity a problem?<br />
What are the next stages of development<br />
required to make offshore RMB securitisation<br />
<strong>and</strong> covered bonds ready?<br />
Speakers: Colin Chen, Managing Director <strong>and</strong> Head of<br />
Structured Debt Solutions, DBS<br />
Clifford Lee, Managing Director <strong>and</strong> Head of Fixed<br />
Income, DBS<br />
11.55-12.40 Workshop C hosted by Barclays<br />
12.40-13.30 Lunch<br />
Mountbatten Room<br />
CNH as an Asset Class for Reserve Managers, SWFs,<br />
Insurance <strong>and</strong> Pension Investors<br />
Participation from reserve managers, sovereign wealth<br />
funds <strong>and</strong> insurance <strong>and</strong> pension investors in the<br />
offshore RMB market will grow.<br />
What are the drivers behind this trend?<br />
What is the investment rationale for participation<br />
in this market?<br />
What investment management tools are<br />
available?<br />
What are the opportunities for issuers?<br />
Speaker: Christian Keller, Managing Director, Head of<br />
Emerging Markets Research, EMEA, Barclays<br />
Kentaro Kiso, Managing Director, Head of MTN,<br />
Syndicate Public Sector Global Finance, Investment<br />
Banking, Barclays<br />
Philip Tsao, Managing Director, Head of Greater China<br />
Global Financing <strong>and</strong> Risk Solutions, Barclays<br />
Mountbatten Lounge<br />
13.30-14.15 Workshop E hosted by St<strong>and</strong>ard & Poor’s<br />
Mountbatten Room<br />
Workshop B hosted by RBS<br />
Henry Moore Room<br />
Offshore RMB Market for European Issuers<br />
Interest of offshore RMB investors in European<br />
issuers<br />
What do investors look for <strong>and</strong> what is their<br />
approach on pricing?<br />
How to position a European corporate for<br />
issuance in the evolving offshore RMB market?<br />
Speakers: Nicholas Bamber, Managing Director, Head<br />
of Investment Grade Corporate Bond Origination <strong>and</strong><br />
Private Placements, EMEA, RBS<br />
John Wade, Managing Director <strong>and</strong> Head of Debt<br />
Capital Markets <strong>and</strong> Syndicate, Asia Pacific Markets <strong>and</strong><br />
International Banking, RBS<br />
Workshop D hosted by Deutsche Bank<br />
Henry Moore Room<br />
Creating funding efficiencies in CNH<br />
Intercompany loans<br />
The cross currency swap market<br />
How issuers can take advantage of USDCNH<br />
basis to lower their overall cost of USD financing<br />
Exploring Risks <strong>and</strong> Opportunities in the Growing Offshore <strong>and</strong> Onshore RMB Bond Markets<br />
St<strong>and</strong>ard & Poor’s Ratings Services will share key research on China's sovereign ratings, top corporations <strong>and</strong><br />
biggest banks as well as the onshore <strong>and</strong> offshore RMB debt markets. At today’s session, we will discuss the<br />
following:<br />
What are the key credit risks in the RMB bond market? What are the credit profiles of key issuers?<br />
What impact will a slowing Chinese economy have on China's large corporations <strong>and</strong> banks?<br />
How will interest rate liberalization impact the banking industry?<br />
What does further development of the offshore RMB market mean for the Chinese domestic capital market?<br />
What are the impediments to the investment environment in China?<br />
Moderator: Simon Collingridge, Managing Director, Head of Market Outreach EMEA, St<strong>and</strong>ard & Poor’s<br />
Speakers: Christopher Lee, Managing Director <strong>and</strong> Analytical Manager, Corporate Ratings, Asia Pacific, St<strong>and</strong>ard &<br />
Poor’s<br />
Kim Eng Tan Senior Director, Analytical Manager, Sovereign Ratings, Asia-Pacific, St<strong>and</strong>ard & Poor’s<br />
Ryan Tsang, Managing Director <strong>and</strong> Analytical Manager, Financial Services Ratings, Asia-Pacific, St<strong>and</strong>ard &<br />
Poor’s
14.15-15.05 Panel II: London: The RMB Western Hub. Public Policy, Regulation <strong>and</strong> Infrastructure<br />
Mountbatten Room<br />
15.05-15.25 <strong>Coffee</strong> Break<br />
15.25-16.15<br />
The UK government, in t<strong>and</strong>em with the private sector, is set on a strategy to cement London as the Western hub for<br />
international RMB business. Existing market infrastructure makes a compelling argument that London can <strong>and</strong> will<br />
play a complementary role to Hong Kong.<br />
Projecting RMB deposit growth in London – key drivers<br />
What are the volumes <strong>and</strong> liquidity like in RMB forex products traded in London now?<br />
Trade settlement mechanisms<br />
Who regulates what?<br />
London swap market liquidity<br />
What RMB capabilities can global banks offer clients from London now?<br />
How far can the private sector drive new offerings to clients?<br />
Will public policy <strong>and</strong> infrastructure keep up with dem<strong>and</strong> <strong>and</strong> innovation?<br />
What measures will enhance London as a centre for RMB?<br />
Moderator: Tessa Wilkie, Deputy Editor, SSA Markets<br />
Speakers: Sudip Chatterjee, Director, Product Management, Primary Markets, Euroclear<br />
Stuart Fraser, Deputy Policy Chairman, City of London<br />
Raymond Sabbah, Partner, Bourse Consult<br />
Gillian Walmsley, Head of Fixed Income Products, London Stock Exchange<br />
Mountbatten Lounge<br />
Panel III: European <strong>and</strong> MNC Issuers<br />
Mountbatten Room<br />
Market analysts predict that MNCs are likely to dominate the dim sum bond markets in 2012 <strong>and</strong> 2013. MNCs have<br />
raised financing for onshore activities but in 2012 deals have also come to market opportunistically based on<br />
favourable swap dynamics.<br />
Should corporate treasurers be holding RMB as a st<strong>and</strong>ard part of their global currency tool kit?<br />
Will MNCs investing in China want to match their currency exposure?<br />
Is it cheaper to settle with Chinese trade partners in RMB?<br />
Should a treasurer always get a quote in RMB?<br />
If the answer to the above is increasingly yes, how will these factors impact dem<strong>and</strong>, liquidity <strong>and</strong> pricing in<br />
primary markets?<br />
European benchmark deals to date <strong>and</strong> post trade analysis<br />
Moderator: Toby Fildes, Managing Editor, Euroweek<br />
Speakers: Miriam Bratt, Executive Director, Funding, Swedish Export Credit Corp<br />
Sven Lautenschlaeger, International Funding Officer, L-Bank<br />
Alex<strong>and</strong>er Liebethal, Vice President, Capital Markets, KfW<br />
Kai Schrickel, Senior Vice President Finance <strong>and</strong> M&A, BSH Bosch <strong>and</strong> Siemens
16.15-17.15<br />
Panel IV: The Internationalisation of the RMB: What It Means for Issuers <strong>and</strong> Investors<br />
Mountbatten Room<br />
The fundamentals – a trade surplus (though narrowing), high growth (though slowing) <strong>and</strong> the world’s largest forex<br />
reserves all indicate long term appreciation. On a PPP measure, the RMB still looks fundamentally undervalued. This<br />
panel will examine the impact of RMB as an established global trade currency <strong>and</strong> the implications for global markets.<br />
Does RMB remain a good long term bet?<br />
Dim sum bonds are part of the ‘internationalisation of the RMB’ – what will underpin the currency in the long<br />
term?<br />
RMB stability is imperative to Beijing. How does the currency’s stability compare to that of the dollar, euro or<br />
other denominations in the long term?<br />
Examining the RMB internationalisation strategy through growing global central bank purchases <strong>and</strong><br />
increasing global swap lines<br />
Forecasts for the growth of RMB use in trade <strong>and</strong> settlement transactions as part of global trade<br />
How critical is continued confidence in the China expansion story to the success of the dim sum bond market<br />
in Hong Kong <strong>and</strong> London?<br />
What are the most cost efficient routes to access dim sum bonds now?<br />
Do dim sum bonds yet feature in global asset allocation strategies?<br />
Is a managed currency more attractive for investors than a free-floating one?<br />
How do European investors perceive dim sum bonds?<br />
Moderator: Lorraine Cushnie, Online Editor, Asiamoney<br />
Speakers: Valentina Chen, Fund Manager, Aviva Investors<br />
Ashley Davies, Senior Asia Economist, <strong>Commerzbank</strong><br />
Stephen Jen, Managing Partner, SLJ Macro Partners<br />
Robert McAnally, Group Treasurer, Associated British Foods<br />
Andy Seaman, Partner <strong>and</strong> Fund Manager, Stratton Street Capital LLP<br />
Gary Smith, Global Head of Official Institutions, BNP Paribas Investment Partners<br />
17.15-17.20 Closing Remarks: Nick Hayward, Managing Director Asia Pacific, Euromoney Conferences<br />
NB Euromoney Conferences reserves the right to amend the programme <strong>and</strong> is not responsible for cancellations due to unforeseen<br />
circumstances. Euromoney Conferences accepts no responsibility for statements made orally or in written material distributed by any of its<br />
speakers at its conferences. In addition, Euromoney Conferences is not responsible for any copying, republication or redistribution
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