Thursday 24th April 2008

08:30 Registration

09:00 Chairman's Opening Remarks

Keith Mullin, Editor-in-chief, IFR

09:15 RISK - Analysing investment risks and asset correlations in emerging markets

• Are EM assets an uncorrelated asset class and if so how might assets become more closely correlated as markets develop?
• What strategies can be deployed to mitigate against countercyclical risks, including commodity and interest rate risks in EM?
• What are the current investment risks in key EM markets and how are those risks best managed?

Rashique Rahman, Head of EM Strategy Group, Royal Bank of Scotland

09:45 DEBT ORIGINATION - Local vs global - domestic and international bond issuance trends for 2008/09

• Examining debt origination trends and the prospects for new issuers in 2008/09
• Local vs global - what are the current pros and cons for borrowers raising capital domestically vs internationally?
• How might the syndicated bond market develop in 2008/09?

Waleed El-Amir, Managing Director of Capital Markets & Financing, Head of CEEMEA, Merrill Lynch

10:15 CORPORATES - Reviewing and forecasting EM corporate issuance in volatile global markets

• Analysing current trends in EM corporate bond issuance, notable examples in 2007 and market developments in 2008
• What are the hot EM sectors and corporates in EM likely to issue in domestic or international over the next year
• Identifying convertible bonds issues and hot equity prospects across EM

Chris Tuffey, Managing Director Head of EEMEA Debt Capital Markets, Credit Suisse  

10:45 Q&A with:

Rashique Rahman, Royal Bank of Scotland
Waleed El-Amir, Merrill Lynch
Chris Tuffey, Credit Suisse

11:00 Refreshments

11:30 SECURITISATION - Scanning EM securitisation mandates and opportunities for institutional investors

• Reviewing major asset back securitisations in EM in 2007 and forecasting securitisation trends in 2008/09
• Comparing government and corporate securitisations in EM and investor opportunities
• Which EM assets might be considered undervalued and how is EM price and inflation risk best managed

Tim Nicolle, Managing Director CEEMEA Securitisation, Deutsche Bank

12:00 Securitisation in the emerging markets – recent research findings

Tycjan Bielecki, AVP-Analyst, Structured Finance Group, Moody's Investors Service

12:15 Q&A and discussion with Tim Nicolle and Tycjan Bielecki

12:30 STRUCTURED PRODUCTS - Identifying EM credit derivative strategies and structured products for EM funds

• Are EM credit derivatives the most efficient method of gaining EM exposure in institutional portfolios?
• What are the current EM structured product trends and EM structured product innovations?
• What are the risks inherent in EM structured products and how are they best managed?

Jochen Felsenheimer, Head of Credit Strategy & Structured Credit, UniCredit

13:00 Lunch

14:00 DECOUPLING - Fresh research on the decoupling of EM economies from US economic cycles and the implications for EM investments

• Which countries are decoupling from US economic cycles, how is this known and what are the implications for emerging market funds?
• What models and methodologies are deployed in the assessment of emerging market country risks - how can such models be benchmarked and how can the reliability of research be measured?
• Highlighting geo hotspots, including China, Asia and specific risk types

 Thierry Apoteker, Managing Director, TAC Financial

14:30 SOVEREIGNS- From debt to surplus – identifying EM sovereign strategies, including Sovereign Wealth Funds, in 2008/09

• Where in EM will capital flows and borrowing activity be most felt - where are the default risks and high yield hot spots?
• As EMs move into surplus positions, what are the prospects for EM deal flow and new issues going forward?
• How might EM Sovereign Wealth Funds influence the strategies of investment banks?

Lawrence Goodman, Managing Director and Head of Global Emerging Markets FX Strategy, Bank of America

15:00 FX AND CURRENCY PANEL - Examining exotic currency issuance trends by high grade borrowers

• Who benefits from exotic currency issues?
• How can investors best get exposure to EM currencies?
• What are current trends and forecast in exotic FX?

Isabelle Laurent, Deputy Treasurer and Head of Funding, European Bank for Reconstruction and Development, EBRD
Horst Seissinger, First Vice President Head of Capital Markets, Kreditanstalt fuer Wiederaufbau Bankengruppe (KfW)

15;30 Refreshments

16:00 INFRASTRUCTURE - Mapping EM for large upcoming infrastructure and energy bond issues for institutional and corporate investors

• Where will infrastructure and project finance mandates come from in 2008/09
• Are long dated EM sovereign bond issues for infrastructure projects a solid investment – how much exposure is good for institutional investors?
  How do government infrastructure issues compare with corporate issues across EM?

 

16:30 OUTLOOK - Macroeconomic outlook across the emerging markets - identifying opportunities and havens for global investment

• How far are emerging markets a haven from current US and developed market volatilities?
• Identifying key factors driving growth in the BRIC economies and the wider EM nations, growth projections for 2008/09 and inflation trends
• What are the likely borrowing requirements in key EM nations and how might this translate into bond issuance in 2008/09?

Stuart Culverhouse, Global Economist, Exotix
Ralph Sueppel, Head of Research and Strategy, Blue Crest Capital

17:00 Chairman’s Closing Remarks, Questions and Answers

17:15 End of Day 1

Friday 25th April 2008

08:30 Morning Refreshments

09:00 Chairman's Opening Remarks

Keith Mullin, Editor-in-Chief, IFR

09:15 REGIONAL FOCUS - Different strategies for different regions – short papers focusing on key regional investment strategies in EM and new niche opportunities in emergent markets

MIDDLE EAST

• Exploring opportunities in corporate and government bond and loan issues

Andrew Dell, Head of EM Origination, HSBC

 AFRICA

• Identifying successful issues such as Ghana in 2007/08 and market growth in sub-Saharan Africa after Kenyan turbulence

Ade Adebajo, Director of Africa Fixed Income, Standard Chartered

Russia and CIS

• Reviewing DCM and ABS activity and market trends in the coming year

Brian Lazell, Managing Director, Head of Debt Product Group, Renaissance Capital

CHINA, INDIA AND S.E ASIA

• Analysing adjusted regional growth projections and prospects for sovereign and corporate issuers in 2008/09

Larry Brainard, Chief Economist, Trusted Sources Research

BRAZIL, MEXICO AND LATIN AMERICA

• How far might the growth of Mexico and Brazil’s fuel Latin American issues beyond the Brady bond era?

Paul Hollingworth, Head of Research, BB Securities

10:30 Q&A and discussion with Andrew Dell, Brian Lazell, Paul Hollingsworth and Larry Brainard

11:00 Refreshments

11:30 EM  FUNDS PANEL - Surveying the development of EM funds and the benefits for institutional investors

• What are the key benefits of including EM funds in investment portfolios and what are investors currently looking for?
• What are the current EM regional, sector and investment product trends for 2008/09
• Which EM funds can be considered investment grade and how is current market performance influencing long and short positions in EM funds

John Cleary, Managing Director and Chief Investment Officer, Focus Capital
Stephan Pinter, Director, GML International
Seth Freeman, Managing Director, EM Capital Management
James Alban-Davies, Managing Director, Chief Operating Officer, Greylock Capital Management LLC

12:30 Chairman's closing remarks following by lunch