Sub-Saharan Africa Briefing
London, 27.9.2017
Insights into Credit Pressures in Sub-Saharan Africa

Agenda

08:30
Registration & Coffee
09:00
Welcome Address
Chairman: Sean Marion, Managing Director, Financial Institutions Group
Matt Robinson, Associate Managing Director, Sovereign Risk Group
09:15
Moody’s Panel
Sovereign & Banking Credit: Past the Worst?
  • Rising public and private debt and their implications for growth, government financial strength and banking sector stability
  • Growth trends: How they translate into profitability for banks
  • Domestic liquidity dynamics and continuing foreign exchange pressures
Led by Jean-Francois Tremblay, Associate Managing Director, Financial Institutions Group
Zuzana Brixiova, Vice President - Senior Analyst, Sovereign Risk Group
Akintunde Majekodunmi, Vice President - Senior Analyst, Financial Institutions Group
Constantinos Kypreos, Senior Vice President, Financial Institutions Group
09:45
Interview
Infrastructure Finance and Supranational Entities in Sub-Saharan Africa
  • Trends in infrastructure financing in SSA
  • Role of supranational entities
  • The use of credit enhancements to crowd-in private sector capital
Led by Matt Robinson, Associate Managing Director, Sovereign Risk Group
Lasitha Perera, Chief Executive Officer, GuarantCo
Andrew Davison, Senior Vice President, Infrastructure Finance Group
10:15
Panel Discussion
Debt Capital Markets
  • Issuance: Market trends and developments
  • Maturity profiles future refinancing pressure points
  • Perceived versus actual risks and their effect on debt capital markets
Led by Adrienne Klasa, Editor - This Is Africa, Financial Times Group
Admassu Tadesse, President and CEO, Trade and Development Bank
Nick Eisinger, Principal, Fixed Income – Emerging Markets and European Rates, Vanguard Asset Management
Nazmeera Moola, Co-Head of Africa’s Fixed Income, Investec Asset Management
11:00
Networking & Coffee Break
11:30
Presentation
The Impact of the Evolving Macroeconomic Environment on African Corporates
  • How sovereign risk considerations impact our credit assessments
  • Impact of commodity price and foreign exchange volatility on credit profiles
David Staples, Managing Director, Corporate Finance Group
Douglas Rowlings, Vice President - Senior Analyst, Corporate Finance Group
12:00
Deep-Dive Presentation
South Africa, Kenya and Nigeria
  • South Africa: Political risk and institutions
  • Nigeria: Oil prices and production levels
  • Kenya: Robust growth and government policy
  • Standard Bank, Zenith and KCB: A comparison of three large African institutions
Zuzana Brixiova, Vice President - Senior Analyst, Sovereign Risk Group
Akintunde Majekodunmi, Vice President - Senior Analyst, Financial Institutions Group
Constantinos Kypreos, Senior Vice President, Financial Institutions Group
12:30
Closing Remarks
Sean Marion, Managing Director, Financial Institutions Group
12:45
Close of the Conference

Guest Speakers

Lasitha Perera
Chief Executive Officer
GuarantCo
Lasitha is Chief Executive Officer at GuarantCo, a development finance institution, that is funded by the governments of the United Kingdom, Australia, the Netherlands, Sweden and Switzerland. GuarantCo uses risk mitigation instruments, such as guarantees, to credit enhance local currency debt issuance by the private, municipal and parastatal infrastructure sectors in lower income countries.
Admassu Tadesse
President and CEO
Trade and Development Bank
Admassu Tadesse is the President and Chief Executive of TDB (formerly trading as PTA Bank), the Eastern and Southern Africa Trade and Development Bank, since his appointment in 2011. Previously, Mr. Tadesse was Executive Vice-President at the Development Bank of Southern Africa in Johannesburg, responsible for international finance and corporate strategy, where he served for 10 years.
Adrienne Klasa
Editor - This Is Africa
Financial Times Group
Responsible for leading editorial for magazine of African business, politics and economics owned by the Financial Times Group. Responsible for editorial strategy, integration with commercial and marketing strategy, editing and commissioning all content, overseeing special projects, building relationships and acting as public face of the brand.
Nick Eisinger
Principal, Fixed Income – Emerging Markets 
Vanguard Asset Management
Nick Eisinger is a principal and co-head of the Vanguard Emerging Markets active funds. The funds invest in hard currency sovereign/quasi sovereign bonds, as well as local currency rates and FX. Nick previously worked at Fidelity on global bond markets (EM and developed) and macro strategy. Nick has also worked at Deutsche Bank in London on structuring asset-backed transactions across the Middle East and Emerging Europe.
Nazmeera Moola
Co-Head of Africa’s Fixed Income
Investec Asset Management
Nazmeera is a co-head of SA & Africa Fixed Income as well as economist and strategist for the Emerging Market Fixed Income team at Investec Asset Management. Nazmeera joined the firm in 2013 from Macquarie First South. She began her career as an economist at Merrill Lynch in South Africa and London. Nazmeera is also a non-executive director of Mercedes-Benz South Africa and was a non-executive director of Transnet SOC from 2010 to 2015.

Moody's Speakers

Sean Marion
Managing Director 
Financial Institutions Group
Sean Marion is Managing Director in the Financial Institutions Group, based in London. He is responsible for Moody’s analytic teams that rate banks and nonbank financial companies in the Nordics, Baltics, South-Eastern Europe and
emerging markets in Middle East and Africa.
Matt Robinson
Associate Managing Director
EMEA Sovereign Risk Group
Matt Robinson manages the Sovereign Risk Group’s Middle East and Africa team producing ratings and research regarding sovereign and supranational creditworthiness in Sub-Saharan Africa and Middle East/North Africa. He is responsible for managing staff located in London, Frankfurt, Dubai and New York.
David Staples
Managing Director
EMEA Corporate Finance Group
David Staples is a Managing Director at Moody’s in the EMEA Corporate Finance Group based in Dubai. His responsibilities include managingthe analytical teams that oversee the ratings of companies based in the Middle East, Turkey, South Africa as well as Russia and the CIS.
Jean-Francois Tremblay
Associate Managing Director
Financial Institutions Group
Jean-Francois Tremblay (J-F) is Associate Managing Director for the Financial Institutions Group (FIG). Based in London, J-F manages a team of analysts covering a diverse portfolio of about 150 banks domiciled in 22 countries across Europe and Africa. J-F brings a wealth of experience
(22 years) in banking and emerging market credit analysis and research. 
Andrew Davison
Senior Vice President
Infrastructure Finance Group
Andrew Davison is a Senior Vice President in Moody’s Infrastructure Finance Group. Andrew is responsible for Moody's strategic initiatives responding to market dynamics that are reshaping the development and financing of infrastructure assets across the globe. Prior to assuming his current role, Andrew led Moody’s EMEA
Project Finance team from 2007-2012.
Constantinos Kypreos
Senior Vice President
EMEA Sovereign Risk Group
 Constantinos is a Senior Vice President and leads a team of analysts covering banks in Africa, the Middle East and the Balkans. Since joining Moody’s Limassol-based banking team in 2005, Constantinos has followed banks as lead analyst in South Africa, Egypt, Ghana, Israel, Greece, Bulgaria, Romania, Montenegro, Saudi Arabia and Qatar.
Zuzana Brixiova
Vice President – Senior Analyst
Sovereign Risk Group
Zuzana Brixiova is lead analyst in the
Sovereign Risk Group, covering countries in
Sub-Saharan Africa and emerging
Europe. Previously, she worked in several international organizations, including as Advisor to the Chief Economist and Vice President at the African Development Bank, Economic Advisor at UNDP Swaziland and IMF Resident Representative in Belarus and Lithuania. She was also the head of the Czech Republic and Estonia unit in OECD’s Economics Department during the global financial crisis.
Akin Majekodunmi
Vice President – Senior Analyst
Financial Institutions Group
Akin joined in October 2014, and is the lead analyst on a portfolio of Sub-Saharan Africa Banks, focusing initially on Nigeria and then elsewhere in West and East Africa as the team’s footprint in the region grows.
Prior to Moodys, for 10 years Akin worked primarily as a structured finance credit analyst (asset back securities) in London for HSBC Investment Bank, Sumitomo Mitsui Trust Bank and UniCredit Bank AG.
Douglas Rowlings
Vice President – Senior Analyst
Corporate Finance Group
Douglas covers non-financial corporates for Moody’s in the Middle East and Africa with a specific focus on mining, oil and gas along with telecommunications services and infrastructure providers.
Prior to joining Moody’s, Douglas was a finance lecturer, course convenor and research supervisor at the University of Cape Town also holding a Teaching Assistant position at the University's Graduate School of Business on the MBA program.
Mr Rowlings completed a winter internship at JP Morgan in Johannesburg in 2008 while completing his studies at the University of Cape Town.
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