Thursday, March 25, 2010 - Gemloc Advisory Services Workshop

Introduction

8:30 – 9:30 AM            Registration

9:30 – 10:30 AM          Welcome and Overview

Opening Remarks

Shidan Derakhshani, Director, Corporate Governance and Capital Markets Advisory Department, World Bank Group
Alison Harwood, Manager, Securities Markets Group, World Bank Group               

Overview of the Workshop 
Anderson Silva, Senior Debt Specialist, Securities Markets Group, World Bank Group      

10:30 – 10:45 AM        Break

Session 1: Debt strategies and their role in fostering debt market development

10:45 – 11:45 AM        Moderator and Presenter: Lars Jessen, Lead Financial Officer, Sovereign Debt, Banking and Debt Management, World Bank

·         Mohamed Assaad, Advisor to the Minister, Public Debt, Ministry of Finance, Egypt

·         Magaji Mahmoud, Director General, Debt Management Office, Nigeria

·         C.J.P. Siriwardena, Superintendent, Public Debt, Central Bank, Sri Lanka

·         Ufuk Hazirolan, Deputy Director, Undersecretariat of Treasury, Turkey

11:45 AM – 12:15 PM Q&A

12:15 – 2:00 PM           Lunch

This session described how debt management strategies have incorporated the objective of government debt market development, how this objective affects current and future options available to the debt manager, and discussed the key areas of focus and main challenges DMOs face in strategy implementation.

Session 2: Repo markets as a key pillar in unlocking debt market development

2:00 – 3:00 PM             Moderator and Presenter: Catiana Garcia-Kilroy, Consultant, Securities Market Group, World Bank Group

·         Mohamed Farid, Senior Financial Economist, Head of Capital Markets Unit, Ministry of Investment, Egypt

·         El Hassan Eddez, Head of the Domestic Debt Division, Ministry of Economy and Finance, Morocco

·         Ali Sultan, Director, Financial Markets Strategy & Conduct Department, State Bank of Pakistan, Pakistan

·         Ali Cufadar, Deputy Director at Markets Department, Central Bank, Turkey

3:00 – 3:30 PM             Q&A

3:30 – 3:45 PM             Break

This session described the role of repo markets in developing local bond markets, reviewing both investors' business rationale for using repos for different markets and policy actions to promote and remove obstacles to the use of repos. Different repo market structures were also discussed. Country panelists then highlighted the use of repo markets and their impact on market development in their respective countries.

Session 3: Selected practices for enhancing efficiency in funding and secondary market price transparency

3:45 – 4:45 PM             Moderator: Anderson Silva, Senior Debt Specialist, Securities Markets Group, World Bank Group

Presenters:

·         Baudouin Richard, Consultant, Securities Markets Group, World Bank Group

·         Paulo Valle, Undersecretary of Public Debt, National Treasury Secretariat, Ministry of Finance, Brazil

·         Jose Adrian Vargas, National Treasurer, National Treasury, Costa Rica

·         Marek Szczerbak, Head of Public Debt Forecast and Strategy Division, Public Debt Department, Ministry of Finance, Poland

·         Gabriel Vasile, Loan Officer, Debt Issuance Unit, Treasury and Public Debt Department, Ministry of Finance, Romania

4:45 – 5:15 PM             Q&A

5:15 – 5:30 PM             Wrap up

This session examined selected practices in countries’ issuance programs, focusing on liability management and primary dealer practices. The latter looked at both traditional and innovative ways of enhancing primary dealers’ performance in meeting their obligations in primary and secondary markets. Panelists described the application of these practices in their respective countries.

Friday, March 26, 2010 - Day 1, Gemloc Investor-Country Conference

Introduction

8:30 – 9:00 AM            Breakfast and Registration

9:00 – 10:00 AM          Opening and Introduction

Welcome 
Shidan Derakshani, Director, Global Capital Markets Development Department, World Bank Group

Conference Opening Remarks 
Shidan Derakhshani, Director, Corporate Governance and Capital Markets Advisory Department, World Bank and IFC

Global Demand for Emerging Market Debt 
Cynthia Steer, Chief Research Strategist and Managing Director, Rogerscasey

The Gemloc Program

10:00 – 10:10 AM        Overview
Alison Harwood, Manager, Securities Markets Group, World Bank Group

10:10 – 10:30 AM        GEMX Index 
Randolph Tantzscher, Director, Head Index Research & Design, Markit

10:30 – 10:45 AM        Q&A

10:45 – 11:00 AM        Break

11:00 – 11:30 AM        Gemloc Advisory Services 
Anderson Silva, Senior Debt Specialist, Securities Markets Group, World Bank Group

11:30 – 11:45 AM        Q&A

11:45 AM – 12:45 PM Prayer Break

12:45 – 1:45 PM           Lunch

Panel Discussion 1: Latin America and Caribbean

1:45 – 3:00 PM             Panelists:

·         Adrian Cosentino, Undersecretary of Finance, Ministry of Economy and Production, Argentina

·         Paulo Valle, Undersecretary of Public Debt, National Treasury Secretariat, Ministry of Finance, Brazil

·         Jose Adrian Vargas, National Treasurer, National Treasury, Costa Rica

3:00 – 3:30 PM             Coffee Break

Panel Discussion 2: Eastern Europe and Central Asia

3:30 – 4:45 PM             Panelists:

·         Marek Szczerbak, Head of Public Debt Forecast and Strategy Division, Public Debt Department, Ministry of Finance, Poland

·         Mihaela Ene, Head of Analysis and Risk Management Unit, Ministry of Finance, Romania

·         Ufuk Hazirolan, Deputy Director, Undersecretariat of Treasury, Turkey

4:45 – 5:45 PM             Individual meetings between investors and countries

5:45 – 6:00 PM             Wrap-up of Day 1

7:00 – 9:00 PM             Dinner

Saturday, March 27, 2010 - Day 2, Gemloc Investor-Country Conference

Introduction

7:30 – 8:30 AM            Breakfast

8:30 – 8:45 AM            Introduction to Day 2 
Janamitra Devan, Vice President and Head of Network, Financial and Private Sector Development, World Bank Group

Panel Discussion 3: Investor Insights

8:45 – 10:00 AM          Cynthia Steer, Chief Research Strategist and Managing Director, Rogerscasey

10:00 – 10:15 AM        Coffee Break

Panel Discussion 4: East and South Asia

10:15 – 11:30 AM        Panelists:

·         Kamilah Mohamad, Manager, Financial Sector Development, Bank Negara Malaysia

·         Muhammad Ali Malik, Director, Domestic Markets & Monetary Management, State Bank of Pakistan

·         C.J.P. Siriwardena, Superintendent, Public Debt, Central Bank, Sri Lanka

·         Do Ngoc Quynh, General Secretary, Vietnam Bond Market Association, Vietnam

·         Varsha Marathe, Senior Financial Sector Specialist, South Asia Region, World Bank Office, India

11:30 AM – 12:45 PM Individual meetings between investors and countries (continued)

12:45 – 2:00 PM           Lunch Keynote Speaker 
Dr. Ziad Bahaa El Din, Chairman of Egyptian Financial Supervisory Authority

Panel Discussion 5: Middle East and Africa

2:00 – 3:45 PM             Panelists:

·         Mohamed Assaad, Advisor to the Minister, Public Debt, Ministry of Finance, Egypt

·         Mohamed Farid, Senior Financial Economist, Head of Capital Markets Unit, Ministry of Investment, Egypt

·         El Hassan Eddez, Head od the Domestic Debt Division, Ministry of Economy and Finance, Morocco

·         Thuto Shomang, Chief Director, Liability Management, National Treasury, South Africa

·         Soltani Chaker, Director of Public Strategy, Ministry of Finance, Tunisia

3:45 – 4:00 PM             Wrap up of the Conference 
Janamitra Devan, Vice President and Head of Network, Financial and Private Sector Development, World Bank Group