3 – 5 june, 2020 madrid...takraf technipfmc tenova thales thyssenkrupp trans adriatic pipeline...
TRANSCRIPT
3 – 5 June, 2020Madrid
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Welcome to TXF Global 2020
What to expect
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...
“Excellent event, the best networking for financing deals! Perfect!”
“Once again TXF rocked it!”
Sustainability javelin The track and field event will take center stage, as expert
sustainability forerunners go head to head with ECA
industry leaders
Compete on the world stage Gain in-depth regional
analysis including innovations and project pipelines at our dedicated regional stadiums
for Africa, Asia, Americas, Europe & MENA
Agency CEO triathlonCEOs of ECAs and DFIs pass the baton on blended finance,
collaboration, competition, sustainability criteria and
more
The shotputTop athletes of the industry discuss how export, agency and project finance needs to adapt to the rapidly changing world to finance e-mobility, energy storage, connected
cities and more
The hurdlesThe latest regulatory outlook
including Basel IV, OECD, MIFD, IFRS and industry
lobbying
The Olympic villageTake advantage of deal-making and networking
opportunities in our detailed technical
workshops, lively debate forums and ideas labs
Shuki Raz, LR GroupKaterina Trimpsa, National Grid
“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
1000 Guests
150 speakers
350 Companies
80 Countries
Top speakers of 2020Here are a few of the top athletes running for victory at the 2020 event
Hiroshi MatanoExecutive Vice President
MIGA - Multilateral
Investment Guarantee
Agency
Anna-Karin JatkoDirector General
EKN - The Swedish Export Credit Agency
Antje GibsonVice President & Treasurer
Royal Caribbean Cruises
Maxim SubbotinHead of Strategic Projects Department PJSC Uralkali
Kristine DamkjaerCEO
EKF - Denmark’s Export
Credit Agency
Catrin FranssonCEO
Swedish Export Credit Corporation (SEK)
Pedro NovoExecutive Director in charge
of Export
Bpifrance
Ilya KrasnovHead of Corporate
Finance and Financial Risk
Management Metalloinvest
Kimberly ReedPresident and Chairman
US EXIM BANK - Export-
Import Bank of the United
States
Pauli HeikkiläCEO
Finnvera plc
Teguh Widhi HarsonoVice President of Funding
Perusahaan Listrik Negara (PLN) (Persero)
Sabrina BorliniDirector, Syndicated Loans
and Mobilization
International Finance Corporation (IFC)
Gabriel CumengeDeputy Assistant Secretary
Ministry of Finance of France
- DG Trésor
Wenche NistadCEO
GIEK - The Norwegian Export Credit Guarantee
Agency (GIEK)
Katerina TsirimpaHead of Corporate Finance
National Grid
Kazunori Ogawa Resident Executive Officer,
Regional Head, EMEA
Japan Bank for International Cooperation (JBIC)
Who could you meet?Top corporate companies that joined in 2019 included:
AarsleffABB
ABO WindAcrow BridgeACWA PowerAgainity AB
AirbusAkin Gump Strauss Hauer & Feld
Alcatel Submarine NetworksAlexander Dennis
AlstomAME International
Amur GPPAndrae Project Finance
Andritz HydroArcelorMittalArianeGroupBAE Systems
Bahrain Petroleum Company (BAPCO)
Baker Hughes GE Company (BHGE)Baker McKenzieBallast Nedam
BAM InternationalBAM Nuttall
BechtelBig Dutchman
Boegelsack Energy Bombardier Transportation
GermanyBosch
BouyguesBraskem
BruecknerBurmeister & Wain Scandinavian
ContractorBusiness Connection
Canadian Commercial Corporation (CCC)
Cassa Depositi e PrestitiCaterpillar
Chantiers De L’Atlantique China National Aero-Technology
Engineering CorporationCMI Group
CNHI InternationalCofidesColas
Contracta EngenhariaCoriolis Technologies
Crescent GroupDamen Shipyards Group
Danieli & C. Officine MeccanicheDeutsche Rohstoffagentur (DERA)
Dredging InternationalDuqm Refinery and Petrochemical
Industries CompanyEgyptian Propylene and Polypropylene Company
EiffageElecnor
Emirates PostENEL GroupENERCON
Enter EngineeringErdemirEricssonEurofinsa
EUROPIPEFerrostaal Equipment Solutions
Fincantieri Cantieri Navali ItalianiFLSmidth
FluorGAUFF GmbH & Co. Engineering
GazpromGE
GEA GroupGeneral Electric
Genting Hong KongGetinge GroupHaldor TopsoeHOMT España
Hospinorm ProjectsIBM
Imagro SpaINTECO
Jan De NulJV Driver
Kalpataru Power Transmission Ltd.KonecranesLinde AGLoesche
LR GroupLUKOILLydian
Mabey Bridge LtdMagil
MAN Energy Solutions SEAMeeras
MetalloinvestMetlife
Meyer WerftMitsubishi Corporation
Mota-Engil GroupMV Werften
National GridNotus energy Plan
OdebrechtOerlikon
OutotecPaul WurthPertamina
Perusahaan Listrik Negara (PLN)Petersen Matex Trading
PetroPerúPlasser & TheurerPowerChina Intl
Powertis ProjectGlobe AB
PromanQGMI
R1 InternationalReliance Industries Limited
RheinmetallRolls RoyceRoyal IHCSaipemScania
SENVIONShanghai Electric Group
Sharjah AirportSiberian Coal Energy Company (SUEK)
SiemensSiemens Gamesa Renewable Energy
SIMESTSK E&C
SKODA PRAHASMS Group
Societe d’Electricite du Senegal (Senelec)
Sogea SatomSTRABAG International
Sutor BankTAKRAF
TechnipFMCTenovaThales
ThyssenKruppTrans Adriatic Pipeline (TAP)
Tui CruisesValmetVAMED
Van OordVanderlande Industries
VestasVietnam Electricity (EVN)
VINCI Energies International And SystemsVoith
Volvo Construction EquipmentWärtsilä
Top takeaways from 2019
#1 YOU REALLY GOT ME WITH ECASExporters have been increasingly turning to ECA support in uncertain political times and US-China trade wars. The volume was turned up to 11 last year when ECAs had a banner 2018 (albeit mainly closed in the last quarter). With greater market uncertainty ECA volumes will increase.
#2 CAN’T GET NO SATISFACTION ON THE OECD CONSENSUSAre the OECD rules fit for purpose in a trade war environment? There was agreement from the ministerial keynote to the closing panel: the OECD Consensus is behind the times, even anti-competitive, and needs to reflect current trends in trade and manufacturing. Some suggested because there is Chinese involvement, the International Working Group (IWG) could be a better mechanism to move things forward. There were arguments for something more radical altogether.
Meanwhile, at the OECD annual meeting on export credit in Paris, members finally agreed to start the process to begin updating the Consensus. Wait until November for a timetable for next steps.
#3 BACK ON THE ROAD AGAIN FOR US EXIMUS Exim is back in business and with a clear message that they have support from above. Nearly half the audience polled thought US Exim would mean increased competition going forward. But, those keen to modernise the agency and outdated rules related to content and shipping may find themselves disappointed. Securing a long term full reauthorisation later this year for large transactions is a key focus and still needs to be voted on by the quorum. Only after this will new agenda items be explored.
#4 IT’S SO FUNNY, HOW WE DON’T TALK ANYMOREThere is a split on how different banks see export finance. Over 200 banks provide liquidity into ECA assets but many voiced concerns on price compression. Will they think about how they price going forward? Some banks like the market penetration with their key customer base ECAs give, others are struggling to justify big teams delivering long-dated, illiquid assets against an unconducive regulatory environment.
With inverted yield curves, and concern that ECA-backed loans are mispriced, can banks continue without greater creativity in terms of how fees are earned and banks are rewarded? Conversely, ECA-backed tranches were trimmed on large-scale multisourced financings, as once ECA premiums were added, coupled with borrowers having to pay premiums upfront for the maturity of the loan, uncovered commercial debt portions proved cheaper, especially in the Middle East (Bapco and Duqm).
#5 SMELLS LIKE TEEN SPIRIT? COMPETITION AND INNOVATION AMONG ECASFrom a slow start, ECAs want to be faster, more responsive and are investing in digitising their processes and customer interaction. They are also looking for ways to get closer to the customer at both ends of the equation, with shopping lines for key borrowers, and overseas business development teams in core markets.
Concentration risk still exists and the trend for big projects for well-known exporters and borrowers is expected to stay. But such a refreshing approach from ECAs is bound to make the product more relevant to a wider pool over the long run. Risks remain that greater competition among ECAs means a ‘race to the bottom’? Or is it purely a reflection of ECAs wanting to be able to provide the best terms and conditions?
#6 GIMME SHELTER WITH PRIVATE INSURANCE?Private insurance has ballooned to a $3.2 billion market capacity with over 60 providers, and a book that now represents 20% of all Berne Union volume. But misunderstandings still abound – about what the role of brokers is, when to approach the market, what future regulation will hold, and whether it pays out. Education of bankers, credit committees, regulators and exporters has to continue.
#7 STAIRWAY TO HEAVEN THROUGH SDGSSeventeen percent of current export finance transactions globally would qualify for having a positive green or social impact under green bond principles’ methodology. That’s according to TXF analysis undertaken with Acre Capital. Could do better? Probably. Denmark’s EKF leads the ECA pack on sustainability in terms of volume, and European renewables the biggest beneficiary. But both ECAs and banks need to do more to align their SDG goals. Likewise, there is still a significant cost stapled to carrying out environmental and social impact assessments, which deters many borrowers and exporters from taking the SDG route.
#8 ROCKIN’ IN THE FREE WORLD OR ANOTHER BRICK IN THE WALL FOR THE FUTURE?Without additional incentives – relaxing ECA premiums and/or incentivising individuals within organisations – the challenge remains to identify enough bankable assets to see meaningful increase in the number of deals with a positive impact. There is a wall of liquidity waiting, and a huge opportunity, but the deal pipeline must be widened, especially for smaller transactions, and the process simplified for SMEs. The whole export finance sector knows it needs to wake up and embrace new markets and help create bankable deals. Time to have your say in 2020!
Get your ticket for 2020!
Early Bird€3799
(expires 3/4/20) Full Price€3999
Super Early Bird€3599
(expires 6/3/20)
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