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Sovereign Debt Restructurings: The Case of Venezuela

Date: Friday, February 23, 2018
Gerri C. LeBow Hall, 3220 Market Street, Philadelphia, PA

Event Detail

Sovereign Debt Restructurings: The Case of Venezuela

The announced intention of restructuring Venezuela’s sovereign debt will make it one of most prominent restructuring episodes, along those of Argentina, Greece and Ukraine. The estimated $150 billion restructuring of Venezuela’s sovereign and PDVSA’s debt will be a major challenge to the local economy, creditors and institutions involved. The conference will address pertinent issues to the restructuring, including main causes, processes, and possible outcomes.

Students of Drexel University can click here to register for this event through LeBow.

 

Attendees of Money, Models, and Digital Innovation can receive credit from the following organizations:

  • AFCPE Post Certification (5 credits)

 

Agenda

8:30 a.m. | Registration + Coffee/Light Refreshments

9:00 a.m. | Introduction: The Global Economic Significance of Sovereign Debt Restructurings

  • Michael G. Papaioannou, IMF
  • George Tsetsekos, Drexel University

9:05 – 10:20 a.m. | Session 1: The Role of Institutions in Venezuela’s Sovereign Debt Restructurings  

  • Chair:  Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP
  • Panel:
    • Leopoldo Martinez, LMN Consulting
    • Rafael Molina, NewState Partners
    • Pablo Druck, IMF
  • Topics
    • Geopolitical challenges and perspectives
    • Macroeconomic setting and economic considerations
    • Sovereign debt issues and differentiation between Sovereign and PFVSA debt
    • The potential role of IMF

10:20 – 11:35 a.m. | Session 2: Market Perspectives in Venezuela’s Sovereign Debt Restructuring

  • Chair: Rafael Molina, NewState Partners
  • Panel:
    • Lee Buchheit, Cleary Gottlieb Steen & Hamilton LLP
    • Richard Francis, Fitch Credit Ratings
    • Elena Duggar, Moody’s Investors Services
  • Topics:
    • Contractual challenges and creditors conflicts.
    • Eligible debt, market valuation and NPV haircuts
    • Missed coupon payments, down-gradings, ISDA, CDS and loss of market access
    • Credit Ratings Agency perspectives

11:35 – 11:45 a.m. | Break

11:45 a.m. – 1:00 p.m. | Session 3: Creditors’ Views and Future Perspectives

  • Chair: Hans Humes, Greylock Capital Management
  • Panel
    • Aviva Werner, EMTA
    • Tamon Asomuna, IMF
    • Thodour Jonasson, IMF
    • Mark Wright, Federal Reserve Bank of Minneapolis
  • Topics:
    • Holders of Venezuela’s sovereign and PDVSA debt
    • Argentina, Greece, Ukraine, Venezuela – implications for future restructurings
    • Global prospects for sovereign debt restructurings
    • Debt outstanding and vulnerabilities – which conditions make a country a candidate for sovereign debt restructuring?

1:00 p.m. | Concluding Remarks

Event Location

Date: Friday, February 23, 2018 Time: 8:30 AM - 1:00 PM City: Philadelphia Gerri C. LeBow Hall, 3220 Market Street Download iCal

Speakers

Tamon Asonuma

Tamon Asonuma

Economist in the Strategy Policy and Review Department, International Monetary Fund

Tamon Asonuma is an Economist in the Strategy Policy and Review Department of the IMF. Since joining the IMF on September 2010, he has spent most of times in Research Department and Strategy Policy and Review Department.

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Lee Buchheit

Lee Buchheit

Senior Partner in the Sovereign Practice Group at Cleary Gottlieb Steen & Hamilton LLP

Lee Buchheit is a senior partner in the Sovereign Practice Group at Cleary Gottlieb Steen & Hamilton LLP, based in New York.  He has previously served in the Washington, D.C., London and Hong Kong offices of the Firm.

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Pablo Druck

Pablo Druck

Mission Chief for Venezuela, International Monetary Fund (IMF)

Pablo Druck is the Mission Chief for Venezuela at the International Monetary Fund (IMF). Within the IMF he worked with a number of countries (Ecuador, Honduras, Kosovo, Panama, Guatemala, El Salvador, Grenada, Guyana, and Nicaragua).

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Elena Duggar

Elena Duggar

Managing Director - Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors Service

Elena Duggar is Moody’s Chief Credit Officer for the Americas, and a Managing Director in the Credit Strategy & Research team. Elena is also the Chair of Moody’s Macroeconomic Board, which sets the global macroeconomic forecasts underpinning Moody’s universe of ratings.

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Richard Francis

Richard Francis

Director, Fitch Ratings

Richard Francis is a member of the Latin America Team in the Sovereign Group at Fitch Ratings, based in New York. He is responsible for a number of the sovereign’s ratings in Latin America and participates in the research initiative on sovereigns rated by Fitch in Latin America and the Caribbean.

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Hans Humes

Hans Humes

Chairman and Chief Executive Officer, Greylock Capital

Mr. Humes is Chairman and Chief Executive Officer of Greylock Capital, which he founded as a joint venture with Van Eck Global in May 1995. He is Co-Chief Investment Officer with Diego Ferro since October 2012. Mr. Humes has 23 years of experience working in emerging markets. He was a Managing Partner of Van Eck Absolute Return Advisors, Inc. where he launched the fund which became the Greylock Global Opportunity Master Fund in 1997.

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Thordur Jonasson

Thordur Jonasson

Deputy Division Chief, Debt Capital Markets Division, International Monetary Fund

Mr. Thor Jonasson is a Deputy Division Chief in the Debt Capital Markets Division in the IMF Monetary and Capital Markets Department.

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Leopoldo J. Martínez

Leopoldo J. Martínez

Former Congressman in Venezuela

Leopoldo J. Martínez, is an international lawyer, social entrepreneur, and a former Congressman in Venezuela. Mr. Martínez is a graduate from Harvard Law School, Princeton University and the University of Miami.

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Rafael M. Molina

Rafael M. Molina

Senior Managing Director, Newstate Partners LLP

Rafael has 25 years of experience advising a wide range of clients on finance related matters, including liability management strategies aimed at optimizing debt service profiles and yield curves, enhancing risk management practices, and the financing of sustainable infrastructure projects. 

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Michael G. Papaioannou, Ph.D.

Michael G. Papaioannou, Ph.D.

TA Expert Advisor, International Monetary Fund and Senior Visiting Scholar and Professor, LeBow College of Business, Drexel University

Dr. Michael G. Papaioannou serves as a TA Expert Advisor at the International Monetary Fund and is a Visiting Scholar and Professor at the LeBow College of Business, School of Economics, Drexel University.

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George Tsetsekos, Ph.D.

George Tsetsekos, Ph.D.

Francis Professor of Finance and Dean Emeritus Drexel’s LeBow College of Business

Dr. George Tsetsekos, serves as the Francis professor of Finance and Director of the Risk Management Center at the LeBow College of Business. He served as Dean of LeBow (2002-2012) and under his transformative leadership the college achieved national rankings and quality milestones in research and teaching.

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Aviva Werner

Aviva Werner

General Counsel, EMTA

As EMTA's General Counsel since 2002, Aviva has been primarily responsible for drafting legal documentation and market practices relating to Emerging Markets instruments.

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Mark Wright

Mark Wright

Senior Vice President and Director of Research, Federal Reserve Bank of Minneapolis

Mark L.J. Wright is a senior vice president and director of research at the Federal Reserve Bank of Minneapolis. Prior to coming to Minneapolis, Wright was a senior economist and research advisor in the Economic Research Department at the Federal Reserve Bank of Chicago.

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Partners

Drexel University LeBow College of Business