Seventh Annual Sovereign Debt Restructuring Conference
Date: Thursday, February 22, 2024
February 22, 2024 | Philadelphia, PA
Explore high interest rates, debt distresses, and sovereign debt restructurings with GIC and the LeBow College of Business at Drexel University on Thursday, February 22, 2024.
Seventh Annual Sovereign Debt Restructuring Conference
The increase in interest rates over the past two years has led to higher sovereign borrowing costs and debt servicing requirements. This, along with a strong US dollar and slower global economic growth in the aftermath of the Covid Pandemic, have resulted in a growing number of developing countries experiencing debt distress and facing the specter of a potential debt restructuring. Some sovereigns have already defaulted on their debt service obligations, including Chad, Ethiopia, Ghana, Sri Lanka, Suriname and Zambia, while others are facing enormous financial constraints as in the cases of Egypt, Kenya and Tunisia. Currently, governments, International Financial Institutions and market analysts expect that global inflation, the underlying force of the prevailing high interest rates, will subside soon that will allow central banks to ease interest rates. Such developments may provide a respite to current debt servicing pressures and perhaps even ease fears of further sovereign restructurings.
This conference aims to bring together highly experienced representatives from international financial organizations and market professionals to explore these themes and thus provide a forum for exchanging views on current global sovereign debt-related challenges and offering insights into future developments.” We invite you to join us with Drexel University’s LeBow College of Business on Thursday, February 22, 2024.
Attendees of this conference can receive 4 continuing education credits from the Certified Financial Planner Board for credit hours. Please email Sandra Levant at [email protected] for more details.
9:00 – 9:05 am- Welcoming Remarks
- Vibhas Madan, Dean and Chapel Chair, LeBow College of Business, Drexel University
- George Tsetsekos, Francis Professor of Finance, LeBow College of Business
9:05 – 9:45am – Session 1: Overview of Sovereign Debt Developments and Sovereign Debt Restructurings
- Mark Flanagan, Deputy Director of the Strategy, Policy, and Review Department, International Monetary Fund
9:45 – 10:15 – Session 2: Creditors’ Comparability of Treatment in Sovereign Debt Restructurings
- Thor Jonasson, Deputy Division Chief, Debt Capital Markets Division, International Monetary Fund
- James Knight, Deputy Division Chief, Institute Training Program, International Monetary Fund
10:15 – 10:45 – Session 3: Sovereign Debt Transparency in Sovereign Debt Restructuring
- Yan Liu, Deputy General Counsel, International Monetary Fund
10:45 – 11:15: Break
11:15 – 12:00 – Session 4: A Credit Rating Perspective on Sovereign Debt and Debt Restructurings
- Elena Duggar, Managing Director – Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors Service
12:00 – 12:55 – Session 5: Investors Perspectives on Sovereign Debt Restructurings
- Federico Sequeda, Head of Country Research & Portfolio Manager, Morgan Stanley Investment Management
- Ajata Mediratta, President, Greylock Capital Management
- Richard Hall, Portfolio Manager, T.Rowe Price
- Moderator: Rafael Molina, Senior Managing Director, Newstate Partners LLP
12:55 – Concluding Remarks:
- Michael G. Papaioannou, TA Expert Advisor, International Monetary Fund and Senior Visiting Scholar and Professor, LeBow College of Business, Drexel University
1:00 – Conference Ends
Registration fees are subject to a full refund until 72-hours in advance of the scheduled program.
Address: Gerri C. LeBow Hall
3220 Market Street
Philadelphia, PA 19104
Elena DuggarManaging 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.
Mark FlanaganDeputy Director of the Strategy, Policy, and Review Department, International Monetary Fund
Mr. Flanagan is Deputy Director of the IMF’s Strategy, Policy, and Review Department, where his duties include overseeing debt policy work, with a particular focus on emerging markets.
Richard HallAssociate Portfolio Manager, T. Rowe Price
Richard Hall is an associate portfolio manager of the Emerging Markets Bond Strategy in the Fixed Income Division. He is a vice president of the Global and International Funds and the Multi-Sector Account Portfolios. Richard is a member of the Investment Advisory Committees for the Emerging Markets Corporate and Local Multi-Sector Account Portfolios; the Emerging Markets Bond, Corporate Bond, and Local Currency Bond Funds; and the Institutional Emerging Markets Bond and Dynamic Credit Funds. Richard also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Thordur JonassonDeputy 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.
James KnightDeputy Division Chief, Institute Training Program, International Monetary Fund
James Knight is Deputy Division Chief in the Institute for Capacity Development’s Institute Training Program division, where he oversees the IMF’s Online Learning program. He previously worked in the Monetary and Capital Markets department in the Debt Capital Markets division. Prior to joining the IMF in 2017, he was Head of Investor Research at the UK Debt Management Office (DMO), where he worked for over 15 years in policy and research.
Yan LiuDeputy General Counsel in the Legal Department, International Monetary Fund
Ms. Yan Liu is Deputy General Counsel in the Legal Department of the International Monetary Fund. Ms. Liu has advised on all aspects of the IMF’s policies and operations, including the design and implementation of its financial assistance programs, the surveillance over member countries’ economies and the technical assistance to its members.
Vibhas Madan, Ph.D.Dean, LeBow College of Business at Drexel University
Vibhas Madan, PhD, professor of economics, was appointed dean of Drexel University’s LeBow College of Business in December 2020 after serving as interim dean since November 2019. He joined the Dean’s Office in July 2018 as senior associate dean for academic programs. Prior to that, he served as the head of the Economics Department and then as the founding director of the School of Economics, which was launched as a new school within the College in 2013.
Ajata Mediratta, CFAPresident, Greylock Capital Management
Ajata “AJ” Mediratta joined Greylock Capital as a Portfolio Manager in June 2008, following the acquisition of Bear, Stearns & Co. Inc by JPMorgan Chase, became a Partner in August 2009 and President in October 2012. He was previously a Senior Managing Director and Head of Bear Stearns International Debt Capital Markets Group. His group was responsible for the capital market financing transactions for sovereign, quasi-sovereign and corporate clients of Bear Stearns in Latin America, Asia and the Middle East. From 2000 – 2008, his group underwrote in excess of $30 billion of securities in more than fifteen countries worldwide, and acted as a financial advisor on a number of corporate and sovereign debt restructurings.
Rafael M. MolinaSenior 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.
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.
Federico SequedaHead of Country Research & Portfolio Manager, Morgan Stanley Investment Management
Federico is the head of Country Research and a portfolio manager on the Emerging Markets team at Morgan Stanley Investment Management. He oversees the country research process and is responsible for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies.
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.