Sixth Annual Sovereign Debt Restructuring Conference: Risks in a High-Interest Rate and Strong US Dollar Environment
Date: Thursday, February 23, 2023
Philadelphia, PA
$75.00
Explore the sovereign debt restructurings of different countries post-COVID with GIC and the LeBow College of Business at Drexel University on Thursday, February 23, 2023. Register below to attend in person or click here to attend virtually.
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Sixth Annual Sovereign Debt Restructuring Conference: Risks in a High-Interest Rate and Strong US Dollar Environment
In the post-COVID environment, the number of debt-distressed countries has increased, and several are in default (Chad, Sri Lanka, Suriname, and Zambia). Despite developing policy initiatives to address Low-Income Countries (LICs) defaults and help with efficient debt restructuring processes, resolving these countries’ debt episodes has been slow and ad hoc so far. Until now, defaults occurred under a relatively low global interest rate environment and benign US dollar levels. Rising interest rates and the strengthening of the US dollar may create conditions that accelerate sovereign debt restructurings, particularly of LICs.
This conference, now in its sixth year, intends to shed some light on issues of preparedness of sovereign debt stakeholders of countries as the economic climate is changing and will debate options based on views of prominent policy makers, private creditors, and members of multilateral organizations. We invite you to join us with Drexel University’s LeBow College of Business on Thursday, February 23, 2023.
Agenda
8:30 – 9:00 a.m. | Registration
9:00 – 9:05 a.m. | Welcoming Remarks
- George Tsetsekos, Francis Professor of Finance and Dean Emeritus Drexel’s LeBow College of Business
9:05 – 10:05 a.m. | Session I
- Trends and Developments in Global Debt and Sovereign Debt Restructuring
- Mark Flanagan, Deputy Director of the Strategy, Policy, and Review Department, International Monetary Fund
- Credit Rating Agencies’ Overview of Debt and Recent Sovereign Debt Restructurings
- Elena Duggar, Managing Director – Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors Service
- Legal Policies in the IMF Sovereign Debt Restructuring Framework and Issues in Debt Resolution
- Yan Liu, Deputy General Counsel in the Legal Department, International Monetary Fund
10:05 – 10:50 a.m. | Session II
- Is the Prevailing Sovereign Debt Restructuring Architecture Adequate for Facing Current and Future Restructuring Challenges?
- DeLisle Worrell, Former Governor of the Central Bank of Barbados
10:50 – 11:00 a.m. | Break
11:00 – 11:45 a.m. | Session III
- Identifying Market Issues in Recent Sovereign Debt Restructurings
- Thor Jonasson, Deputy Division Chief, Debt Capital Markets Division, International Monetary Fund
- James Knight, Senior Financial Sector Expert, International Monetary Fund
- Analytical Aspects of Sovereign Debt Restructurings
- Tamon Asonuma, Economist in the Strategy Policy and Review Department, International Monetary Fund
11:45 – 11:55 a.m. | Break
11:55 a.m. – 12:55 p.m. | Session IV
- Approaches in Advising Sovereign Debtors and Creditors during Sovereign Debt Restructurings
- Rafael Molina, Managing Partner, Newstate Partners
- Investors’ Considerations in View of Recent Debt and Sovereign Debt Restructuring Developments
- Federico Sequeda, Head of Country Research & Portfolio Manager, Morgan Stanley Investment Management
- Challenges in Handling Sovereign Debt Restructurings
- Liam Localio, Managing Director, Farallon Capital Management
12:55 – 1:00 p.m. | Concluding Remarks
- Michael G. Papaioannou, TA Expert Advisor, International Monetary Fund and Senior Visiting Scholar and Professor, LeBow College of Business, Drexel University
Registration fees are subject to a full refund until 72-hours in advance of the scheduled program.
Event Location
Address: Gerri C. LeBow Hall – Room 722
3220 Market Street
Philadelphia, PA 19104
Speakers
DeLisle Worrell, Ph.D.
Former Governor of the Central Bank of BarbadosDr. DeLisle Worrell is the immediate past Governor of the Central Bank of Barbados, having served from November 2009 until February 2017. He was appointed a member of the Financial Policy Council of the Bermuda Monetary Authority on July 1, 2018.
Tamon Asonuma
Economist in the Strategy Policy and Review Department, International Monetary FundTamon 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.
Elena Duggar
Managing Director - Chief Credit Officer Americas, and Chair of Macroeconomic Board, Moody’s Investors ServiceElena 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 Flanagan
Deputy Director of the Strategy, Policy, and Review Department, International Monetary FundMr. 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.
Thordur Jonasson
Deputy Division Chief, Debt Capital Markets Division, International Monetary FundMr. Thor Jonasson is a Deputy Division Chief in the Debt Capital Markets Division in the IMF Monetary and Capital Markets Department.
James Knight
Deputy Division Chief, Institute Training Program, International Monetary FundJames 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 Liu
Deputy General Counsel in the Legal Department, International Monetary FundMs. 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.
Liam Localio
Managing Director, Farallon Capital ManagementLiam Localio joined Farallon Capital Management in 2022, and is a Managing Director in the Credit group focused on emerging markets sovereign investments.
Rafael M. Molina
Senior Managing Director, Newstate Partners LLPRafael 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 UniversityDr. 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 Sequeda
Head of Country Research & Portfolio Manager, Morgan Stanley Investment ManagementFederico 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 BusinessDr. 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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