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

Speaker / Author

Rafael M. Molina

Managing Partner, Newstate Partners

Rafael has over 18 years of experience assisting sovereign and sub-sovereign clients implement liability and risk management strategies aimed at optimising debt service profiles. In recent years Rafael has worked closely with the Authorities in Antigua and Barbuda, Barbados, Iraq and Liberia in addressing rising public-sector debt challenges. He also advised the governments of Jordan and Peru on implementing ground-breaking buy-back operations with transformative effect on overall credit standings. Most recently, he advised a group of creditors on the settlement of their claims on the Government of Belize as well as several Eastern European state-owned companies structure the viable financing ... Read More

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. Mr. Buchheit regularly advises sovereign borrowers on their debt management activities. Over the last 35 years, Mr. Buchheit has worked on the debt restructurings of more than 24 countries including Mexico, the Philippines, Russia, Iraq, Greece and Argentina. ... Read More

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. The lead sovereign analyst covering Colombia and Venezuela, among others, Richard is also a frequent spokesperson for the group on sovereign ratings. Prior to joining Fitch in 2016, Richard was a Director for the sovereign group at Standard and Poor’s where he covered countries in Latin America and the Caribbean. ... Read More

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. In her role leading the North and Latin America Credit Strategy & Research teams and the Global Macroeconomic Research team, Elena is responsible for forming house views on emerging risks, driving cross-functional alignment on key credit factors, coordinating rating approach across sectors in the Americas, and maintaining rigor in analytic frameworks. Elena leads major cross-sector outreach and research initiatives, such as ... Read More