AfDB/AFMI Annual 6th Local Currency Bonds and Financial Sector Development Workshop

22th to 24th November 2017

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Agenda

Agenda for the 6th (AFMI) African Financial Workshop on local currency bonds and financial markets development.

Day 1: Wednesday, 22th November 2017

**Closed sessions for WAMU Primary Dealers and AFMI Central Banks Liaison Officers **

08:00 - 08:30

Registration of participants

08:30 - 09:00

Welcome Address

Mr. Cedric MBENG MEZUI, AFMI Coordinator

Mr. Adrien DIOUF, General Manager Agence UMOA – Titres


09:00 - 09:15

Coffee - Group Photo

Session 1

09:15 - 09:45

Recent Developments on the AFMI Website & the African Financial Markets Database – AFMD

Presentation of the AFMI Website & Introduction to the database [Théophile Tonle, AfDB]

Expected outcomes:
Knowledge sharing
Engagement of the liaison officers for more animation of the website

09:45 - 10:45

Development of Yield Curves: Case study of Egypt and Tunisia

[Egypt Central Bank and Tunisia Central Bank] 

Expected outcomes:
How to develop yield curves.


10:45 - 11:00

Coffee Break

Session 2

11:00 – 12:00

Simultaneous workshop discussions

Workshop AFMI/ECST

Presentation of the AFMI database [Mr Judicaël Guihy and Mr Stephane Kamga, AfDB]

Workshop Agence-UMOA-Titres

Constitutive meeting of the WAEMU primary dealers professional association

Expected outcomes:
Creation of the WAEMU Primary dealers professional association


12:00 – 13:30

Lunch Break

Session 3

14:00 – 16:45

Simultaneous workshops discussions

Workshop AFMI/ECST

Pratical Session on the data collection process Verification and historical data validation [Mr Judicaël Guihy and Mr Stephane Kamga, AfDB]

Expected outcomes:
Knowledge Sharing

Commitment of liaison officers to more collaboration for the enrichment and animation of the website
Workshop Agence UMOA-Titres

Statutory annual meeting of Niger, Togo and Guinée-Bissau primary dealers

Expected outcomes:
Annual statutory meeting


16:45 – 17:00

Closing remarks and recommendations day one - Cédric Mbeng Mezui - AfDB


Day 2: Thursday, 23th November 2017

08:00 - 08:30

Registration of participants

08:30 - 09:00

Welcome Address and press conference

  1. Director Financial Sector Development Department - AfDB
  2. African Development Bank Representative Resident - AfDB Dakar
  3. His Excellency the West African Countries Central Bank Governor - BCEAO
  4. His Excellency the Ministry of Economy, Finance and Plan - Sénégal


Session 1

9:00 – 10:00

Presentation of the Index – AfDB/AFMISM Bloomberg® African Bond Index (ABABI) and the African Domestic Bond Fund - ADBF

a)   Presentation of the Index ABABI [Mr Thomas Alemayehu - Bloomberg]
b)   Updates on the Bond Fund and macro-economic perspectives [Mr Cédric Mbeng Mezui - AfDB]
c)   Executive Director Japan at the AfDB  address [Mr Ozawa Hiromi]


Session 2

10:00 – 11:00

Panel 1: Long Term Investors - challenges & opportunities of Investments in the African Markets

Panelists: Mr Adama Ndiaye – FANAF President, Mr Cheikh Mbaye – AfDB Pension Fund Manager, Mr Dave Uduanu - Managing Director and CEO Sigma Pensions, Mrs Akosua Mensima Nelson-Cofie - Director/Social Security and National Insurance Trust Representative of CENIT Investments Limited

Moderator: Mr David Ashiagbor – Coordinator Making Finance Work For Africa – MFW4A

Expected outcomes:
Knowledge sharing
Drafting solutions to long-term investment problems
Possibilities of expansion of all instruments in local currency
Adapt the debt management strategies of debt managers
Understand the importance of the regulatory environment and the supervision framework


11:00 - 11:20

Coffee Break

Session 3

11:20 – 12:20

Panel 2: Stimulate the development of local bond markets

Panelists: Mr Adrien Diouf – Director Agence UMOA-Titres, Mr Christian Agossa – Directeur Général CRRH, Mr Amadou SY - Advisor Director Africa Region International Monetary Fund, Mr Stefan Nalletamby - Director Financial Sector Development – AfDB

Moderator: Mr Gabriel Fal - Founder CGF

Expected outcomes:
Creation of market infrastructures
Broaden the investors’ base
Importance of political decision makers’ role
Development of yield curves
Innovation


12:20 - 13:40

Lunch Break

Session 4

13:40 – 14:40

Panel 3: Financial Markets as regional integration and innovation tools

Panelists: Mr Oscar Onyema - CEO Nigeria Stock Exchange, Dr Edoh Amenounve - CEO Bourse Régionale des Valeurs Mobilières, Mr Stephen Mulema – Director Financial Markets, Bank of Uganda , Mrs Marie Odile Sene Kantoussan – Managing Director CGF

Moderator: Mr Theophile Tonle - Business Development Executive AfDB

Expected outcomes:
The scope of the African stock exchanges interconnection  
Highlight innovation capabilities of the African Continent in the Financial Sector - Case Study of M-Akiba


14:40 - 14:50

Coffee Break

Session 5

14:50 – 15:50

Panel 4: Market Liquidity and Primary Dealers 

Panelists: Mr Alioune Camara – General Manager Banque Régionale des Marchés (BRM), Mr Jude Chiemeka - Managing Director United Capital Securities, Mr Pape Sall - Citi Country Officer Senegal – Mr Abhimanyu Yadav - Fund Manager, Mauritius Commercial Bank.

Moderator: Ms Oyinloye Afolake Georgina - AfricaNews

Expected outcomes:
How to create liquidity in the markets
Understand the link between the emissions size and the market microstructure (nature of primary dealers, secondary market, settlement) and liquidity


Session 6

15:50 – 16:50

Presentations: International Experiences

a)   Beyond Ratings: Mrs Sylvie Giscaro
b)   Asian Bond Markets Initiative, ABMI – Ms Noy Siackhachanh - Senior Advisor Asian Development Bank

Expected outcomes:
Benchmark
Better understanding of Risks
Partnerships


16:50 – 17:00

Conclusions of the day and recommendations 

19:00 - 00:00

Gala Evening (By invitation only)

Keynote Speaker: Mr. Amadou KANE, AKassociates President, Banker and Former Senegal Economy and Finance Minister


Day 3: Friday, 24th November 2017

08:30 - 10:30

11:00 - 14:00

From 15:00

Ile de Gorée Visit

Lunch

Delegates Departure

Concept Note

AFMI 6th Annual Local Currency Bonds and Financial Sector Development Workshop - 22th–24th November 2017, Dakar, Senegal

1. Introduction and context 

In 2008, the African Development Bank (AfDB) launched the African Financial Markets Initiative (AFMI) as part of its strategy to develop the financial markets sector in Africa. This initiative aims to contribute to the development of domestic bond markets in Africa through its two complementary pillars: i) the African Financial Markets Database (AFMD) and ii) the African Domestic Bond Fund (ADBF). 

To create the database, a data collection exercise with African Central Banks was launched in April 2008. Liaison Officers were appointed by Central Bank Governors to assist with the collection of all information and data necessary to feed the database. Today the database (www.africanbondmarkets.org) includes data on the bond market infrastructure and/or fixed-income instruments of 41 countries.


Moreover, the Bank in its efforts to respond to the increasing demand for statistical financial data and indicators has created a database with a set of indicators that covers the financial sector in 52 African countries over the period 2005 to 2014. 

2. Rationale for workshop 


Since its inception, AFMI’s goal is to further develop debt markets in Africa, by strengthening the domestic bond market and by investing in local currency-denominated debt to improve capital markets’ long-term resilience. Its specific objectives are: (i) to enable governments to improve the terms at which they borrow in domestic financial markets, thus reducing their dependence on foreign currency denominated debt; (ii) to increase financing options available to corporate sectors; (iii) to act as a catalyst for the development and stability of financial markets as well as for regional financial market integration; and (iv) to improve the availability and transparency of African fixed income data.


The workshop will also be an opportunity to further hone the data collection skills of our Liaison Officers so as to address some of the inconsistencies that we have seen due to quality and completeness of the data stemming from:

Weak ownership of the initiative by the Liaison Officers;
The financial markets are either embryonic or lack specific methodology for the development of some key financial indicators;
Limited skills in public structures in the area of capital markets in general and in the field of public debt markets, in particular.

3. Objective of the workshop 

Overall, the objectives of hosting a training workshop for Liaison Officers are to increase the regional coverage of the data required by the Bank and to improve the quality of data collected. Specifically, the workshop will achieve the following objectives:  

  1. To present the African Domestic Bond Fund (ADBF) and seed Investors. 
  2. To present the recent developments of the financial sector in Africa
  3. To improve the completeness and quality of data; 
  4. To improve the quality whilst also increasing the amount of data collected in all RMCs; 
  5. To increase finance ministers and central bank governors’ awareness on the importance of AFMI’s mandate.
 

4. Expected outcomes 

The expected outcomes of the workshop are: 


  1. To present updates on the African Domestic Bond Fund – ADBF to be listed on the Mauritius Stock Exchange;
  2. Seek interest and receive commitment of additional investors for the ADBF;
  3. To initiate a dialogue platform with governments and Central Banks on public debt market management; 
  4. Reaffirmation by Liaison Officers to respect the timetable to update the data as required by the initiative and its website;
  5. Provide attendees with an understanding and appreciation of the importance of reliable, timely and accurate information for the financial markets;
  6. The Liaison Officers will have a better understanding of the value and use of the data they provide in advancing the development of local currency bond markets in Africa.

5. Format of the workshop 

The Event will run over the course of two days (for the public), three days (for the liaison officers). 

Day 1: Two sessions dedicated to closed thematic workshop



Session 1: In the first closed session, AFMI will present the initiative as well as the African Markets Database with an update on the current status of data collection.

Session 2: In the second session, AFMI and ECST (the Bank’s statistics department) will present the Open Data Platform followed by AFMI Data portal and website presentation. 





AFMI and ECST will hold workshops on data validation, whilst Primary Dealers of the WAMU region will hold statutory meetings.

Day 2: It will comprise 6 sessions.


Session 1: The first session will be a presentation of update on the proposed African Domestic Bond Markets Structure (ADBF).
It will start with a presentation of the AfDB/AFMISM Bloomberg African Bond Index (ABABI) followed by a presentation of the ADBF. It will be followed by a few words of the Executive Director Japan on their Government support to local currency bond markets

Session 2: A panel discussion on long term investments, challenges and opportunities in the African markets.

Session 3: This will focus on how to stimulate the development of local currency bond markets.

Session 4: The aim of this session will be to show how financial markets can be innovative [eg M-Akiba] as well as financial regional integration tools.

Session 5: This session will be an opportunity to discuss markets liquidity as well as primary dealers’ role.

Session 6: This final session will be dedicated to International experience.

During the sessions, a showroom will take place giving different Financial Services Providers (Bloomberg, Bloomfield investments, BRM, Hudson, Phoenix Capital, FANAF, CIMA, etc…) the opportunity to showcase their business and products.

The day will end with a presentation of the next steps regarding the implementation of the ADBF.
In the evening, participants will be invited to attend a Gala.

Day 3 : Cultural day

Goree Visit

Lunch

Delegates departures

6. Participants 

The workshop will bring together more than 40 Liaison Officers, officially appointed by their Central Bank Governors, Ministries of Finance and some representatives of national or sub-region organizations directly involved with collecting data on domestic financial markets and stakeholders from the private sector, insurances as well as well as potential investors.  Overall the event is expected to bring together more than 300 attendees.

7. Language of the workshop 

The conference and the workshops will be conducted in French and English. Simultaneous interpretation will be provided. 

8. Date and venue of the event 

The conference and workshop will be held in Dakar, Senegal from the 22nd to 24th November 2017.

9. Contacts

For more information, please contact the AFMI team:

Email: afmi@afdb.org

Twitter: @afmi_afdb

Facebook: African Financial Markets Initiative

Website: http://www.africanbondmarkets.org/en/


Tel: +225 20 26 38 13 / 23 29 54 89

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