The 6th annual China Debt Capital Markets Summit will bring together some 500 China’s policy makers, corporates, FIG and SSA borrowers to meet with global investors on 17 November 2020 in Beijing. The event will debate and discuss the multiple access channels available to global investors as well as address their concerns–the onshore and offshore investment and issuance opportunities, trending investment classes, rating scale and market risks. For those investors looking to increase exposure to China, implement new investment plans, or simply wishing to gain a greater understanding of China’s dynamic markets, this event is offering you the insights. The event also welcomes Chinese issuers to attend and promote their investment story to a concentrated audience of fixed income investors.
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08:00 - 09:00 REGISTRATION AND COFFEE
09:00 - 09:10 Euromoney Welcome: Tony Shale, Chief Executive Officer, Asia, Euromoney Institutional Investor
09:10 - 09:30 Keynote Address
09:30 - 10:30 Plenary Panel: Opening of China’s capital markets: 2020 and beyond
China has taken some big steps to open up its financial markets to foreign firms, be it banks or ratings agencies, through a slew of measures. These include removing the caps on QFII/RQFII quotas in 2019, and boosting foreign ownership limits of securities firms to 51%, with plans to lift that by the end of 2020. What more does China need to do to open its markets further to international investors? How have the US-China trade tensions and concerns around a growth slowdown changed the regulators’ reform agenda? Where are international investors seeing opportunities, and what are the worry points? Euromoney will discuss these questions, and more, to set the stage for the rest of the event.China has taken some big steps to open up its financial markets to foreign firms, be it banks or ratings agencies, through a slew of measures. These include removing the caps on QFII/RQFII quotas in 2019, and boosting foreign ownership limits of securities firms to 51%, with plans to lift that by the end of 2020. What more does China need to do to open its markets further to international investors? How have the US-China trade tensions and concerns around a growth slowdown changed the regulators’ reform agenda? Where are international investors seeing opportunities, and what are the worry points? Euromoney will discuss these questions, and more, to set the stage for the rest of the event.
10:30 - 10:55 COFFEE BREAK
10:55 - 11:35 Multistream
Focus Session I
Focus Session II
Focus Session I: Growing demand for green bonds in China: offshore versus onshore
11:35 - 12:15 Multistream
Focus Session III
Focus Session IV
Focus Session III: The transformation of China’s ratings landscape
12:15 - 13:35 NETWORKING LUNCH
13:35 - 14:25
Panel II: Chinese issuers in the offshore bond market
Chinese issuers have long dominated the Asian G3 bond market, with 2019 seeing high yield bonds return in full force. 2020 is set to be no different with a wall of refinancing coming up but if borrowers will find the same level of investor support as they did in 2019 remains a big question. A spate of defaults in onshore China, new restrictions imposed by the National Development Reform Commission (NDRC) on issuance by local government financing vehicles (LGFVs) and property companies, and concerns around China’s growth are all weighing on investors’ minds. What will 2020 bring to investors and issuers? Will an increasingly selective approach from investors force issuers to walk away from the market or pay up for their bonds? Is repricing on the cards?
14:25 - 15:05 Multistream
Focus Session VI
Focus Session V
Focus Session VI: Unleashing the potential of the Greater Bay Area
15:05 - 15:35 COFFEE BREAK
15:35 - 16:25
Panel III: Navigating default risks in the Chinese debt market
A spate of defaults in China’s onshore bond market spooked investors at the end of 2019, making them approach the New Year with trepidation. The impact has also spread offshore, with sell-offs seen in numerous parts of the dollar bond market. What are the underlying factors contributing to the rising default trend, and how should investors navigate this increasingly unpredictable market? As the government allows more corporates to default onshore, is the long-standing assumption that the state will bail out failing entities under threat? How should international investors reconsider the risk behind this, and reshape their investment strategies?
16:25 - 17:15
Panel IV: Decoding the funding needs of Chinese banks
China’s G-Sibs are expected to raise a significant amount of capital from the capital markets as they strive to fulfil their TLAC requirements by 2025. In addition to accessing the offshore bond market, commercial banks now have two new funding avenues onshore — perpetual bonds and senior preferred deals, both of which were pioneered in 2019. But the same old problems remain, including that other Chinese banks, or the wealth management arms of Chinese banks, are the biggest buyers of these capital notes. How can regulators incentivise international investors to be more active buyers of Chinese bank capital bonds? Do investors see opportunities in the financial space, or is the pricing not appealing enough? This panel will look at the potential and challenges in the bank capital market in China.
17:15 - 17:20 CLOSE OF CONFERENCE
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