*Agenda and speakers subject to amendment in response to changing conditions
Cynthia Cummis, Co-Founder, Science Based Targets Initiative & Director of Private Sector Climate Mitigation, World Resources Institute
DEBATE: Is the use-of-proceeds model fit for purpose?
Given the emergence of the sustainability/KPI-linked bond, will the industry do away with the original use-of-proceeds model? Or can these 2 models co-exist?
Tanguy Claquin, Head of Sustainable Banking, Crédit Agricole CIB
Ben Caldecott, Director, Oxford Sustainable Finance Programme and Associate Professor, Smith School of Enterprise and the Environment, University of Oxford
Jens Hellerup,Senior Director, Head of Funding and Investor Relations, Nordic Investment Bank
Stan Dupré, Founder & CEO, 2 Degrees Investing Initiative
PANEL: Transition bonds and judging issuers’ transition strategies
- Defining the materiality of a transition bond and its purpose:
- is it essentially just a light green bond? Should a transition bond even be labelled as such, or rather just focus on the transition itself?
- what are the risks of allowing "dirty" issuers to participate in the labelled bond market?
- how to strike the right balance between purity and pragmatism?
- will or can transition bonds be issued without adhering to the EU taxonomy criteria?
- Sharing the latest outcomes from ICMA's Climate Transition Finance Working Group
- Examining the transition bonds issued so far, and the transition strategies used:
- how could this pave the way for future issuances?
- What are the growth prospects for the transition bond market? What needs to happen for issuance to reach critical mass?
Cristina Lacaci, Executive Director, Morgan Stanley
Isabelle Laurent, Deputy Treasurer and Head of Funding, EBRD
Sergio Molisani, Finance Director, SNAM
Rhys Petheram, Manager of the Jupiter Corporate Bond Fund, Jupiter Asset Management
Yo Takatsuki, Head of ESG Research & Active Ownership, AXA Investment Managers UK Limited
PANEL: Exploring the rise in sustainability-linked loans and predictions for future growth
- Mapping the sustainability-linked loan market and players:
- to what extent are sustainability-linked loans opening up the market to smaller issuers?
- Comparing sustainability-linked loans with sustainability-linked bonds, such as materiality in KPIs, verification and compliance requirements
- What efforts are being made to bring more transparency and standardisation to sustainability-linked loans?
- Issuer case studies and perspectives on market growth
- Predicting future trends and outlook for sustainability-linked loans: are they likely to overtake the sustainability-linked bond model?
Gemma Lawrence-Pardew, Senior Associate Director – Legal, LMA
PANEL: Macroeconomics and financial stability – perspectives from central banks on climate risk and sustainable finance
- Analysing the role of central banks in climate risk, and the relationship between sustainability and risk management when regulating financial institutions
- Exploring the recommendations for action developed by the Network for Greening the Financial System in 2019, and how these are being implemented
- Best practices for integrating sustainability criteria into portfolio management of central banks
- Examining central bank perspectives on GSS bonds and other newly emerging bonds
PANEL: EU Taxonomy and other regulations – implementation update and implications for the sustainable fixed income market
- The EU Sustainable Action Plan – progress update two years since its launch
- EU taxonomy:
- update since the final report, expected to be published Spring 2020: what has been, and will be, the market impact?
- navigating the technical complexities to understand the practical implications and future hurdles to prepare for
- how can investors and issuers be engaging to ensure alignment with the taxonomy?
- discussing the taxonomy's definition of transition - industry interpretations
- global impact: to what extent could the taxonomy framework be adapted to and harmonised with other markets outside the EU?
- Developments in the EU's green bond standards, and how they relate to the taxonomy
Sevinc Acar, Investment Director, Fixed Income, PGGM
Jochen Krimphoff, Deputy Director - Green Finance, World Wide Fund for Nature (WWF) & TEG Member
Working group: ESG data in fixed income. By invitation only.
Objective: How to make more standardised ESG data available to fixed income investors
| Stream 1|
Green, Social and Sustainability Bonds
| Stream 2|
Fixed Income & ESG
14.00 PANEL: Strategies for boosting the social and sustainability bond markets
- Social bonds
David Gregg, Interim CFO, Yorkshire Water
14:00 PANEL: The role of ESG in sovereign debt strategies and investor-sovereign engagement
Speakers to be confirmed
14.45 CASE STUDIES: Examples of different bond issuances
Case studies showing how the market is expanding, how the issuer landscape is evolving, investor appetite, and growth trajectories for:
Inês Faden da Silva, Group Treasurer, Tideway
14:45 PANEL: ESG ratings for fixed income
Christine Sobieski, Head of ESG Engagement, Ørsted
PRESENTATION: Social Bonds and Covid-19: The Next Phase
- What part can the Social Bond market play in the fight against pandemics such as Covid-19?
- What opportunities are there for Social Bonds through different phases of a pandemic?
- Health treatment and infection reduction
- Maintaining business continuity
- Vaccine development and delivery
- Economic recovery
- Examples of Covid-19 related Social Bonds
Christopher Wigley, Independent ESG Fixed Income Portfolio Manager
PANEL: Issuers and investors huddle – what do we need from each other?
- What do issuers need to know?
-investor insights on selection criteria for sustainable assets
-how investment strategies are evolving, such as divestment from brown assets, and approaches to transition risk
-how other issuers are managing increased reporting burdens and responding to investors' data needs
- What do investors need to know?
- how to get greater transparency, and access to the right data
-issuer insights on how they are improving and integrating their reporting
- the issuers' ESG track record and approach to climate risk, and how ESG integration is impacting their issuance strategy
-how non-green issuers are attempting to play a meaningful role in transitioning to a low-carbon economy
- Which new products and innovations are needed by both issuers and investors?
- What market convergence is needed?
Moderator: Philip Brown, Managing Director – Capital Markets Origination, Citi
CASE STUDY: Opening the European market to non-traditional corporate issuers – EIB and Amundi’s GRECO Fund
Case study showing how the fund aims to widen the issuer landscape, bring more additionality and higher yields to the European fixed income market by targeting:
- Small corporates and SMEs
- Non-green sectors
- Non-traditional instruments, such as private debt and securitisation
Daniel Farchy, Equity Investment Officer, EIB
Timothée Jaulin, Head of Supranational Entities Coverage, Amundi