Sovereign Debt Restructurings: The Case of Venezuela
Date: Friday, February 23, 2018
Gerri C. LeBow Hall, 3220 Market Street, Philadelphia, PA
Join LeBow College of Business and the Global Interdependence Center for a conference on emerging global issues.
Presentation Documents
- Global Prospects for Sovereign Debt restructurings and Implications for Future Restructurings - Thordur Jonasson
- Venezuela Debt Restructuring - Richard Francis
- Sovereign Debt Restructurings - Rafael Molina
Presentation Videos
- Session 1: The Role of Institutions in Venezuela’s Sovereign Debt Restructurings
- Session 2: Market Perspectives in Venezuela’s Sovereign Debt Restructuring
- Session 3: Creditors’ Views and Future Perspectives
Event Detail
Sovereign Debt Restructurings: The Case of Venezuela
The announced intention of restructuring Venezuela’s sovereign debt will make it one of most prominent restructuring episodes, along those of Argentina, Greece and Ukraine. The estimated $150 billion restructuring of Venezuela’s sovereign and PDVSA’s debt will be a major challenge to the local economy, creditors and institutions involved. The conference will address pertinent issues to the restructuring, including main causes, processes, and possible outcomes.
Students of Drexel University can click here to register for this event through LeBow.
Attendees of Money, Models, and Digital Innovation can receive credit from the following organizations:
- AFCPE Post Certification (5 credits)
Agenda
8:30 a.m. | Registration + Coffee/Light Refreshments
9:00 a.m. | Introduction: The Global Economic Significance of Sovereign Debt Restructurings
- Michael G. Papaioannou, IMF
- George Tsetsekos, Drexel University
9:05 – 10:20 a.m. | Session 1: The Role of Institutions in Venezuela’s Sovereign Debt Restructurings
- Chair: Lee C. Buchheit, Cleary Gottlieb Steen & Hamilton LLP
- Panel:
- Leopoldo Martinez, LMN Consulting
- Rafael Molina, NewState Partners
- Pablo Druck, IMF
- Topics
- Geopolitical challenges and perspectives
- Macroeconomic setting and economic considerations
- Sovereign debt issues and differentiation between Sovereign and PFVSA debt
- The potential role of IMF
10:20 – 11:35 a.m. | 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
11:35 – 11:45 a.m. | Break
11:45 a.m. – 1:00 p.m. | Session 3: Creditors’ Views and Future Perspectives
- Chair: Hans Humes, Greylock Capital Management
- Panel
- Aviva Werner, EMTA
- Tamon Asomuna, IMF
- Thodour Jonasson, IMF
- Mark Wright, Federal Reserve Bank of Minneapolis
- Topics:
- Holders of Venezuela’s sovereign and PDVSA debt
- Argentina, Greece, Ukraine, Venezuela – implications for future restructurings
- Global prospects for sovereign debt restructurings
- Debt outstanding and vulnerabilities – which conditions make a country a candidate for sovereign debt restructuring?
1:00 p.m. | Concluding Remarks
Event Location
Speakers
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.
Lee Buchheit
Senior Partner in the Sovereign Practice Group at Cleary Gottlieb Steen & Hamilton LLPLee 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.
Pablo Druck
Mission Chief for Venezuela, International Monetary Fund (IMF)Pablo Druck is the Mission Chief for Venezuela at the International Monetary Fund (IMF). Within the IMF he worked with a number of countries (Ecuador, Honduras, Kosovo, Panama, Guatemala, El Salvador, Grenada, Guyana, and Nicaragua).
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.
Richard Francis
Director, Fitch RatingsRichard 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.
Hans Humes
Chairman and Chief Executive Officer, Greylock CapitalMr. Humes is Chairman and Chief Executive Officer of Greylock Capital, which he founded as a joint venture with Van Eck Global in May 1995. He is Co-Chief Investment Officer with Diego Ferro since October 2012. Mr. Humes has 23 years of experience working in emerging markets. He was a Managing Partner of Van Eck Absolute Return Advisors, Inc. where he launched the fund which became the Greylock Global Opportunity Master Fund in 1997.
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.
Leopoldo J. Martínez
Former Congressman in VenezuelaLeopoldo J. Martínez, is an international lawyer, social entrepreneur, and a former Congressman in Venezuela. Mr. Martínez is a graduate from Harvard Law School, Princeton University and the University of Miami.
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.
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.
Aviva Werner
General Counsel, EMTAAs EMTA's General Counsel since 2002, Aviva has been primarily responsible for drafting legal documentation and market practices relating to Emerging Markets instruments.
Mark Wright
Senior Vice President and Director of Research, Federal Reserve Bank of MinneapolisMark L.J. Wright is a senior vice president and director of research at the Federal Reserve Bank of Minneapolis. Prior to coming to Minneapolis, Wright was a senior economist and research advisor in the Economic Research Department at the Federal Reserve Bank of Chicago.
Partners
