The Kingdom of Saudi Arabia’s debt markets has experienced a transformation. However away from the sovereign and a handful of government-linked entities, no Saudi Arabian entities have issued international bonds or Sukuk. Bonds, Loans & Sukuk Saudi Arabia is the first and only event dedicated to the development of the Saudi Arabian debt and credit markets. If you are an issuer considering issuing bonds or Sukuk on the international markets; or you are an advisor working to prepare a client to issue, this event is for you. Bonds, Loans & Sukuk Saudi Arabia will provide you insights and case studies to help you make better decisions for your company going forward. DRAFT AGENDA How to attract Global Fixed Income Investors, Foreign Direct Investors and Qualified Foreign Investors to Saudi Arabia• What is the overall objective to investment? How does their strategy when entering a market reinforce the objective?• What is the list of criteria that need to be fulfilled for investors to enter a market?• Areas of focus: What do they feel the key areas of development are for Saudi Arabia to attract greater foreign investment in project finance (FDI), bond/sukuk markets (fixed income) and equity markets (QFIs)? Preparing for a change in the macroeconomic environment: What are the potential triggers that could spark the next downturn?• Economists’ top concerns that could spark a downturn: Oil, trade, China?• What is causing oil price turbulence? What lessons can be taken from trading in 2019 to forecast pricing trends in 2020?• How will/can each trigger impact the financial markets? Saudi Arabia’s banking sector: Capital ratios, liquidity and competitive outlook• How are banks optimising their liability structures?• Impact of new regulation (IFRS 9, Basel 3) on Saudi banks• Treatment of real estate exposure: How are banks managing their real estate portfolios?• Core vs. non-core assets: Why are Saudi banks not offload their balance sheets?- Is there any incentive to sell-down loans to investors in the form of securitised bonds/sukuk?- How do banks plan to churn their balance sheets of 20-year project finance loans? Solving the housing finance dilemma: How to launch a true-sale securitisation market in Saudi Arabia• Boosting corporate liquidity and building out an active curve beyond 10 years: Why building out real-estate-backed bond/sukuk yield curves to 15 and 20 years is essential to support fixed rate mortgages• Saudi Real Estate Refinance Company: What is their role and business model to promote capital markets and mortgage-backed securitisation?• Legislative infrastructure: What is in place? What still needs to be put into place to develop a market for true-sale securitisation in Saudi Arabia?• Corporate vs. asset risk: How will bank treasuries risk manage securitised bonds/sukuk (yiled pick-up, rated, greater liquidity and transparency)?• Case studies and best practice from around the world: What can be applied to Saudi Arabia’s housing market? Case study: Preparing, structuring, packaging and distributing Saudi Arabia’s first-ever corporate bond• From start to finish: How long does the process take? What preparations does the corporate need to make before going to market?• The (private and public) rating process: What does it involve? How much do companies need to disclose? How ratings be beneficial to the company business planning beyond issuance• Roadshowing, pricing and printing: What CFOs and Treasurers should expect from their dealers when the deal goes live• Financial and non-financial benefits to the company of diversifying corporate funding portfolios from (bilateral and syndicated) loans to bond/sukuk explainedDeveloping the primary dealer market to boost liquidity for sukuk and bonds• What do the primary dealers offer to the market? What is their role? What are the successes achieved and challenges faced in 2018-19?• Why a robust and liquid Inter-bank Repo market is essential for the long-term sustainability of the local sukuk/bond markets• Zakat-deductibility, lower minimum-value orders, Euroclearable, Indices-included: Initiatives to attract HNWs, institutional and retail investors to the sukuk market – what has the impact been so far on liquidity and trading?• What comes first, supply or demand: How to encourage new names (corporates) to come to the SAR sukuk market More liquidity from the inclusion of Saudi Arabia into Global EM bond indices: What’s different in 2019 versus 2018?• A year into the inclusion of the Middle East into Global EM bond indices and ETFs: Assessing the impact of global EM portfolio allocation into Saudi bonds• How have international buyers had to change the way they think about, and approach, Saudi (and GCC) bonds/sukuk?• Driver of performance and issuance pace: How has/is Saudi (and wider GCC bonds) performed relative to other EMs? Corporate and bank hybrids: Why issue convertible bonds/sukuk?• Bank hybrid and convertible issuances vs. Corporate hybrid bonds: What are the key differences in issuance thought-process, structuring, and distribution?• Lower cost of borrowing: What are the economic and capital reasons for companies to issue convertible bonds?• Yield pick-up: What are the risk/return pros and cons for investors to buy convertible and hybrid bonds/suku?• Structuring, packaging and distributing convertible bonds: Process and execution Green bonds/sukuk: How are investors integrating ESG into their approach to fixed income investments? What metrics are they using?• Why go green: What is driving global investor demand for green bonds/sukuk?• What are the capital and economic advantages to issuing green bonds/sukuk?- Is there a link between ESG (Environment, Social and Governance) and accessing new pools of capital?- Are issuers in danger of losing existing buyers of bonds if they do not issue green?• Message from global investors looking at opportunities in Saudi Arabia: What are investors’ expectations for ESG? Privatisation and PPPs of non-power-and-water projects: How to structure deals to attract local and international investors• Pipeline of PPPs and privatisations: What is coming online in what sectors and how much capital is needed to finance projects?• Shifting from corporate to project/PPP risk: Gauging Saudi banks’ appetite for non-power-and-water projects:• What are the challenges for international banks assessing projects away from the power and water sector in Saudi Arabia?• Structures, case studies and solutions: What can be applied from successful deals in the power and water sector to sectors such as transport, hospitals and schools to meet international standard risk allocation? Delivering Saudi Arabia’s National Transformation Plan: How to reform companies and assets before privatisation and issuing bonds/sukuk• Improving capital efficiency: Structuring GRE asset ownership in preparation for raising foreign capital efficiently• PPPs and project finance as a first step towards GREs privatising or launching an IPO: What does the route to glory look like?- Project finance: Developing non-power and non-water projects to international standard risk allocation to deepen the pool of liquidity- What is driving Saudi banks’ desire to move from corporate to project/PPP risk?• Realising the National Transformation Plan: How much capital is required? How much will be raised on the local and international capital markets?