Green Bonds Americas 2016

Opening of conference and chairman's address

OPENING PANEL: Key developments in 2016 and outlook for the future

Hear from experienced issuers and investors about some of the biggest trends seen in the North American green bond market so far in 2016.

• What were the main developments and milestones in the market in the year?
• Which bond issuances stood out – sizeable, innovative transactions? 
• What challenges need to be overcome for the market to grow and evolve further?
• Corporate issues – what is being done to mobilise more large-scale corporate green bond issues in the US?
• What developments are expected for 2017 – new products, standards, sectors and currencies?

Speakers:

Drew Wolff, Treasurer, Starbucks
Pierre Van Peteghem, Treasurer, Asian Development Bank
Steven Nichols, Capital Markets Manager, Southern Company
Dan Shurey, Clean Energy Economics Analyst, Bloomberg New Energy Finance
Sarah McAvoy, Global Funding Executive, Bank of America

Moderator: Rebecca Burns, Americas Green Debt Capital Markets, Bank of America Merrill Lynch

KEYNOTE: California's green bond efforts

Alan Gordon, Deputy Treasurer, Legislation and Infrastructure Financing, California State Treasurer's office

PANEL DISCUSSION: Understanding and managing green bond risks

An opportunity to hear market participants discuss some of the key risks presented by the green bond market, such as non-disclosure and non-performance risks as well as greenwashing.

The panel will also discuss whether the financial struggles faced by US renewables companies and yield-cos – some of which have issued sizeable green bonds – will impact the green bond market.

• What are the key risks facing green bond investors and how are they likely to change in the coming years?
• What can green bond issuers do to de-risk their products?
• The role of index providers in green bond risk management
• Are regulatory risks for green bonds expected to increase?
• Parent company risk – what does the financial struggles of some renewables companies behind major US green bonds mean for the market?
• How can green bond disclosure and reporting be strengthened?

Speakers:

Phillip Ludvigsen, Senior Associate, First Environment 
Laura Nishikawa, Global Head of Fixed Income ESG Research, MSCI
Henry Shilling, ‎Senior Vice President. Moody's Investors Service
Kristina Rüter, Head of Research, Oekom Research
Norman W. Bernstein, N.W. Bernstein & Associates

Moderator: Bertrand de Mazières, Director General, Finance, European Investment Bank

PANEL DISCUSSION: The evolution of the sustainability and social bond market

This year has seen a flurry of sustainability bonds being issued and Green Bond Principles are expected to soon be amended to include a social bond annex. This panel will bring together sustainability and social bond issuers, underwriters and verifiers to discuss what this new trend means for the green bond market.

• Is the increase in sustainability-related bond transactions a natural progression of the green bond market?
• What are the similarities and differences between green bonds and sustainability bonds?
• Do sustainability bonds come with a unique set of transparency and reporting issues?
• Where is the market at in terms of developing principles and standards for social and sustainability bonds?
• What types of institutions and/or corporates will likely be the main issuers of sustainability bonds in the future?
• Will social and sustainability bonds attract a new or a wider universe of investors than traditional green bonds?

Speakers:

Maurice Bauer, Secretary General, Luxembourg Stock Exchange
Willem Littel, Senior Manager, BNG Bank
Vikram Puppala, Associate Director, Advisory Services, Sustainalytics
Heike Reichelt, Head of Investor Relations and New Products, World Bank
Stephanie Sfakianos, Head of Sustainable Capital Markets BNP Paribas, Member of the Green Bond Principle Executive Committee

Moderator: Lenora Suki, Head of Sustainable Finance Product Strategy, Bloomberg LP

KEYNOTE: The future outlook for PACE bonds

Cisco DeVries, CEO, Renew Financial

PANEL DISCUSSION: The investors' panel

A panel of green bond investors discussing key themes such as:

• Signs of maturity in the North American green bond market
• Supply and demand – is there more investment appetite than attractive bond issuances?
• How competitive is the US green bond market?
• Are most green bonds performing in line with investor expectations?
• The evolution of green bond funds – what type of LPs are being targeted as investors in these funds?  

Erin Bigley, Senior Portfolio Manager Fixed Income, AllianceBernstein
Lars Lindblom, Portfolio Manager, Second AP Fund
Stephan Bonte, Director Sustainable Investing, Standish
Vishal Khanduja, Vice President, Portfolio Manager and Head of Taxable Fixed Income, Calvert Investment Management

Moderator: Hervé P. Duteil, Managing Director, Regional Coordinator for Corporate Social Responsibility and Sustainable Finance in North America, BNP Paribas  

PANEL DISCUSSION: Infrastructure and the potential of project bonds

Some of the biggest recent green bonds in the US were issued by utilities for major environmental infrastructure investments.

• How big is the market potential for green bonds issued to finance energy and transport infrastructure?
• What is the benefit for issuers in issuing green bonds to finance infrastructure developments?
• Renewable energy project bonds have become big in Europe – what is the US opportunity?
• Are green projects bonds riskier than green corporate bonds and could this limit the growth of project bonds?
• How much risk can investors take when investing in green project bonds – should proceeds be used only for the refinancing of existing projects or can bond investors also take on construction risk?

Speakers:
Anadi Jauhari, Managing Partner and Senior Managing Director, Emerging Energy and Environment Investment Group (EEEIG), (infrastructure panel)
Michael Ferguson, Director, Infrastructure Ratings, S&P Global
Patrick J. McCoy, Director of Finance, Metropolitan Transportation Authority (NY)
Stephen M. Liberatore, Managing Director & Lead Portfolio Manager - SRI Fixed Income, TIAA-CREF Asset Management

Moderator: Amy Liane West, Director, Head of Socially Responsible Finance, TD Securities

INTERVIEW

Brian McCartan, Executive Director, Central Puget Sound Regional Transit Authority

Interviewed by Marilyn Ceci, Managing Director, Head of Green Bonds, J.P. Morgan Securities

PANEL DISCUSSION: The growth of the Latin American green bonds market

The Latin American green bond market has kicked off in the past year and is expected to keep growing. This panel will cover the opportunities and challenges for green bond issuers and investors in Latin America and how the market is likely to evolve going forward.

Speakers:
Kurt Vogt, Managing Director, Head of Latin America Commercial Banking Coverage, Capital Financing, HSBC
Reinaldo Herrera, Treasury Director, Banco Nacional de Costa Rica
Eduardo Piquero, Director, Mexico2

Moderator: Gordon Kingsley, Head of Latin America DCM Origination, Credit Agricole CIB