The Tenth Annual OECD-World Bank-IMF Bond Market Forum

April 29-30, 2008

Organized by The World Bank Group, OECD and the IMF
April 29–30, 2008
Washington, DC

The Annual OECD-World Bank-IMF Bond Market Forum shared the latest developments in worldwide debt markets and disseminated country cases and best practices (read the key policy conclusions). The workshop brought together an audience of approximately 100 senior government officials from both OECD and non-OECD countries.

The annual forum provides a platform for debt managers, and other policymakers to discuss latest developments in global bond markets, understand emerging practices, and learn form country experiences. This year, the forum focused on "liquidity and secondary debt markets." This includes, trends in liquidity in domestic debt markets, the impact of different market structures on liquidity, the impact of the investor base on liquidity, and key policy challenges for strengthening liquidity.

PROGRAM

Tuesday, April 29, 2008 — Day One
8:15 - 9:00 Breakfast and Registration
9:00 - 9:30 Opening Remarks and Overview of Day One
• John Lipsky, First Deputy Managing Director, IMF
• Michael Klein, Vice President/Chief Economist, World Bank Group
• Hans Blommestein, Head of Debt Management and Bond Markets Programs, OECD
SESSION I: Trends in Market Liquidity in Domestic Bond Markets
9:30 - 10:15 • Gerardo Mato, Managing Director, HSBC
• Keerthi Angammana, Director, HSBC
10.15 - 10:30 Coffee Break
10.30 - 11:15 Panel Discussion
Moderator:
• Alison Harwood, Head of Capital Markets Advisory Group, World Bank/IFC
Panelists:
• Phumzile Maseko, Director, Domestic Debt Management, South African National Treasury
• Greg Makoff, Managing Director/Head of Emerging Markets Liability Management, Citi
• Jens Nystedt, Chief Strategist for Emerging Markets, GLG Partners
11:15 - 12:00 Questions and Answers
12:00 - 1:30 Lunch
SESSION II: The Impact of Different Market Structures and Policies
1:30 - 2:15 • Hans Blommestein, Head of Debt Management and Bond Markets Programs OECD and Jose Ramon Martinez Resano, Bank of Spain
• Steve Vajs, Senior Debt Manager, US Treasury
• Thomas Olofsson, Swedish Debt Office
2:15 - 3:00 Panel I Discussion: Experience of Mature Markets
Moderator:
• Ove Jensen, Chairman of the OECD Working Party on Public Debt Management, and Head of Debt Management, Danish Central Bank
Panelists:
• Steve Vajs, Senior Debt Manager, US Treasury
• Thomas Olofsson, Swedish Debt Office
• Joseph Shatz, Merrill Lynch
• Masaaki Kaizuka, Director of Debt Management, Ministry of Finance of Japan
• Baudouin Richard, Director of Debt Management, Ministry of Finance of Belgium
3:00 - 3:45 Questions and Answers
3:45 - 4:00 Coffee Break
4:00 - 4:45 Panel II Discussion: Experience of Emerging Market
Moderator:
• Ove Jensen , Chairman of the OECD Working Party on Public Debt Management,and Head of Debt Management, Danish Central Bank
Panelists:
• David Margolin, General Director, Central Bank Operations, Mexico
• Tada Phutthitada, Debt Management Office,Thailand
• Coskun Cangoz, Turkish Treasury
• Replacement for Ms. Ilamah, Nigerian Debt Management Office
• Hans Blommestein, Head of Debt Management and Bond Markets Programs OECD
4:45 - 5:30 Questions and Answers
5:30 - 6:00 Wrap-up of Day One
6:00 - 7:30 Reception
Wednesday, April 30, 2008 — Day Two
8:30 - 9:10 Breakfast
9:10 - 9:30 Summary of Day One and Overview of Day Two
• Jaime Caruana, Financial Counselor and Director, Monetary and Capital Markets Department, IMF
SESSION III: The Impact of the Investor Base on Liquidity
9:30 - 10:30 • Philip Turner, Head of the Secretariat (Emerging Markets), BIS
• Hung Tran, Senior Director, Capital Markets and Emerging Markets Policy Department, IIF
10:30 - 10:45 Coffee Break
10:45 - 12:00 Panel I Discussion: Global Trends and Select Issues
Moderator:
• Ceyla Pazarbasioglu, Division Chief, IMF
Panelists:
• Alberto Roque Musalem, Chief Economist, Center for Financial Stability of Argentina
• David Spegel, Global Head, Emerging Markets Strategy, ING Group
• Eliot Kalter, President, E M Strategies Inc
12:00 - 1:15 Panel II Discussion: Select Country Experience
Panelists:
• Steve Vajs, Senior Debt Manager, US Treasury
• Alicia Nuñez, Secretaría de Hacienda y Crédito Público
• Gerardo Rodriguez Regordosa, Director‐General of Public Credit Unit, SHCP, Mexico
• Guilherme Pedras, Head, Public Debt Front Office, Brazilian Ministry of Finance
• Robert Zima, Senior Specialist, Financial ALM Department, Polish Ministry of Finance
1:15 - 1:30 Questions and Answers
1:30 - 2:30 Lunch
SESSION IV: Key Challenges for Strengthening Liquidity and Ways Forward
2:30 - 3:45 Panelists:
• Phillip Anderson, Head of Debt Management Advisory Services, World Bank
• Hans Blommestein, Head of Debt Management and Bond Markets Programs, OECD
• Alison Harwood, Head of Capital Markets Advisory Group, World Bank/IFC
• Ceyla Pazarbasioglu, Division Chief, IMF
3:45 - 4:00 Closing Remarks
• Shidan Derakhshani, Director, Corporate Governance and Capital Markets, World Bank Group