Bonds & Loans Andes Virtual 2021

Total Page:16

File Type:pdf, Size:1020Kb

Bonds & Loans Andes Virtual 2021 REGISTER YOUR PLACE TODAY WWW.BONDSANDLOANSANDES.COM THE ONLY CREDIT MARKETS EVENT FOR THE ANDEAN REGION 200+ 25+ 100+ 81% 200+ ATTENDEES WORLD CLASS SOVEREIGN, CORPORATE DIRECTOR LEVEL ONLINE MEETINGS SPEAKERS & FI BORROWERS OR ABOVE ARRANGED In the year of the unusual, GFC’s Bonds & Loans Latin America Virtual has done the usual: best in class speakers, current topics of discussion, superb organization and great networking opportunities. Rafael Guedes, Managing Director, Fitch Ratings Gold Sponsors: Silver Sponsors: Bronze Sponsors: Supporting Partners: ASOCIACIÓN PERUANA DE FINANZAS WWW.BONDSANDLOANSANDES.COM BRINGING REGIONAL AND INTERNATIONAL LEADERS IN THE ANDEAN CAPITAL MARKETS COMMUNITY TOGETHER With global travel restrictions still in place, we have received unprecedented demand from our Andean clients to provide a platform in which the community can come together, do business, and show their commitment to the market during these uncertain times. With this in mind, I am delighted to announce that we will be hosting Bonds & Loans Andes Virtual online on the 27th of April - the only credit markets event for the Andean region Join senior decision-makers from 200+ of the region’s leading issuers, investors, bankers, rating agencies and lawyers to share knowledge, debate and network. THIS IS THE ONLY EVENT TO: Bring international and local Understand the region’s Connect recent issuers with Andean investors together with Andean key macro drivers which financial institutions and government issuers to define and analyse shape both sovereign and bodies to understand financing the roadmap for raising corporate debt strategies needs and identify new business capital in 2021 for 2021/22 opportunities AUDIENCE BREAKDOWN BY SECTOR JOB TITLE/SENIORITY BREAKDOWN 10% Service Providers 15% Investors 40% Regional Issuers & 15% 200+ Borrowers TO FIND OUT MORE ABOUT DFIs & ECAs Attendees SPEAKING AND SPONSORSHIP Contact Francisco Vasconcelos 20% Tel: +44 7772 847 624 International Email: [email protected] Banks 29% 25% 24% 22% Vice Managing CEO/ Manager/ Director/ CFO/ Other President/ Treasurer Director Head of To register your virtual delegate place: email [email protected] COMPANIES THAT PARTICIPATE IN BONDS & LOANS ANDES Issuers & Borrowers • Cafeteros • Veolia Banks Government Advisors, Brokers, ECAs& • Acciona Energia • Frontera Energy • Vinci Concessions • Banco de Credito del Peru • Agencia Nacional De Rating Agencies • AES • Grupo Argos BCP • Infraestructura (ANI) • Advisors, Brokers, ECAs • Atlas Renewable Energy • Grupo Energía Bogotá • Banco Itau • Financiara de Desarrollo • & Rating Agencies Investors • Autopistas Uraba • Grupo Orbis • Banco Sabadell • Nacional (FDN) • Allen & Overy • BBVA Asset Management • Avianca • Intercorp Retail • Bank of America Merrill • Ministry of Economy and • Arnold & Porter • BD Capital • Bioenergy • ISA • Lynch Finance, Peru • Astris Finance • Blackrock • Capital Estratégico de • Isagen • BBVA • Ministry of Finance and • Brigard Urrutia • Compass Group Public Credit, Colombia Colombia • Lundin Gold • Canadian Imperial Bank • Clifford Chance • Darby Private Equity • Ministry of Finance, • CasaLuker • Mitsui & Co • of Commerce (CIBC) • Dentons • FDU Dominican Republic • Celsia • Mota-Engil • Citi • ESFINANZAS • Global Seguros de Vida • ProColombia • Cementos Argos • Odinsa • Corficolombiana • Export Development • Kandeo • ProInversion Canada • Cenit Transporte • Parque Arauco • Credicorp Capital • MetLife • Secretaría Distrital de • Fitch Ratings • China Harbour Engineering • Promigas • Credit Agricole CIB Company • Old Mutual • Hacienda, Bogota • Garrigues • Puerto Bahia • Deutsche Bank • Concesión del sisga • Patria Investments • Superintendencia • Holland & Knight • Servicios Nutresa • HSBC Financiera De Colombia • Concesion la Pintada • Private Kapital • ING Bank • Intralinks • Sociedad Minera Austria • Unidad de Proyección • Ecopetrol • Protección • Lennox Paton • Duvaz • ING Capital Normativa y Estudios de • El Dorado • Sociedad de Activos Regulación Financiera • Milbank, Tweed, Hadley • Strabag • JP Morgan • Emgesa Especiales - SAE SAS • & McCloy • Tecnoglass • Mizuho Bank • Empresa de Acueducto y • Tranquillitas Irt • Moody’s Investors Service • Termocandelaria • MUFG Alcantarillado • Mosquera Abogados • Termotasajero • Santander • Empresas Públicas De • Oppenheimer & Co. Inc • Tigo • SMBC Nikko Securities • Medellín (EPM) • Posse Herrera Ruiz • Transelca • America • Enel • S&P Global • Transportadora De Gas • Sumitomo Mitsui Banking • Federación Nacional De Internacional (TGI) • Corporation (SMBC) • Winston & Strawn LLP Contact Francisco Vasconcelos Tel: +44 7772 847 624 BOOK YOUR VIRTUAL DELEGATE PLACE TODAY SECURE YOUR SPONSORSHIP TODAY Email: [email protected] Contact Jessica Wheater Contact Francisco Vasconcelos Tel: +44(0)20 7045 0910 Tel: +44 7772 847 624 Email: [email protected] Email: [email protected] HEAR FROM ANDEAN FINANCIAL LEADERS This forum is extraordinary. To give a 360 degree look at the possibilities o ered by the capital market for companies and projects like us is very unique. The high-level of discussions allowed us to identify Alfredo Mordezki, Andres Perez, Michael Shea, Monica Macia, Head of Latin America Head of International Head of Structured Head of Syndicated Loans, great opportunities for new business. Fixed Income, Markets, Finance, Americas, Santander Asset Ministry of Finance, Atlas Renewable Energy HSBC Mauricio Ossa, Odinsa Management Republic of Chile Richard Francis, Gordon Kingsley, Daniel Arango, Adrián Garza, Director, Sovereign Head of Latin America Director, Energy and Vice President, Senior Ratings, Debt Capital Markets Natural Resources, Analyst, Fitch Ratings Origination, Bancolombia Moody’s Investor Service Credit Agricole Corporate & Investment Bank Javier Chavarría, Jorge Camiña, Nicolai Sarad, Managing Director, Director, Infrastructure Partner, Northland Power Debt, Bracewell Allianz Global Investors To register your virtual delegate place: email [email protected] AGENDA: TUESDAY 27TH APRIL 2021 All times Eastern Standard Time (UTC-5) 09.00 Opening remarks 10.35 Underwriting and syndicating loans in 2021: Who is lending, at what price and on Baruc Saez, Chief Executive Officer, Colombia, Itaú BBA what terms? • Underwriting syndications vs club deals: Which structures are banks favouring to reignite loan 0 9.0 5 How are Andean sovereigns responding to socio-economic volatility in a post-Covid appetite in 2021? economy • Assessing local market liquidity: How do local banks’ appetite for offering favourable pricing and tenor vary across the Andean region? • How much funding do governments require to mobilise growth and ensure fiscal stability in 2021? • With a wave of M&A in the power sector across the region, can the loan market be seen as viable option to finance these deals? What are international banks’ appetite for these • How much external capital do sovereigns need to fund the region’s burgeoning infrastructure transactions? pipelines? • Understanding the appetite for social and gender focused loans: Where is the market at? How • Bonds vs. loans, local vs. international markets: Where are they looking for funding? does the market need to develop for there to be a stronger uptake? • Which sectors have proved resilient, and where do governments need to inject more capital Monica Macia, Head of Syndicated Loans, Americas, HSBC post-pandemic? Rodrigo Sazo Cooper, Head of Syndication, BCI Chile Juan Pablo Gallipoli, Director, Debt Capital Markets, HSBC Cesar Arias, Head of Public Credit, Ministry of Finance, Republic of Colombia 11.20 Not just a box ticking exercise: How Andean issuers can better integrate ESG and Richard Francis, Director, Sovereign Ratings, Fitch Ratings sustainability credentials to access more favourable pricing and tenors 09.50 How have Andean borrowers and issuers adapted their 2021 financing strategies to • Green, sustainable and SDG-linked: Understanding which tools are are best for my company to raise liquidity quickly in a low-rate environment? enable more sustainably conscious financing • What products are available under the “green” umbrella? How do they price in comparison to • How has changing consumer behaviour and trade disruption affected corporates’ funding vanilla instruments? strategies in the medium-term? • Understanding the importance of reporting tools to demonstrate how transaction proceeds are • Assessing capital structures pre and post pandemic: How have corporates optimised their used for environmental or social purposes balance sheets to maintain a strong liquid position? • Is the trend for SDG-linked issuances across the region filtering down to Andean corporates? • Andean credit in a global context: How are investors and banks pricing deals? How could • For an oil, gas or mining company thinking about becoming more sustainably focused, what potential downgrades and socio-political changes impact demand for Andean credit? are the first steps in the transition process? • What challenges are corporates facing to refinance project delays caused by COVID? • How are banks, investors and rating agencies supporting Andean issuers in their journey to • How are international banks utilising low interest rates to close delayed projects? sustainability? • Local vs. international capital markets: Where are corporates looking for financing? How does Gordon Kingsley, Head of Latin America
Recommended publications
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Frontera Energy Corporation Dated: March 27, 2018
    FRONTERA ENERGY CORPORATION ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2017 DATED: MARCH 27, 2018 TABLE OF CONTENTS ABBREVIATIONS AND DEFINITIONS ........................................................................................................................ 3 GLOSSARY OF TERMS .............................................................................................................................................. 3 FORWARD-LOOKING INFORMATION ....................................................................................................................... 8 GENERAL MATTERS .................................................................................................................................................10 CORPORATE STRUCTURE ......................................................................................................................................10 GENERAL DEVELOPMENT OF THE BUSINESS......................................................................................................11 DESCRIPTION OF THE BUSINESS ..........................................................................................................................18 OIL AND NATURAL GAS CONTRACTS AND PROPERTIES ...................................................................................25 INFRASTRUCTURE ASSETS ....................................................................................................................................31 RISK FACTORS .........................................................................................................................................................33
    [Show full text]
  • Annual and Sustainability Report 2014
    ANNUAL AND SUSTAINABILITY REPORT 2014 The energy that moves us This report contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that Pacific Rubiales Energy Corp. (the "Company” or “PRE”) believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of production, revenue, cash flow and costs, reserve and resource estimates, potential resources and reserves and the Company's exploration and development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions; failure to establish estimated resources or reserves; fluctuations
    [Show full text]
  • Fidelity® Variable Insurance Products: Strategic Income Portfolio
    Quarterly Holdings Report for Fidelity® Variable Insurance Products: Strategic Income Portfolio September 30, 2020 VIPSI-QTLY-1120 1.808796.116 Schedule of Investments September 30, 2020 (Unaudited) Showing Percentage of Net Assets Corporate Bonds – 38.5% Principal Value Principal Value Amount(a) Amount(a) Convertible Bonds – 0.1% Media – 4.0% Altice Financing SA 5% 1/15/28 (d) $ 2,250,000 $ 2,185,313 ENERGY – 0.1% Block Communications, Inc. 4.875% 3/1/28 (d) 410,000 418,200 Energy Equipment & Services – 0.1% Cable Onda SA 4.5% 1/30/30 (d) 335,000 349,028 Forum Energy Technologies, Inc. 9% 8/4/25 $ 715,000 $ 445,088 CCO Holdings LLC/CCO Holdings Capital Corp.: Oil, Gas & Consumable Fuels – 0.0% 4.25% 2/1/31 (d) 1,005,000 1,041,081 Mesquite Energy, Inc. 15% 7/31/23 (b) (c) 95,700 95,700 4.5% 8/15/30 (d) 4,690,000 4,924,500 4.75% 3/1/30 (d) 4,810,000 5,092,588 TOTAL ENERGY 540,788 5% 2/1/28 (d) 4,665,000 4,904,081 Nonconvertible Bonds – 38.4% 5.125% 5/1/27 (d) 3,500,000 3,682,770 5.375% 6/1/29 (d) 4,800,000 5,202,000 COMMUNICATION SERVICES – 7.7% 5.5% 5/1/26 (d) 2,450,000 2,554,125 Diversified Telecommunication Services – 2.5% 5.75% 2/15/26 (d) 1,030,000 1,071,200 Axtel S.A.B. de CV 6.375% 11/14/24 (d) 390,000 405,113 5.875% 5/1/27 (d) 855,000 897,665 C&W Senior Financing Designated Activity Co.
    [Show full text]
  • PACIFIC RUBIALES ENERGY CORP. Interim Consolidated Financial Statements
    PACIFIC RUBIALES ENERGY CORP. Interim Consolidated Financial Statements For the three months ended March 31, 2009 and 2008 (unaudited) (In United States dollars) . PACIFIC RUBIALES ENERGY CORP. Interim Consolidated Balance Sheets (unaudited) As at March 31, As at December 31, (In thousands of U.S. dollars) 2009 2008 ASSETS Current Cash and cash equivalents$ 36,195 $ 90,391 Restricted cash (note 12) 1,650 7,224 Accounts receivable 79,834 70,491 Inventories 9,997 13,873 Prepaid expenses 4,410 7,119 Future income tax 883 1,119 132,969 190,217 Oil and gas properties and equipment (note 4) 1,939,821 1,907,504 Restricted cash (note 12) 12,602 11,441 Future income tax 5,737 8,431 Investments and other assets (note 5) 105,019 120,771 Goodwill 64,006 60,744 $ 2,260,154 $ 2,299,108 LIABILITIES Current Accounts payable and accrued liabilities (note 3)$ 142,080 $ 173,911 Risk management liability (note 13) 1,028 6,574 Income tax payable 8,641 19,482 Current portion of long-term debt (note 7) 36,466 18,392 Future income tax 194 1,144 188,409 219,503 Long-term debt (note 7) 10,360 11,646 Convertible debentures (note 8) 129,253 132,001 Future income tax 364,499 420,502 Asset retirement obligation (note 6) 15,153 14,671 707,674 798,323 Non-controlling interest (note 3) - 1,270 Contingencies and commitments (note 12) SHAREHOLDERS' EQUITY Equity component of convertible debentures (note 8) 66,130 66,130 Common shares (note 9) 1,188,336 1,187,925 Contributed surplus (note 9) 158,578 158,660 Accumulated other comprehensive income 229 229 Retained earnings 139,207 86,571 1,552,480 1,499,515 $ 2,260,154 $ 2,299,108 See accompanying notes to the unaudited interim consolidated financial statements 1 PACIFIC RUBIALES ENERGY CORP.
    [Show full text]
  • 9061 10 Dic 2020
    RESOLUCIÓN NÚMERO 9061 ( 10 DIC 2020 ) Por medio de la cual se califican algunos contribuyentes, responsables o agentes de retención como de grandes contribuyentes EL DIRECTOR DE GESTIÓN DE INGRESOS DE LA UNIDAD ADMINISTRATIVA ESPECIAL DIRECCION DE IMPUESTOS Y ADUANAS NACIONALES -DIAN En uso de las facultades legales y en especial las dispuestas en el artículo 562 del Estatuto Tributario y la Resolución No. 10511 de octubre 9 de 2018, y CONSIDERANDO Que el artículo 562 del Estatuto Tributario señala que el Director de la Unidad Administrativa Especial Dirección de Impuestos y Aduanas Nacionales -DIAN, mediante resolución, establecerá los contribuyentes, responsables o agentes retenedores que deban ser calificados como grandes contribuyentes de acuerdo con su volumen de operaciones, ingresos, patrimonio, importancia en el recaudo y actividad económica definida para el control por el comité de programas de la Unidad Administrativa Especial Dirección de Impuestos y Aduanas Nacionales Dirección de Impuestos y Aduanas Nacionales -DIAN. Que mediante la Resolución No. 000105 del 23 de noviembre de 2020, el Director General de la Unidad Administrativa Especial Dirección de Impuestos y Aduanas Nacionales -DIAN estableció los requisitos, causales y el procedimiento para ser calificado o excluido como gran contribuyente. Que el artículo 3 de la Resolución 000105 del 23 de noviembre de 2020 señala que la calificación como gran contribuyente a que se refiere el artículo 562 del Estatuto Tributario tendrá una vigencia de dos (2) años fiscales, salvo aquella que se realice sobre actividades económicas definidas por el Comité Técnico de Programas y Campañas de Control de la Unidad Administrativa Especial Dirección de Impuestos y Aduanas Nacionales -DIAN.
    [Show full text]
  • Frontera MDA Q1-2021
    Page Certain statements in this MD&A constitute forward-looking statements or “forward- looking information (collectively, “forward-looking statements”) within the meaning of 1. PERFORMANCE HIGHLIGHTS 2 applicable securities legislation, which involve known and unknown risks, 2. GUIDANCE 3 uncertainties, and other factors that may cause the actual results, performance or 3. FINANCIAL AND OPERATIONAL RESULTS 4 achievements of the Company or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward- 4. LIQUIDITY AND CAPITAL RESOURCES 16 looking statements. Often, but not always, forward-looking statements use words or 5. OUTSTANDING SHARE DATA 19 phrases such as “expects,” “does not expect,” “is expected,” “anticipates,” “does not anticipate,” “plans,” “planned,” “estimates,” “estimated,” “projects,” “projected,” 6. RELATED-PARTY TRANSACTIONS 20 “forecasts,” “forecasted,” “believes,” “intends,” “likely,” “possible,” “probable,” 7. RISKS AND UNCERTAINTIES 21 “scheduled,” “positioned,” “goal” or “objective.” In addition, forward-looking statements often state that certain actions, events or results “may,” “could,” “would,” “might” or 8. ACCOUNTING POLICIES 21 “will” be taken, may occur or be achieved. Such forward-looking statements, including, 9. INTERNAL CONTROL 22 but not limited to, statements with respect to estimates and/or assumptions in respect 10. FURTHER DISCLOSURES 22 of the impact of a sustained low oil price environment due to the ongoing impacts of the
    [Show full text]
  • Market Insights · Business Development · Networking · Industry Leadership
    www.BondsAndLoansAndes.com MARKET INSIGHTS · BUSINESS DEVELOPMENT · NETWORKING · INDUSTRY LEADERSHIP Strategic Partners: Gold Sponsors: Cocktail Sponsor: Silver Sponsors: Bronze Sponsors: Corporate Partners: Organised by: This is the one conference in the region that I attend year on year. The relevance of the topics, high quality of the speakers and the diversity and high profile of participants make it one of the most important events in Colombia. Rafael Gonzalez, S&P Global Senior speakers and access to behind the scene market insights Sovereign and Corporate Issuers • José Olivares, Director, Directorate of Financial Markets 24% Management, General Directorate of Debt and Public Corporates Treasury, Ministry of Economy and Finance, Peru 7% Law Firms • Cesar Arias, Director of Public Credit, Ministry of Finance & Public Credit, Colombia 7% • Beatriz Elena Arbelaez, Secretary of Finance, District Regional Department of Finance, Bogota Banks Speaker 20% International • Carlos Isaza, Corporate Finance Manager, Celsia Breakdown Banks 9% • Fernando Suarez, Head of Corporate Financial Risk, Rating Ecopetrol Agencies • Carlos Barrera, Chief Executive Officer, Atlas 18% Renewable Energy 15% Government Investors • Santiago Giraldo Lopez, Chief Financial Officer, Technoglass • Roberto Held, Chief Financial Officer,Avianca Investors • Jinping Tang, Finance Director, Autopistas Urabas • Pablo Arroyave, Chief Financial Officer,Odinsa • Jack Deino, Head of Emerging Markets Corporate Fixed Income, BlackRock • Jorge Tabares, Vice President of Corporate
    [Show full text]
  • Dated: March 10, 2011
    PACIFIC RUBIALES ENERGY CORP. ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2010 DATED: MARCH 10, 2011 TABLE OF CONTENTS ABBREVIATIONS AND DEFINITIONS bbl barrels MMboe Million barrels of oil equivalent bbl/d barrels per day Mcf thousand cubic feet Bcf billion cubic feet Mcf/d thousand cubic feet per day boe barrels of oil equivalent MMBtu Million British thermal units boe/d barrels of oil equivalent per day MMcf Million cubic feet Btu British thermal units MMcf/d Million cubic feet per day km kilometers NGL Natural gas liquids m meters psi Pounds per square inch m2 square meters psia Pounds per square inch absolute m3 cubic meters psig Pounds per square inch gauge Mbbl thousand barrels Tcf Trillion cubic feet MMbbl million barrels US$ United States dollars Mboe thousand barrels of oil equivalent WI working interest NOTE: Disclosure provided herein that is expressed in barrels of oil equivalent (boe) is derived by converting natural gas to oil in the ratio of five thousand seven hundred cubic feet (Mcf) of natural gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. GLOSSARY OF TERMS The following terms used but not otherwise defined in this Annual Information Form have the meanings set out below. Words importing the singular, where the context requires, include the plural and vice versa and words importing any gender include all genders.
    [Show full text]
  • A Multi-Criteria Approach
    Contemporary Engineering Sciences, Vol. 11, 2018, no. 85, 4203 - 4210 HIKARI Ltd, www.m-hikari.com https://doi.org/10.12988/ces.2018.88456 Ranking of Companies in Colombia Based on Their Financial Statements: A Multi-Criteria Approach Mendoza Mendoza Adel Alfonso 3i+d Research Group Universidad del Atlántico, Colombia Herrera Acosta Roberto José Gestión de la Calidad Research Group Universidad del Atlántico, Colombia Cabarcas Reyes Juan Carlos 3i+d Research Group Universidad del Atlántico, Colombia Copyright © 2018 Mendoza Mendoza Adel Alfonso et al. This article is distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Abstract Company’s rankings are usually based on a single criterion, so that results vary according to the criterion used. The objective of this paper is to make a ranking of companies in Colombia in the period from 2012 to 2016 using an approach multicriteria based on their financial statements in a dataset a sample of 40 companies. This classification was carried out by combining two techniques: the fuzzy analytical hierarchy process (fuzzy AHP) and the technique of preference for similarity to the ideal solution (TOPSIS). With the fuzzy AHP the weightings of the selected criteria are obtained, and then with the TOPSIS technique the ratings of the different companies are made. Keywords: Multicriteria ranking, fuzzy AHP, TOPSIS 1. Introduction Currently, companies are recognized for its financial results and the position they 4204 Mendoza Mendoza Adel Alfonso et al. occupy on the market. These financial results of a company are analyzed taking into account different criteria during a specific period of time, from this information a ranking of the companies can be constructed.
    [Show full text]
  • Banco De Bogotá
    Informe Especial ¿Son razonables los descuentos en RV Colombia? Dirección de Investigaciones Económicas, Sectoriales y de Mercados Abril de 2020 ¿Son razonables los descuentos en RV Colombia? Lo que hemos vivido en el mercado accionario desde principios del mes de marzo es algo no antes visto en la época reciente. La pandemia denominada Covid-19 ha generado una aversión al riesgo y un sentimiento de pánico en los inversionistas, liderado por la incertidumbre, que ha hecho que el mercado de acciones colombiano presente una corrección del 28,4% desde su valor máximo de este año, tocando un mínimo de 880,7 puntos el pasado (18 de marzo). Desde ese momento hasta hoy, el mercado a rebotado un 37%, sin embargo, vale la pena preguntarse, ¿están las compañías en precios atractivos desde un punto de vista fundamental? La respuesta es compleja, pues dada la actual coyuntura y las volatilidades del mercado, nos encontramos en revisión de todas las variables de valoración, principalmente lo referente a tasas de descuento, proyecciones económicas, curva de precios de commodities, entre otros, lo que no nos permite dar una visión fundamental con la cual nos sintamos tranquilos bajo la actual coyuntura. A pesar de esto, quisimos publicar un informe diferente, que busque entregar visión de activo desde otro punto de vista y no de proyecciones financieras. Es así como buscamos comparar los precios de los activos actuales vs. otras fechas en las cuales el activo se ha negociado en el mismo precio, y buscar cifras que nos permitan dar señales del crecimiento de la compañía, mayor diversificación, cifras relevantes que nos entreguen, de un modo diferente a un precio objetivo, entender si el activo se encuentra en niveles atractivos de entrada desde un punto de vista estructural y fundamental.
    [Show full text]
  • Post Event Report
    POST-EVENT REPORT www.BondsandLoansAndes.com 300+ SENIOR ATTENDEES | 200+ INSTITUTIONS | 37 SPEAKERS | 11 COUNTRIES THE ONLY CREDIT MARKETS EVENT FOR THE ANDEAN REGION Gold Sponsors: Silver Sponsors: Bronze Sponsors: Supporting Partners: ASOCIACIÓN PERUANA DE FINANZAS ATTENDEE BREAKDOWN 300+ ATTENDEE BREAKDOWN BY SECTOR JOB TITLE/SENIORITY BREAKDOWN 3% ATTENDEES 5% Regional Issuers & Borrowers 6% 10% DFIs & ECAs 11% International Banks 37 Law Firms EXPERT SPEAKERS Investors Government 15% 200 28% Institutions Ratings Agencies Law Firms 200+ 22% Service Providers INSTITUTIONS 32% 25% 23% 20% Vice President/ CEO/CFO/ Manager/ Managing Treasurer Director/ Director Other 11 Head of COUNTRIES ATTENDEE BREAKDOWN BY REGION 100+ ATTENDEES NETWORKING ONLINE 37% INTERNATIONAL BANKS, DFI’S & ECAS 28% REGIONAL ISSUERS & BORROWERS Visit www.BondsandLoansAndes.com to watch the agenda session videos on-demand SENIOR ANDEAN FINANCE LEADERS SHARED BEHIND-THE-SCENES MARKET INSIGHTS GOVERNMENT SPEAKERS: SPEAKER BREAKDOWN BY INDUSTRY LOCAL & INTERNATIONAL BANK SPEAKERS: Cesar Arias, Head of Public Credit, Ministry of Finance, 5% • Lawyers • Baruc Saez, Chief Executive Officer,Itaú Colombia Republic of Colombia • Juan Pablo Gallipoli, Director, Debt Capital Markets, HSBC Patricio Sepulveda, Head of Public Credit, Ministry of • 11% • Alfredo Ugarte, Director, Debt Capital Markets, SMBC Nikko Finance, Republic of Chile Global investors Capital Markets • Paul Bringas, Director General, Head of Public Credit, 11% • Sara Pirzada, Managing Director, Head of Loan
    [Show full text]