This session examines the development and evolution of sustainability bonds in emerging market debt, how they can be used for impact in developing and emerging economies and allow investors to be more targeted.

View Mary-Therese’s presentation slides here

Speakers

Mary-Therese Barton joined Pictet Asset Management in 2004 and is the head of emerging debt, responsible for the $10 billion franchise. Before taking up her current position in 2018, she was a member of the team for 14 years, first as an analyst, then as a senior investment manager.
Prior to joining Pictet, Barton worked at Dun & Bradstreet, where she was an economist focusing on European countries.
Barton graduated with a BA (Hons) in Philosophy, Politics and Economics from Balliol College, Oxford. She also holds an MSc with distinction in Development Finance from the Centre for Financial Management Studies, SOAS (School of Oriental and African Studies), part of the University of London. Mary-Therese is also a Chartered Financial Analyst (CFA) charterholder.

Farah Hussain is a senior financial officer at the World Bank Treasury based in Washington DC. As Treasury Regional Coordinator for the East Asia and Pacific region, she leads the design and implementation of financial solutions to help clients to help clients: (1) access financing for development by mobilising World Bank Group resources and private sector financing; (2) mitigate the impact of financial, natural disaster and commodity risks by facilitating access to market-based risk management tools; and (3) strengthen capacity to implement efficient risk management strategies by providing advisory services.

Hussain specialises in sustainable financing, including green, social and sustainable bonds. She provides technical assistance to countries to develop local green and sustainable bond markets, including developing policy frameworks, identifying eligible projects, developing impact reports, and supporting capacity building among key stakeholders as part of the World Bank Group’s efforts to promote sustainable investment solutions. Her technical assistance engagements in Malaysia, Fiji, and Indonesia resulted in the issuance of the first green “sukuk” in the world; first sovereign green bond by an emerging market; first corporate green bond in Indonesia; the development of the ASEAN green bond guidelines and Indonesian green bond regulations. She was awarded the World Bank Group President’s award and the East Asia Vice Presidency award for her work on the green sukuk. Her green bond projects in Malaysia, Fiji and Indonesia have won a number of highly prestigious international awards. Hussain is one of the authors of the World Bank Guide on Green Bond Proceeds Management & Reporting for Public Sector Issuers.

Before joining the World Bank Treasury, she worked for the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group that provides guarantees to attract investors and private insurers into the world’s poorest countries and fragile and conflict-affected environments. Prior to joining the World Bank Group, Hussain worked for BNP Paribas and ING Barings, investment banks in London.

Moderator

Tate has been an investment industry media publisher and conference producer since 1996. In his media career, Tate has launched and overseen dozens of print and
electronic publications. He is the chief executive and major shareholder of Conexus Financial, which was formed in 2005, and is headquartered in Sydney, Australia.
The company stages more than 20 conferences and events each year –
in cities which have included London, New York, San Francisco, Los Angeles, Amsterdam, Beijing, Sydney and Melbourne – and publishes three media brands,
including the global website and strategy newsletter for global
institutional investors www.top1000funds.com. One of the company’s signature events is the bi-annual Fiduciary Investors Symposium. Conexus Financial’s
events aim to place the responsibilities of investors in wider societal, and political contexts, as well as promote the long-term stability of markets and sustainable
retirement incomes. Tate served for seven years on the board of Australia’s most high profile homeless charity, The Wayside Chapel; and he has underwritten the
welfare of 60,000 people in 28 villages throughout Uganda via The Hunger Project.

Poll results

Will you invest in sustainable bonds in emerging and frontier markets in the next year?

  • Yes
  • No - because concerned about sovereign risk
  • No - because the exposure is too narrow
  • No - only have equities exposures in emerging markets
  • Unsure

What will it take for you to expand your portfolio in emerging and frontier markets in the next year?

  • Multilateral development banks like the World Bank to facilitate such transactions and ensure alignment with international best practice
  • Credit enhancement
  • Benchmark size issuances
  • Clarity about use of proceeds
  • Unsure
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