Overview
Agenda
Speakers

Date:
13 November 2020

Event Overview


The International Capital Market Association (ICMA) and the Japan Securities Dealers Association (JSDA) held their fourth annual conference on green and social bonds, this time in a hybrid format, which focused on recent developments in bond markets contributing to sustainable development globally and in Japan, as well as how the pandemic has changed the market.

Will the dramatic increase in social and sustainability bond issuance, driven by COVID-19, continue in the long term? How can bond markets support global sustainable economic recovery? What is the proper role of the official sector in terms of regulation, taxonomies, and sustainable finance incentives? And can we ensure that global recovery programmes have positive environmental and social impact?

These are some of the key questions that the featured speakers addressed, alongside a review of the progress of international initiatives in issuance, assurance and labelling of sustainable bonds including the new Sustainability-Linked Bond Principles and recent updates to the Social Bond Principles.

Messages from JSDA and ICMA
 
This year, although the unprecedented situation under the COVID-19 pandemic brought with it a host of challenges, at the same time, it exemplified not only the resilience of the financial market in times of crisis, but also the social role that the financial market can play. The pandemic has accelerated the development of the markets for sustainable finance—social bonds in particular—and with the collaboration of public-private partnerships and guidance from industry leaders such as our co-hosts the ICMA, the growth of these markets seems like it is here to stay. 

It is my deep hope that this conference will provide great opportunities for Japanese market stakeholders and participants to learn about and discuss these global developments in order to further accelerate the allocation of necessary resources in a time where environmental and social change is ever more pertinent.

Shigeharu Suzuki, Chairman and CEO, JSDA

Welcome to this event now in its 4th year, which the International Capital Market Association (ICMA) is delighted to be co-hosting with  the Japan Securities Dealers Association (JSDA).

Last year we could not have foreseen the scale of the change that the pandemic has brought to the way we all live and work, or that we would be meeting virtually. 

Capital markets, however, have been resilient throughout and global issuance of green and social bonds has reached new highs. There is cause for optimism about the future of the sustainable bond markets and their contribution to the extraordinary problems we are facing.

Martin Scheck
, Chief Executive, ICMA

For any post event enquiries please contact ICMA events.

Agenda


*Timing is Tokyo local time
16:00 Welcome & Opening Speech
Shigeharu Suzuki, Chairman and CEO, JSDA
16:05

Guest Speech I
Masataka Miyazono, President, Government Pension Investment Fund (GPIF)
16:15
Guest Speech II
Sabine Mauderer,
Member of the Executive Board, Deutsche Bundesbank
16:25 Panel 1: Market Overview of Bonds Contributing to Responses to COVID-19, Sustainable Recovery, and the SDGs
Moderator: Reiko Hayashi, Director and Deputy President, BofA Securities Japan Co., Ltd.; Member, JSDA SDGs Council; Member, ICMA Board
Panellists:
Kalin Anev Janse, CFO, European Stability Mechanism
Alban de Faÿ, Head of Fixed Income SRI Processes, Amundi Asset Management
John Gandolfo, VP & Treasurer, IFC
Naoki Shinada, Director General, Treasury Department, Development Bank of Japan, Inc.
17:10 Panel 2: In Practice: Labelling, Assurance, and Impact Assessment to Promote Bonds Contributing to Sustainability
Moderator: Yoshiyuki Arima, Japan Representative, World Bank Treasury
Panellist:
Lee Heathman, Managing Director, Model Based Fixed Income, BlackRock Japan
Satoshi Ikeda, Chief Sustainable Finance Officer, Financial Services Agency, Government of Japan
Martina N. Macpherson, SVP Strategic ESG Engagement, Moody’s; President, Network for Sustainable Financial Markets
Nicholas Pfaff, Managing Director, Head of Sustainable Finance at ICMA; Secretary to the GBP; Member, EU Platform on Sustainable Finance
17:55 Closing Remarks
Martin Scheck
, Chief Executive, ICMA
18:00
Event Close


   
   

Speaker Profiles

Welcome & Opening Speech

Guest Speech I

Guest Speech II
Panel 1: Market Overview of Bonds Contributing to Responses to COVID-19, Sustainable Recovery, and the SDGs

Panel 2: In Practice: Labelling, Assurance, and Impact Assessment to Promote Bonds Contributing to Sustainability

Closing Remarks


    Welcome & Opening Speech

  Shigeharu Suzuki, Chairman and CEO, JSDA

Shigeharu Suzuki is Chairman and Chief Executive Officer of the Japan Securities Dealers Association (JSDA), and Adviser of Daiwa Securities Group Inc. Before assuming his current position in July 2017, Mr. Suzuki was Chief Corporate Adviser and Member of the Board of Daiwa Securities Group Inc., after 6 years as Chairman of the Board following his 7-year role as CEO of the company.

Graduating with a BA in Economics from Keio University, he joined Daiwa in 1971. Beginning his career in a domestic branch working with individual investors, Mr. Suzuki moved to the Corporate Clients Banking Dept. in 1987. He proceeded to become Head of Global Investment Banking Division of Daiwa Securities SMBC Co. Ltd., before being appointed as CEO of the Daiwa Securities group.

Biography in Japanese


    Guest Speech I
  Masataka Miyazono, President, Government Pension Investment Fund (GPIF)  

Mr. Miyazono is President of Government Pension Investment Fund (GPIF) since April 2020. Prior to his role at GPIF, he was President of Pension Fund Association.

Previously, Mr. Miyazono served as Vice-President and Supervisory Committee member at The Norinchukin Bank. Since 1976, he held various leadership positions in the areas of management and others at The Norinchukin Bank, including, Senior Managing Director, Managing Director, General Manager of Corporate Planning Division, General Manager of Human Resources Division, Executive Secretary, Deputy General Manager of Coordination Division, Deputy General Manager of Corporate Planning Division, Director of Coordination Division, and Director of Treasury Division. He also served as General Manager at Kumamoto Branch of the Bank. He received his Bachelor of Arts degree in Law from the University of Tokyo in 1976.

Biography in Japanese


    Guest Speech II
  Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank  

Since 1 September 2018: Member of the Executive Board of the Deutsche Bundesbank
2017 – 2018: First Vice President: Office of the Executive Board, Office of the Board of Supervisory Directors, Strategic Investments at the KfW Banking Group
2014 – 2017: Head of Auditing, Risk Management, IT and Major Projects at the KfW Banking Group

Full CV


    Panel 1: Market Overview of Bonds Contributing to Responses to COVID-19, Sustainable Recovery, and the SDGs
  Reiko Hayashi, Director and Deputy President, BofA Securities Japan Co., Ltd.; Member, JSDA SDGs Council; Member, ICMA Board  

Reiko Hayashi is director and deputy president of BofA Securities Japan Co., Ltd.

In these roles, she oversees the firm’s interactions with regulators and government departments in Japan and is responsible for overseeing the governance framework across the business.

Reiko is also responsible for driving Environmental, Social and Governance client initiatives for the business. As chair of the Japan Philanthropy Committee and co-chair of the LGBT Pride employee network in Japan, she has been instrumental in implementing several programs, including Bank of America Merrill Lynch’s Women’s Career Forum. Reiko has been with the firm since 2000 and has held a number of senior positions in investment banking, including head of Japan Global Capital Markets.

Full biography in English / Biography in Japanese


  Kalin Anev Janse, CFO, European Stability Mechanism

Kalin Anev Janse is the Chief Financial Officer and Member of the Management Board of the ESM and EFSF. He is in charge of the Funding and Investor Relations division responsible for €300 billion of outstanding debt and the Investment and Treasury division investing the €80 billion ESM capital. Additionally, he is in charge of ALM & Lending overseeing the ESM and EFSF balance sheet, and IT & Operations running technology and facilities of the institution.

Before taking on the CFO position, he was the Secretary General responsible for amongst others Corporate Governance, Shareholder relations, HR and Finance & Control. He previously worked in strategy at the European Investment Bank in Luxembourg, corporate finance advisory at McKinsey & Company in the Netherlands and investment banking at JPMorgan in London. He held several political positions in the Netherlands.

Full biography in English


    Alban de Faÿ, Head of Fixed Income SRI Processes, Amundi Asset Management

Since 2015, Alban is heading Amundi’s SRI Processes within the fixed income universe and manage SRI Credit and Green Bonds portfolio. Previously, he joined IDEAM as an SRI Fixed Income Portfolio Manager in 2003 and Amundi in 2008 in the same role.

Alban represents Amundi at the Executive Committee of the Green Bond Principles and the Social Bond Principles, which has been elected since 2017.

Alban holds a Master’s Degree in Mathematics from Paris-Dauphine University.


  John Gandolfo, VP & Treasurer, IFC 

As Vice President and Treasurer of ICF, a member of the World Bank Group and the largest global development institution focued on the private sector, John F. Gandolfo leads a global team responsible for managing IFC’s financial position, safeguarding its international triple-A rating and maintaining its standing as a premier issuer in the global capital markets.

He leads IFC’s Treasury and Syndications’ global team in delivering on IFC’s strategy to create markets and mobilize private capital for development. The team manages over $100 billion of liquid assets, global market borrowings, and derivatives transactions and is responsible for strengthening local currency financing by arranging and executing local currency and risk management transactions for clients and raising third-party capital through innovative syndication and mobilization platforms such as the Managed Co-Lending Portfolio Program (MCPP).

Full biography in English


  Naoki Shinada, Director General, Treasury Department, Development Bank of Japan, Inc.  

Professional Experience: (Development Bank of Japan Inc.)
June 2020   Director General, Treasury Department
June 2018 Seconded to Director and CFO/CCO, DBJ Securities Co., Limited
April 2017   Deputy Director General, Risk Management Department

Full CV in English / CV in Japanese


    Panel 2: In Practice: Labelling, Assurance, and Impact Assessment to Promote Bonds Contributing to Sustainability
  Yoshiyuki Arima, Japan Representative, World Bank Treasury
 
Yoshiyuki Arima joined the Treasury of the World Bank in Tokyo, Japan in March 2000. As a Representative World Bank Treasury in Tokyo, Mr. Arima is engaging in Investor Relations and New Products for Japanese investors. Mr. Arima is responsible for the overall relationship of the World Bank with Japanese investors. Prior to joining the World Bank, he worked for Bank of Tokyo and Bank of Tokyo-Mitsubishi (MUFG Bank) for 11 years in the corporate finance business, including export and import finances for trading companies, banking loan businesses, M&A business for Japanese corporates, and guarantee / fiscal agent business for corporate borrowers, including Samurai bond issuers. He also worked for the securities arm of Bank of Tokyo in New York to engage in Trading/Sales for US Treasury Bonds, Repo / Reverse Repo Transactions, and CME / CBoT Financial Futures. He graduated Hitotsubashi University in 1989. He was a Nordic combined ski player (jump and cross country) when he was in the university.

Biography in Japanese


  Lee Heathman, Managing Director, Model Based Fixed Income, BlackRock Japan 

Lee Heathman, Managing Director, is a senior lead portfolio manager for the Core Portfolio Management (Core PM) team within Blackrock's Systematic Fixed Income group.  Mr. Heathman   is responsible for managing a wide range of global index mandates from global governments, inflation linked, and derivatives mandates with a focus on institutional funds. Other responsibilities include overseeing currency overlays, global credit and iShares mandates.

Mr. Heathman's service with the firm dates back to 2001, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was a fixed income portfolio manager where he was responsible for managing Japanese and international fixed income portfolios. He also worked as a researcher where he developed the Japan AlphaBond model, an active fixed income quantitative model.

Full biography in English / Biography in Japanese


  Satoshi Ikeda, Chief Sustainable Finance Officer, Financial Services Agency, Government of Japan 

In March 2019, he was appointed as the first Chief Sustainable Finance Officer of the Financial Services Agency of Japan or JFSA. In this new capacity, he covers a wide range of issues concerning sustainable finance which include, among other things, leading the Sustainable Development Goals project team within JFSA, and promoting climate-related financial disclosure in line with TCFD recommendations in Japan.

Biography in Japanese


  Martina N. Macpherson, SVP Strategic ESG Engagement, Moodyʼs; President, Network for Sustainable Financial Markets  

Martina Macpherson is Senior Vice President, Strategic ESG Engagement & Partnerships, at Moody’s, and President of the Network for Sustainable Financial Markets. Martina has held a number of ESG and innovation leadership roles including Head of ESG Index Products at S&P DJI, Managing Director of Sustainable Investments Partners Ltd. and Vice President of ESG Solutions at MSCI. She has been working in the ESG, index and asset management industry for almost 20 years and has been a member of multiple sustainable finance associations and policy working groups at UK, EU and at an international level.

Currently, Martina is part of the UNGC SDG CFO Taskforce, the European Law Institute’s Sustainable Finance Working Group, CBI’s Transition Bond Technical Expert Group, and Enterprise Data Management’s Working Group on ESG Data, Innovation, Technology and Metrics. She co-authored “The AI Book” (2020).

Full biography in English


  Nicholas Pfaff, Managing Director, Head of Sustainable Finance at ICMA; Secretary to the GBP; Member, EU Platform on Sustainable Finance

Nicholas Pfaff is a Managing Director, Head of Sustainable Finance, at the International Capital Market Association (ICMA). He is the Secretary of the Green Bond Principles (GBP) and the Social Bond Principles (SBP) and generally coordinates ICMA’s sustainable finance activities. He is a member of the European Commission’s Technical Expert Group (TEG) on Sustainable Finance. He also oversees the Public Sector Issuer Forum (PSIF) and heads ICMA’s Paris office. Nicholas is a senior banker with extensive international experience in investment banking and capital markets, as well as in development banking. He has worked previously at Goldman Sachs, BNP Paribas and the European Bank for Reconstruction and Development (EBRD)


    Closing remarks
  Martin Scheck, Chief Executive, ICMA

Martin Scheck took up his position as Chief Executive of ICMA in August 2009, shortly after the association sold its markets services business (including TRAX). He has steered ICMA successfully towards a renewed focus on its membership services and core activities and has overseen the setting up of representative offices in Hong Kong and Paris to support ICMA’s growing membership.

He was a Board member of ICMA for five years prior to being Chief Executive and also chaired its Audit, Compliance and Governance Committee.
Previously he was Managing Director and Head of Fixed Income at UBS investment Bank, Zurich from 2001 to 2009 and before this Head of Debt Capital Markets for Switzerland at UBS from 1999.

Full biography in English


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