Latinex
Investors Forum
Panama City, September 12, 2024 – The Latin American Stock Exchange (Latinex) celebrated the 25th anniversary of its flagship Investors Forum, solidifying its position as one of the most important capital market events in the region. This year, the forum brought together leading experts and business leaders who offered valuable insights into the most significant trends in finance, sustainability, and innovation, reaffirming Latinex's commitment to the growth of the local and international market.
This prestigious event continues to be an essential meeting point for issuers, investors and key players in the capital market, strengthening dialogue and collaboration to boost economic development in the region.
The event had a significant in-person attendance of over 700 people and over 550 virtual attendees, as well as participants from more than 26 countries.
Arturo Gerbaud, Chairman of the Board of Directors of Latinex Holdings, gave the welcoming remarks highlighting the relevance of the forum in the evolution of the stock market.
"It is an honor to celebrate these 25 years of the Investors Forum, an event that offers its participants the unique opportunity to explore the most relevant trends, discover the innovations of issuers and brokerage firms, and establish strategic connections with the main players in the market. This forum fosters the growth and prosperity of the market at the local, regional, and international levels," said Gerbaud.
The Investors Forum featured a diverse agenda covering crucial topics for the region's economic and financial development. Some of the featured presentations included:
Transforming Information into Results: The MMG Asset Management Strategy
Alejandro Cifuentes, Director of Asset Management at MMG Asset Management, presented the company's approach to transforming data into strategic decisions that drive success in asset management. "At MMG Asset Management, we have spent 18 years listening to our clients and designing investment strategies created to optimize their wealth objectives," Cifuentes explained.
During his speech, he highlighted how technological tools and data analysis allow for risk management and maximizing returns in volatile markets.
Keynote Address: "AI is here, now what do we do?"
Renowned entrepreneur and technologist Santiago Bilinkis delivered a keynote address titled "AI Has Arrived, Now What?" Bilinkis addressed the challenges and opportunities that artificial intelligence presents for the financial industry, emphasizing that AI will not only transform how we analyze data, but also how we make investment decisions, thus changing the game for all market participants. His focus on responsibility and preparedness for this technological shift resonated with the audience, who recognized the importance of adapting quickly to this new reality.
Global Bank: Corporate Performance and Sustainability Strategy
Jorge E. Vallarino M., General Manager of Global Bank, shared the institution's progress in terms of corporate sustainability and its approach to responsible growth. Vallarino emphasized the importance of integrating sustainable practices into all aspects of the business, highlighting that “in a macroeconomic environment characterized by high interest rates internationally and in the local market, Global Bank demonstrated resilience in its ability to generate profits, with our net income reaching $47.8 million at the close of 2024.” He also presented the key initiatives that Global Bank has implemented to remain a leader in corporate responsibility in the Panamanian financial market.
MetroBank: Three Decades of Heritage, Experience and Trust for the Future
Ernesto Boyd García de Paredes, Executive Vice President and General Manager of MetroBank, celebrated the institution's growth and success. "We firmly believe that trust and customer experience are fundamental to building lasting relationships. We have remained true to these principles for over 30 years, and this has allowed us to continuously innovate, transform, and adapt to the changing needs of the market. Our goal has always been, and will continue to be, excellence in every initiative we undertake, providing innovative solutions and memorable experiences through our diverse services," he emphasized.
Alutech: Central America's Steel Leader Becomes a Regional Issuer
Gustavo López, Financial Structuring Manager of EMCO Holding Inc. / Alutech, highlighted Alutech's transition to a new stage as a regional issuer in the capital markets, underscoring the company's expansion and strengthening plans in the regional market.
Latin America Economic Outlook and Risk Rating: Focus on Panama by Fitch Ratings
Todd Martinez, Co-Head of the Americas Sovereign at Fitch Ratings, presented an in-depth analysis of the economic situation in Latin America, with a special focus on Panama. “We appreciate the efforts the current administration is making to clarify the economic and institutional challenges that led to the loss of investment grade, and we will be watching closely their plans to address them. Doing so will require unpopular measures that the country has long avoided,” Martinez stated.
Panama Canal: Adaptability in times of uncertainty
Dr. Ricaurte Vásquez Morales, Administrator of the Panama Canal, highlighted how adaptability has been crucial to the canal's continued success in a changing global environment. "The Panama Canal has demonstrated resilience and adaptability under atypical conditions: drought in 2019, COVID-19 in 2020, the Russia-Ukraine conflict, conflict in the Middle East, and drought again in 2023-2024," Dr. Vásquez Morales noted. The Panama Canal is a key component of the Panamanian economy, generating significant revenue from its global maritime transit. It connects trade between the Atlantic and Pacific Oceans, boosting the country's growth and its role as an international logistics hub. Furthermore, it contributes directly to the country's economic stability and development.
Panel on Sustainable Emissions and their International Scope
During the panel on sustainable emissions at the Latinex Investors Forum, leading experts such as Jaime Tarazona, Ratings Manager of Moody's Local Panama, Cesar Cañedo-Argüelles, CEO of CIFI and Edison Mejía, General Manager of Microserfin, addressed how their organizations are driving significant changes in the market through the implementation of sustainable financial initiatives.
CIFI: Pioneers in Green Bonds in Panama
Cesar Cañedo-Argüelles, CEO of CIFI, the first green bond issuer in Panama and the first issuer to use Phase II of the iLink connection with Euroclear Bank for corporate debt issuances, commented during the panel that the issuance of CIFI's green bond series marks a step forward for the regional financial market. Being the first issuer to use Euroclear's iLink Phase II is a testament to our commitment to innovation and sustainability. We are excited about the opportunities this issuance will bring for our projects and investors.”
Microserfin: Boosting Social Finance
Edison Mejía, General Manager of Microserfin, spoke about the launch of the first social revolving bond program in Panama. Mejía explained the fundamental purpose of this issuance and its impact on the community. As part of this effort, an initial placement of up to USD 40 million was made within the Social Corporate Revolving Bond Program , seeking to promote inclusive and sustainable economic development in the most disadvantaged regions of the country.
Moody's Local: Evaluation and Transparency in Thematic Issues
Mr. Jaime Tarazona, Ratings Manager at Moody's Local Panama, addressed the importance of Second Party Opinions (SPOs) in the thematic bond issuance process. He discussed how SPOs help assess and ensure that funds are used for their stated objectives, thus combating greenwashing and strengthening the value proposition of these issuances. “We believe that the SVS debt market in the region will continue to expand in the coming years, and for this reason, we at Moody's Local have developed a robust analytical framework for issuing second opinions,” he shared.
SigmaQ: Update, Performance and Future Plans
During the Investors Forum, SigmaQ, represented by Henry Yarhi, President & CEO, along with Armando Torres, Corporate Vice President of Finance, presented "SigmaQ LAKI - LAFLEX Update, Performance, and Future Plans." This presentation discussed the strategies that have allowed SigmaQ to expand its influence in the packaging and design solutions industry through innovation and adaptability, as well as its status as a recurring issuer on Latinex. Yarhi emphasized that "our geographic expansion and diversification of business units reflect our growth and the confidence the market has placed in us as recurring issuers. This strength is the foundation that supports every investment, providing our partners with the security and potential they seek in the capital markets."
Keynote Address by the Ministry of Economy and Finance
His Excellency Felipe Chapman closed the event with a conference in which he highlighted that “Panama has reached the milestone of becoming a leader in economic progress in the region in this century, experiencing cumulative growth and development that exceeds the regional average,” highlighted the Minister of Economy and Finance, Felipe Chapman, adding that the country has an even more encouraging future.
Sustainability in Latinex
With great satisfaction during the event, Olga Cantillo, CEO of Latinex, presented the Third Sustainability Report of Latinex Holdings, Inc., prepared in accordance with the standards of the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB) for the stock exchange industry. This report reflects the progress of Latinex and its main subsidiaries in Environmental, Social, and Governance (ESG) management during 2023, reaffirming their commitment to sustainability and responsible finance. She also launched the Latinex Sustainability Index, a key tool that groups companies recognized for their ESG performance and serves as a benchmark for responsible investment and building a more sustainable economy.
Market Champions Awards
As the event concluded, the traditional Market Champions of 2023 were awarded, this year with the implementation of new categories and special distinctions.
The winners by category were:
- Long-term debt issuance - Bladex
- Structurer of better long-term debt issuance - Banistmo
- Brokerage firm placing the best long-term debt issuance - Banistmo Securities and Prival Securities
- Structurer with the highest number of issuances - Insignia Financial Advisors
- Stock exchange with the highest trading volume - Prival Securities
- Public Debt Market Maker of the Year - National Bank of Panama
- Corporate Market Maker of the Year - Mercantil Investment Services
- Investment Company of the Year - Green Tower Properties
- Placement position: Investment company of the year - MMG Bank
- Structurer: Investment Company of the Year - MMG Bank
- Equity issuer - BG Financial Group
- Foreign participant with the highest trading volume in integrated markets - General Stock Exchange Services
- Local participant with the highest trading volume in integrated markets - Multisecurities
- Latinclear participant with the largest balance in custody - BG Valores
- Latinclear participant with the highest year-over-year growth in custody - MMG Bank
- Latinclear participant with the highest number of transactions - AV Securities
- Best journalistic coverage on the market - Ciara Morris
- Best network coverage on the market - Kayser Pravia
- Special distinction - Issuer of the First Social Bond - Microfinance Solutions (Microserfín)
- Special distinction - Issuer of the First Blue Bond - Blue Bond Trust (BDA)
- Special Distinction - First Corporate Issuer on iLink - Inter-American Corporation for Infrastructure Financing, SA . CIFI
- Major thematic broadcast - Taobre Wind Farm
- Issuer with good ESG practices - Banistmo
- Issuer with good environmental and climate action practices - Banistmo
- Issuer with good environmental and climate action practices - Panamanian Food Company ( EPA)
- Issuer with good practices in social development and gender equality - MMG Bank
- Issuer with good practices in social development and gender equality - Banistmo
- Issuer with good Corporate Governance practices – BAC
We thank the sponsors who made this event possible: Alutech, MetroBank, MMG Asset Management, SigmaQ (Laki), Moody's Local, ARIFA, PCR, CAF, Global Valores, Fitch, Universidad Francisco Marroquín, CIFI, Banco Nacional, Panacredit, Davivienda, Mercantil, Banco General, Prival, Credicorp Securities, Banco Aliado, Bakertilly, Alcogal, Miura Capital, Superintendencia del Mercado de Valores, Singular Securities, Morgan & Morgan Legal, APAMEC, Norfolk, CASIP, Central Fiduciaria, Asocupa, Banco La Hipotecaria, BDO, Bladex, Instacredit and AV Securities.
