ACRAA

Association of Credit Rating Agencies in Asia

SHOWCASING ASIAN BOND MARKETS

OPPORTUNITIES & RISKS
An ACRAA Conference in Cooperation with The Asian Bankers Association
April 23, 2018 - Manama, Bahrain

OPENING SESSION
Welcome Remarks by the Conference Chairman
Faheem Ahmad - President & CEO, JCR-VIS Credit Rating Co. Ltd.
Mr. Faheem Ahmad has top level management experience in credit rating, Islamic andconventional financial
risk assessment modeling, spanning over 25 years.
In 2001, Mr. Ahmad participated in the establishment of Islamic International Rating Agency (IIRA) in
Bahrain. In 2011, he developed and launched ‘Fiduciary Ratings’; capturing Mudarib’s quality, governance
and compliance with Shari’ah principles. IIRA now has mandates in 13 Islamic countries such as Saudi Arabia,
Bahrain, Sudan, Turkey, Jordan, Pakistan, Egypt, UAE and Malaysia.
He was a member of the founding team that established the Association of Credit Rating Agencies in Asia
(ACRAA), in 2002, headquartered in Manila.
In Dec. 2013, recognizing his commitment towards ACRAA, Mr. Ahmad was elected as the Chairman of the
Board of Directors. ACRAA has members from 30 rating agencies in Asia. In 2010, as the Chairman of the
Best Practices Committee, he played a leading role to develop “ACRAA Code of Conduct Fundamentals for
Domestic Credit Rating Agencies” and important publications, including ‘Credit Ratings – The Basics Revisited’,
‘Rating Shopping’. Mr. Ahmad in 2012, conducted a study, funded by ADB, for the development of ‘Idealized
Default Curves’ for mapping national scale ratings to facilitate cross border fund flows.
Mr. Ahmad is also a founder of CRISL, Bangladesh – the leading credit rating agency in Bangladesh.

Keynote Address
Abeer Al Saad - Director, Capital Markets Supervision, Central Bank of Bahrain
Mrs. Abeer Al Saad serves as the Director of Capital Markets Supervision (CMSD) at the Central Bank of
Bahrain (CBB). She is in charge of regulating and supervising the kingdom’s capital markets and has more
than 12 years’ experience in the field of capital market.
Her current responsibilities includes supervision of licensed exchanges, licensed clearing houses and central
depositories, the market intermediaries, regulating the issuance and offering of securities in the primary
market as well as maintaining and promoting fairness, efficiency and transparency within the capital market
and ensuring investor protection.
Mrs. Abeer began her career in 2006 with the CBB and sincethen she has held several senior positions at the
Directorate. Between2011 till 2016, she served as Head of Issuance and Corporate RestructureDivision within
the Capital Markets Directorate. She was appointed as Director, Capital Markets Supervision Directorate in
October 2016.
Mrs. Abeer serves on a number of national and regional committees including the GCC heads of securities
commissions’ steering committee, which aims to integrate the Gulf Cooperation Council (GCC) securities
markets and harmonize the rules of securities market amongst GCC member states. She also represents the
Kingdom of Bahrain at the International Organization of Securities Commissions (IOSCO).
Mrs. Abeer holdsa bachelor’s degree in Banking and Finance from the University of Bahrain. She has also
completed the Investment Representative Program (Series 7) certificate from BIBF and the primary market
certificate from ICMA.
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Association of Credit Rating Agencies in Asia

Showcasing Selected Asian Countries and their Bond Markets

Dr. Jarmo T. Kotilaine - Chief Economic Advisor, Bahrain Economic Development Board
Mr. Jarmo Kotilaine is (since 2012) the Chief Economic Advisor of the Bahrain Economic Development Board
(EDB) and (since 2016) an advisor to Tamkeen. He previously served as Chief Economist of the National
Commercial Bank (NCB) of Saudi Arabia, having initially worked on setting up the research function for NCB
Capital, the investment arm of the NCB Group.
Dr Kotilaine worked for a number of years as an economic and financial consultant with a primary focus on
emerging markets. He advised the Spanish stock exchange, Bolsas y Mercados Españoles (BME) and headed
the financial services practices of UK-based global consultancy firms. During this time, Dr Kotilaine’s main
clientele consisted of banks, stock exchanges and financial regulators.
Dr Kotilaine studied economics and economic history at Oxford, Cambridge, and Harvard. He subsequently
joined the faculty at Harvard where his primary research focus was the long-term economic and institutional
development of Eurasia as well as on international trade and finance.

MORNING SESSION
Showcasing Selected Asian Countries and their Bond Markets
Satoshi Nakagawa - Special Representative for Asia/ Special Advisor to the President Japan Credit Rating
Agency, Ltd., Chairman - Association of Credit Rating Agencies in Asia (ACRAA)
Mr. Satoshi Nakagawa is Special Representative for Asiaand Special Advisor to the President for Global
Strategy atJapan Credit Rating Agency, Ltd. (JCR). He promotes JCR’s global strategy including collaboration
with other credit rating agencies overseas.He represents JCR at the Association of Credit Rating Agencies in
Asia (ACRAA) where he serves as Chairman.
Previously, he was a member of JCR’s Rating Committee and Chief Analyst for ratings onsovereign, public
entities, multilateral development banks, and global energy companies.
He developed his career at Japan’s Eximbank (JEXIM), Japan Bank for International Cooperation (JBIC),
Japanese Ministry of Finance (JMOF),and the ASEAN+3 Macroeconomic Research Office (AMRO) in Singapore.
His engagement in ACRAA began in 2003 when he started to promote the Asian Bond Markets Initiative
(ABMI) at JMOF as Deputy Director for Regional Financial Cooperation.
He received M.Phil. in Development Studieswith distinction from the University of Cambridge in 2000.

Prospects of Innovation in Capital Markets Instruments in the Wake of Revival in Economic Growth
Michael P. Grifferty - President, Gulf Bond And Sukuk Association
Mr. Michael Grifferty founded and leads The Gulf Bond and Sukuk Association (GBSA), the independent
industry association representing the Arabian Gulf fixed income market participants. The GBSA is composed
of the region’s leading banks, law firms, issuers, ratings agencies and service providers and plays a leading
role on all major matters concerning development of bond and sukuk markets in the Gulf. Prior to founding
GBSA, Michael served as advisor for the US Treasury on sovereign debt and bond markets, where he advised
over forty countries across Europe, Middle East and Africa as well as regional organizations. He has also
consulted for the International Monetary Fund and Arab Monetary Fund. Prior to his international career, Mr.
Grifferty was a senior vice president at Government Finance Associates, a New York firm providing problem-
solving financial advisory services to US state and local governments and public authorities.
Michael is a frequent contributor to the financial press. He has degrees from New York University and
Georgetown University in Public Finance and International Relations, respectively. A native English speaker,
Michael speaks French and Russian.
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Association of Credit Rating Agencies in Asia

The Bond Market of Malaysia: Opportunities and Risks

Mr. Razlan Mohamed - CEO, Malaysian Rating Corporation Berhad
Mr. Razlan Mohamed is the Chief Executive Officer (CEO) of MARC. Prior to joining MARC in 2007, Razlan
headed the Investment Banking Division of MIMB Investment Bank Berhad. During his 14-year career as
an investment banker, he accumulated extensive experience originating and structuring a wide variety of
corporate debt, project finance and structured finance transactions via the loan and Islamic debt capital
markets. Razlan has a degree in civil engineering from Duke University and obtained an MBA in finance from
Rice University.

The Bond Market of India: Opportunities and Risks

Mr. Rajesh Mokashi - Managing Director& CEO, CARE Ratings
Mr. Rajesh Mokashi is currently the Managing Director & CEO of CARE Ratings Ltd. (Formely known asCredit
Analysis & Research Ltd. (CARE Ratings), a premier credit rating agency in India and also Director in CARE’s
subsidiary companies viz. CARE Ratings (Africa) Pvt. Ltd.,CARE Risk Solutions Private Limited (Formerly known
as CARE Kalypto Risk Technologies and Advisory Services Pvt. Ltd.) and CARE Advisory Research and Training
Ltd. Mr. Mokashi is also director in international rating agency ARC Ratings S.A., Portugal and ARC Ratings
Holdings Ltd. He is also Vice Chairman in Association of Credit Rating Agencies in Asia (ACRAA).
Mr Mokashi has over 30 years’ experience and worked with Otis Elevator Company India Ltd, DSP Financial
Consultants Ltd. and Kotak Mahindra Finance Ltd before joining CARE. He has worked in diverse areas in
ratings such as rating operations, criteria development, business development, disinvestment advisory
services, international ventures, regulatory compliance, human resources management, information
technology etc. He was involved in several strategic initiatives including the IPO of CARE.
Mr Mokashi has a Masters Degree in Management from NMIMS. Mr Mokashi is a Graduate in Mechanical
engineering from VJTI, Mumbai University. He has also completed CFA program both from the CFA Institute,
USA and ICFAI Hyderabad. Mr Mokashi has also attended specialized course in Risk Management from the
Stern School of Business, New York University, USA.
Mr Mokashi is an avid reader and has been a guest faculty at several national level institutions on topics
related to risk management.

The Bond Market of Taiwan: Opportunities and Risks

Ms. Grace Lee - President & CEO, Taiwan Ratings Corp.
Ms. Grace Lee is the President and Chief Executive Officer of Taiwan Ratings Corp. (TRC),Taiwan’s leading
credit rating services organization and a subsidiary of S&P Global Ratings.
Before joining TRC in Dec 2014, Graceworked with CTBC Bank Co. Ltd. in Taiwan for 7 years where she was
Senior Vice President & Head of Financial Institutions. Prior to this, she was the Managing Director and
Taiwan Country Head of Kessler Financial Services International LLC.(KFSI).Grace has also worked for several
multi-national financial service institutions, where she held senior-level business management roles with
regional responsibilitiesbefore assisting KFSI to establish its Taiwan branch, including ABN AMRO Bank,
Standard Chartered Bank, BNP Paribas(Hong Kong), and BankBoston (Taipei & Hong Kong). Grace started her
career with China Trust Company as a Management Associate and then worked with Fidelity Investments
before moving to London in 1993.
Grace holds an EMBA and Master of Management from J.L. Kellogg Graduate School of Management of
Northwestern University and a Bachelor of InternationalTrade from National Taiwan University.
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Association of Credit Rating Agencies in Asia

AFTERNOON SESSION

The Bond Market of China: Opportunities and Risks

Ms. Ariel Lei Yang - Vice President , China Chengxin International Credit Rating Co. Ltd.
Ms. Ariel Lei Yang, Vice President of CCXI Credit Rating Co., Ltd. She is in charge of the company’s international
business and branding. She is also the head of the company’ Shenzhen and HongKong offices.
Ms. Yang joined CCX Group in 2011 as the Chief of Staff to the Chairman, and later as General Manager of
International Business Department and Managing Director of CCXI. Previously she was editor and reporter at
China’s Xinhua News Agency. She was based in New York covering financial markets from 2008 to 2011, and
wrote columns for China Securities Journal etc.
Ms. Yang holds BA in Journalism from Wuhan University and MA in Mass Communication from UK.

The Bond Market of Thailand: Opportunities and Risks

SakdaPongcharoenyong - President TRIS Rating Co., Ltd.
Mr. SakdaPongcharoenyong assumed his new position as President of TRIS Rating Co., Ltd. in January 2018.
He joined TRIS Rating in May 2016, andwas previously First Senior Executive Vice President heading the
analytical team for banking and some other industries in the corporate sector.
He has more than 20 year experience in the Thai credit markets, including his 13 year stint with Citibank
Thailand where he pursued his banking career in corporate finance, covering primarily loan and debt capital
market products. His last position with Citibank Thailand was Head of Corporate Finance and Managing
Director of Citicorp Securities Thailand Ltd.He also had worked with Thai Military Bank as Executive Vice
President in corporate banking and debt capital markets.
He holds an M.B.A. degree from the Graduate Business School of San Francisco State University, California.

SPECIAL TOPICS SESSION

Belt and Road (B&R) Initiative: Opportunities and Risks

FENG Lin - Rating Associate at Research & Development Department,
Golden Credit Rating International Co. Ltd.
Ms. Lin FENG graduated from the University of Amsterdam (the Netherlands) with Master’s degree in Business
Economics and Shandong University (China) with dual Bachelor’s degrees in International Economics and
Trade and Business English.
Ms. Lin FENG serves as a sovereign-credit analyst of Research and Development Department at Golden Credit
Rating International Co., Ltd since March of 2017. Besides participating in sovereign credit rating projects, Ms.
Lin FENG is also responsible for doing researches on China’s economy. Prior to this from 2013 till February of
2017, Ms. Lin FENG served in China Export & Credit Insurance Corporation, engaging in country and sector
risk researches, participating in the development of evaluation models for short-term credit risk of overseas
sectors and short-term export credit risk, and providing consultancy and risk evaluation services to overseas
investment projects.
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Association of Credit Rating Agencies in Asia

A Banker’s Perspective of the Asia/Middle East Bond Markets: What Might Be

K. Krishnamoorthy - Executive Vice President - Head of Strategic Planning, AlBaraka Banking Group.
Mr. Krishnamoorthy has over 39 years’ experience in financial and management reporting, corporate and
structured finance, credit, strategic planning, project management, equity research, fund management and
administration. Before joining ABG in 2004 he headed the worldwide banking solutions business of a major
Canadian IT solutions company in Toronto, Canada, to which he moved after 2 years as a partner in a regional
investment bank in the Gulf. Prior to that, following an initial career in the accountancy field in India and
Bahrain, he moved to the investment banking subsidiary of Arab Banking Corporation (B.S.C.), where he
spent 11 years before transferring to the parent bank’s Treasury Department to manage its mutual fund
investment portfolio and Treasury Mid-Office. Mr. Krishnamoorthy is an ACA - Associate of the institute of
Chartered Accountants of India – and holds a B.Com. degree from Osmania University, India.

Latest Developments in the Sukuk Market: Opportunities and Risks in Middle East & North Africa (MENA)
Sabeen Saleem, CFA - Chief Executive Officer, Islamic International Rating Agency
Ms. Sabeen Saleem has been engaged in leading the analytical development of IIRA since 2012, having
provided guidance to its growing employee base through ratings in 15 Islamic countries, within the OIC.
Sabeen is a rating committee member at Islamic International Rating Agency and remains actively involved
in new research initiatives, and organizational development.
Her prior work experience is also noteworthy in terms of its association with ratings and best practices in
the financial industry. Having been associated with JCR-VIS Credit Rating Company Limited from 2000-2012,
she has climbed the ranks from analyst to team leader and eventually Chief Rating Officer & member of
the rating committee since 2008, until the beginning of her full-time engagement with IIRA. She has been a
member of GIPS (Global Investment Performance Standards) Committee – Pakistan at a national level, set
up under the auspices of the CFA Institute, USA - to promote best practices in Asset Manager disclosures.
Sabeen has pioneered ratings in the microfinance sector in Pakistan and played a key role in JCR-VIS having
obtaining the status of an eligible rating agency on the panel of CGAP – an arm of the World Bank and the
Rating Initiative – an arm of the Inter American Development Bank.
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Association of Credit Rating Agencies in Asia

CONFERENCE PROGRAM
8:30 - 9:00 Assembly & Registration

9:00 - 9:45 OPENING SESSION

9:00 - 9:10 Welcome Remarks by the Conference Chairman - Mr. Faheem Ahmad (President &
CEO, JCR-VIS Credit Rating Co. Ltd)
9:10 - 9:25 Keynote Address by Mrs. Abeer Al Saad – Director of Capital Market Supervision
Directorate, Central Bank of Bahrain
9:25 - 9:30 Introduction of the Speaker from the Economic Development Board of Bahrain
9:30 - 9:45 The Envisaged Role of Capital Markets in Achieving Diversification and Deepening of
the Economy - Dr. Jarmo Kotilaine, Chief Economist – Market & Strategy Intelligence
The Economic Development Board of Bahrain

9:45 - 12:50 MORNING SESSION:

“Showcasing Selected Asian Countries and their Bond Markets”
9:45 - 9:55 Introduction of the Morning Session and of the Speakers
9:55 - 10:15 A Broad View Of The Asian Bond Markets - Mr. Satoshi Nakagawa (Chairman -
ACRAA, Special Representative for Asia, Japan Credit Rating Agency, Ltd.(JCR))
10:15 - 10:35 Prospects of Innovation in Capital Markets Instruments in the Wake of Revival in
Economic Growth - Mr. Michael P. Grifferty, President, The Gulf Bond and Sukuk
Association (GBSA)
10:35 - 10:45 Open Forum
10:45 - 11:10 Photo Session/ Snack Break/ Group Socializing/ Exchange of Calling Cards
11:10 - 11:30 The Bond Market of Malaysia: Opportunities and Risks - Mr. Razlan Mohamed (CEO,
Malaysian Rating Corporation Berhad)
11:30 - 11:50 The Bond Market of India: Opportunities and Risks - Mr. Rajesh Mokashi (CEO, CARE
Ratings Ltd.)
11:50 - 12:10 The Bond Market of Taiwan: Opportunities and Risks - Ms. Grace Lee (President,
Taiwan Ratings Corp.)
12:10 - 12:30 The Bond Market of Japan: Opportunities and Risks - Mr. Satoshi Nakagawa (Special
Representative for Asia, Japan Credit Rating Agency, Ltd.(JCR))
12:30 - 12:50 Open Forum

12:50 - 2:00 LUNCH BREAK

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Association of Credit Rating Agencies in Asia

CONFERENCE PROGRAM cont...

2:00 - 2:50 AFTERNOON SESSION: “Continuing the Showcase Presentations”
2:00 - 2:20 The Bond Market of China: Opportunities and Risks - Ms. Ariel Lei Yang (Vice President
, China Chengxin International Credit Rating Co. Ltd.)
2:20 - 2:40 The Bond Market of Thailand: Opportunities and Risks - Mr. SakdaPongcharoenyong
(President, TRIS Rating Co. Ltd.)
2:40 - 2:50 Open Forum

2:50 - 5:00 SPECIAL TOPICS SESSION

2:50 - 3:10 The “Belt and Road Initiative” (B&R): Opportunities and Risks
Ms. FENG Lin (Rating Associate at Research & Development Department, Golden
Credit Rating International Co. Ltd.)
3:10 - 3:20 Open Forum

3:20 - 3:40 SNACK BREAK

3:40 - 4:00 A Banker’s Perspective of the Asia/Middle East Bond Markets: What Might Be
- Mr. K. Krishnamoorthy, Executive Vice President - Head of Strategic Planning,
AlBaraka Banking Group
4:00 - 4:20 Latest Developments in the Sukuk Market: Opportunities and Risks in Middle East &
North Africa (MENA) - Ms. Sabeen Saleem (CEO Islamic International Rating Agency,
Kingdom of Bahrain)
4:20 - 4:30 Open Forum
4:30 - 4:40 A Word from the Chairman of Asian Bankers Association
4:40 - 5:00 Wrap Up/ Closing Statements/ Closing Ceremonies. Conference Chairman: Presiding

5:00 END OF CONFERENCE

Dr. Alaa Alaabed - Master of Ceremonies

Dr. Alaa Alaabed has earned her PhD in Islamic finance from INCEIF, Malaysia where she also won the President’s
Award in 2012 and 2016. She qualified as a Chartered Islamic Finance Professional (CIFP) in 2011. Alaa was
awarded Bachelor of Commerce; major in Finance from Macquarie University, Australia in 2007. Her work
experience includes Treasury products’ development in HSBC Amanah, Malaysia, buy-side research analysis in
SICO investment bank, Bahrain, education in the College of Banking and Financial Studies, Oman, and research
and training in Finocracy. In October 2017, she joined the Islamic International Rating Agency (IIRA), Bahrain, as
a senior financial analyst. Alaa has presented in a number of international Islamic banking and finance fora and
has published a number of research papers in journals of repute.
 ACRAA
Association of Credit Rating Agencies in Asia

CONTACTS:
ACRAA, 15th Floor, Pryce Center, 1179 Chino Roces, Avenue cor. Bagtikan Street, Makati City 1203 Philippines.
Tel/Fax: (632) 890-4562. EMAIL: [email protected]
IIRA, Office 81, Bldg 474 (Dream Tower 1) Road 1010, Sanabis 410, Manama, Kingdom of Bahrain
EMAIL: [email protected]