Canadian Fixed Income Conference, Day 2
By Chelsea Hoon, Bloomberg Live
The 8th annual Bloomberg Canadian Fixed Income Conference brings together the biggest names in Canadian bonds, credit, commodities and more in a six-part virtual briefing series that began on September 24, 2020, and runs through October 22, 2020.
As the markets continue to be roiled by the ongoing economic effects of the global pandemic, these conversations have rarely been more important and timely. We bring together top investors, analysts, CEOs, CFOs, government officials and bankers to discuss key issues — from insurance to real estate to mining to ESG to economics and more.
Click here to view today’s event.
Day 2 speakers included:
- Maryscott Greenwood, CEO, Canadian American Business Council
- Carol Banducci, Executive Vice President and CFO, IAMGOLD
- Ben Lam, Vice-President, Treasury, Agnico Eagle Mines
- Raman Randhawa, Senior Vice President and CFO, Capstone Mining
- Hugues Simard, CFO, Quebecor
- Tamara Lawson, CFO, QuadReal
- Peter Sweeney, CFO, SmartCentres
- Cecilia Williams, CFO, Allied REIT
- Marc-André Blanchard, Executive Vice-President and Head, CDPQ Global
Bloomberg moderators included:
- Danielle Bochove, Toronto Bureau Chief, Bloomberg
- Paula Sambo, Corporate Finance Reporter, Bloomberg
- Chris Fournier, Canada Government and Economy Editor, Bloomberg
- Derek Decloet, Canada Managing Editor, Bloomberg
The eighth edition of the Bloomberg Canadian Fixed Income Conference began day two of the series with a focus on the Canadian mining sector. With gold trading near record highs, Bloomberg’s Danielle Bochove began by asking our panel about their expectations for pricing going forward. Ben Lam, Vice-President, Treasury, Agnico Eagle Mines, says he’s basing long-term plans on $1,200-$1,300 gold. Carol Banducci, Executive Vice President and CFO, IAMGOLD, said next year’s budget is based on $1,600. Tailwinds from commodity prices and rock-bottom interest rates have led to ripe conditions for debt financing. Banducci said they accessed the high yield market just two weeks ago, “we raised $450 million dollars.” “The focus was to refinance existing bonds and it allows us to support our needs in a major construction,” she said. IAMGOLD announced in July its partnering with Sumitomo Metal Mining Co. for the construction of the Côté Gold Project in Ontario. Raman Randhawa, Senior Vice President and CFO, Capstone Mining, isn’t in the market and emphasized that the Covid-19 pandemic showed them quote, “we’re not looking to take on more debt, but instead to deleverage our balance sheet.”
Marc-André Blanchard, Executive Vice-President and Head, CDPQ Global, spoke about climate change and how it’s affecting the firm’s investment decisions. Prior to his role with CDPQ, Blanchard was Canadian Ambassador to the United Nations; he said in his time there he learned that “governments have no resources to actually build the infrastructure needed to fight climate change…I would tell the private sector: don’t wait for the government, it’s up to the private sector.” Blanchard added that part of what attracted him to la Caisse was the firm’s leadership on climate initiatives and investment. “Without better allocation of capital in this area we’re going to fail,” he said.
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