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OMFIF, an independent think tank for central banking, economic policy and public investment, providing a neutral platform for public and private sector engagement worldwide, is offering two public programs that have the potential to be quite interesting. They will be interesting in the sense of permitting a glimpse at the mindset and approaches, the analytical frameworks, and the foundational constitution, formulation, and valuation of objectives respecting to the age old problems of State borrowing money.
Long gone are the days of Philip IV of France who rid himself of his Templar bankers through the expedient of suppressing them on charges if heresy. Today that uneasy relationship between States and their creditors has taken a far more sophisticated and institutionalized turn. But the old tensions remain--as does the old reflex for States to squirm out of their own unfortunate financial decision making or management by turning on their creditors with the contemporary variation of heresy, in the modern age, various forms of heresy against the dominant order and its norms, expressed through the administrative mechanisms of global techno-bureaucracies and undertaken through administrative and judicial processes. The threat of heresy and its consequences remains a core, if vestigial, element of the organizaiton and functioning of sovereign lending and sovereign finance. The old ways sometimes do not die, they are transformed to suit contemporary tastes. But one no longer burns one's bankers for heresy, one consumes them, if necessary, in the fires of the administrative and legal apparatus that supplants the Church and its regulatory architectures. . . . . unless one's sovereign bankers consume the State first. Today, after all, States (or at least their leading groups) can be consumed in the fires of their own financial entanglements as easily as the bankers that had been the traditional insurers against sovereign risk.
OMFIF offers glimpses of the state of sovereign lending in two areas of the globe rich with the tensions of lending and borrowing, in the sense that it is never clear that the capacity of borrowers to repay and of the lenders to enforce the terms of their agreements produces tensions, tensions that become global as they relationships become components, objects, of the international markets for sovereign lending, something, again, that might be said to tale one back to the Templar period. It is in this sense that one never merely considers sovereign lending from the perspective of the specific (the borrowing by "State X" from "Entity Y"), or even from a regional perspective (the aggregated borrowing of "States in Geographic Area P" from an aggregated group of "Insider Lending Collective Q"), but perhaps most profitably from the perspective of the trading of these transactions in the form of bundled of rights to income, assets and control, within global markets with a taste for advantageously trading these objectified obligations, whether individually or conveniently bundled to suit the needs, tastes, expectations and habits of the habitués of the platforms for transactions in these baubles.
The first of these programs is entitled Sub-Saharan Africa’s sovereign debt outlook. It will be held 27 January 2026 as a virtual session that "brings together sovereign issuers from across Sub-Saharan Africa, alongside investors and financial intermediaries, to discuss the outlook debt capital markets in 2026." The discussion will focus on "key macroeconomic drivers, funding strategies and investor sentiment shaping the market in the year ahead."
The second program, entitled, Latin America sovereign debt outlook. It will be offered as a public briadcast 10 Febrary 2026. It features Christopher Garnett, Senior Adviser OMFIF, and Victor González, Head of Public Debt in the Ministry of Finance Chile.
More information, including registration information and speaker lists, follows below.
Sub-Saharan Africa’s sovereign debt outlook
As global interest rates stabilise and capital flows begin to re-orient towards emerging and frontier markets, Sub-Saharan African issuers are navigating an evolving landscape shaped by fiscal consolidation, higher borrowing costs and unclear sovereign credit ratings. Against this backdrop, 2026 is expected to be a defining year for Sub-Saharan African debt issuance and investor engagement.
This virtual session brings together sovereign issuers from across Sub-Saharan Africa, alongside investors and financial intermediaries, to discuss the outlook debt capital markets in 2026
The discussion examines key macroeconomic drivers, funding strategies and investor sentiment shaping the market in the year ahead. Participants also explore policy initiatives and market innovations that can enhance resilience, deepen liquidity, and strengthen Africa’s position within the global fixed-income ecosystem.
Timings
12:00 – 14:00 (UK)
15:00 – 17:00 (Nairobi)
07:00 – 09:00 (NY)
20:00 – 22:00 (Singapore)
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Latin America sovereign debt outlook
OMFIF’s annual outlook for the Latin American sovereign bond market brings together sovereign debt management heads with senior portfolio managers in the region to discuss funding conditions for the year ahead.
This event will be broadcast globally to the OMFIF network, which includes policy-makers, issuers, investors and central bankers. The virtual audience will have an opportunity to submit questions to the moderator and all sessions will be recorded and made available on demand shortly after the event has finished.
Speakers
Senior Adviser
OMFIF
Head of Public Debt
Ministry of Finance Chile
Timings
12:00 – 14:00 (Santiago, Chile)
12:00 – 14:00 (São Paulo, Brazil)
15:00 – 17:00 (London)
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