Uniting Social and Financial Returns
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1 Deutsche Bank and Microfinance Uniting Social and Financial Returns EUROPEAN MICROFINANCE WEEK Wednesday, 12 November Luxembourg Michael Schneider, Asset Finance & Leasing
2 : From Philanthropy to Business Case DB Microcredit Development Fund (DBMDF) Impact of DB s microfinance activities Invested 4.2m to 40 MFIs in 25 countries with an impact of USD 55m 6655 DB Microfinance Start-Up Fund Supports MFIs in early stages Global Commercial Microfinance Consortium Total capitalization of USD 80 million Investors: AXA, Munich Re, Merill Lynch EFSE Subscription of EUR 50 million db Microfinance-Invest First rated securitisation of fully subordinated debt issued by MFIs First and second loss with private sector investors , Africa & Middle East 310,189 Asia Number of borrowers , Latin- & South America 260 USA Average loan (in USD) 93, Eastern Europe & Russia Thanks to the first three funds people received microcredits totaling up to USD 309 million 0 page 2
3 db Microfinance-Invest Nr. 1 Structural Overview and Special Product Features USD, Local FX, EUR Investment EUR Funding Investors: BASEL/Tier2 Effect: Micro-Loans of up to EUR 750 MM MFI 1 Senior KfW MFI 2 MFI 3 MFI 19 MFI 20 Subordinated, bullet style 7 to 7,5yr loans to 21 MFIs Luxembour rg True Sale BBB Rating Mezzanine Sub bscription Agreements Ultra High Networth Individuals (UHNWI) Foundations KfW UHNWI, Foundations, MFI 21 Junior Issuer SPV VG Microfinance- Invest Nr. 1 GmbH Deutsche Bank Risk/Return Ratio page 3
4 Product Features reflecting Current Industry Discussions i 1 Subordinated Nature of Loans 2 Local Currency Loans 3 Transparency / Cost Efficiency 4 Rating / Benchmarking 5 First / Second Loss with Private Sector 6 Risk / Return Ratio, Ultimate Measure of Uniting Social and Financial returns page 4
5 Challenges in distributing ib ti Microfinance Investment t Vehicles Asset Challenges Diversification Correlation Yield Mismatch [Social Impact] Structural Challenges Simplicity Rating Transparency Transparency Transparency Marketing Challenges Philanthropical vs. Market Based Approach Financial Sector Crisis Global Recession [ ] Otherwise Easy! MFI 1 MFI 2 BASEL/Tier2 MFI 3 Effect: Micro-Loans of up to EUR 750 MM MFI 19 MFI 20 MFI 21 Subordinated, bullet style 7 to 7,5yr loans to 21 MFIs Luxem mbourg True S ale Senior BBB Rating Mezzanine Junior Issuer SPV VG Microfinance- Invest Nr. 1 GmbH Subscription Agreements Investors: KfW Ultra High Networth Individuals (UHNWI) Foundations KfW UHNWI, Foundations, Deutsche Bank page 5
6 Case study: German Parliament allowed retail investment t funds to invest into microfinance German Parliament agreed in December 2007 retail investment funds to invest into microfinance Eligible instruments: direct loans to MFIs and listed securities of MFIs Restrictions to ensure retail investor protection: Only regulated and supervised MFIs loan portfolio of MFI larger EUR 10m bank license required IFI involvement of 5% ownership and voting rights Locally listed securities less than 15% of a fund s volume Good news for the funding situation of the microfinance sector but: How to effectively issue a retail investment fund in the light of these restrictions? Core microfinance portfolio plus emerging market bonds?? 5% page 6
7 Thank you for your attention! Copyright Deutsche Bank AG, D Frankfurt am Main, Germany. All rights reserved. The above information does not constitute the provision of investment, legal or tax advice. Any views expressed reflect the current views of the author, which do not necessarily correspond to the opinions of Deutsche Bank AG or its affiliates. Opinions expressed may change without notice. Opinions expressed may differ from views set out in other documents, including research,,published by Deutsche Bank. The above information is provided for informational purposes only and without any obligation, whether contractual or otherwise. No warranty or representation is made as to the correctness, completeness and accuracy of the information given or the assessments made.
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