Investor Presentation June 2015
|
|
- Ralph Barrett
- 6 years ago
- Views:
Transcription
1 Investor Presentation Investor Presentation June 2015
2 Table of Contents CAF Overview Financial Highlights Funding Strategy Key Investment Factors 2
3 CAF Overview The Development Bank of Latin America CAF is a Supranational financial institution owned by Latin American countries 45 years financing sustainable development and regional integration Leading development bank in financing infrastructure and energy projects in Latin America Enjoys Preferred Creditor Status in its shareholder countries Rated Aa3/AA-/AA- by Moody s, S&P and Fitch 3
4 CAF Overview From five shareholder countries at inception to its current nineteen Broad Shareholder Base As of March 31, 2015 Full Members Peru 18.6% Venezuela 18.1% Colombia 18.0% Argentina 8.9% Brazil 7.8% Ecuador 5.3% Bolivia 5.2% Uruguay 2.7% Panama 2.2% Paraguay 2.2% Associated Members (*) Spain 4.7% Trinidad & Tobago 2.8% Mexico 1.4% Dominican Republic 0.7% Chile 0.6% Costa Rica 0.4% Portugal 0.2% Barbados 0.2% Jamaica 0.02% Commercial Banks 0.05%
5 CAF Overview CAF s offices Ciudad de México Panama Quito Bogotá Caracas Madrid Trinidad & Tobago 13 Offices including three Regional Offices. Lima La Paz Brasilia Asuncion Buenos Aires Montevideo Headquarters Regional Offices Country Offices 5
6 CAF Overview Preferred Creditor Status The Constitutive Agreement is an International Treaty that grants several privileges and immunities Art. 47: assets of the Corporation, wherever they may be, shall enjoy immunity from expropriations, or executive measures carried out by any of the Contracting States. Art. 48: The assets of any kind owned by the Corporation may be freely transferred and converted. Art. 50: assets of the Institution are exempt from all kinds of restrictions, regulations and control and moratorium measures. Art. 52: The Corporation is exempt from all kinds of tax encumbrances 6
7 CAF Overview Proven Preferred Creditor Status Venezuela (1994) Foreign Exchange controls Peru (1980 s) Moratorium on external debt payments Bolivia (1998) HIPC Initiative Argentina ( ) Financial crisis and default on external debt Ecuador (2008) Default on several bonds CAF s Rating Baa3 Baa2 A3 A2 A1 Aa3 Mexico (1994) Tequila Crisis Asia (1997) Financial Crisis Venezuela (2003) Oil Strike USA (2007) Subprime Mortgage Crisis Russia (1998) Default on debt Europe (2009) Sovereign debt crisis None of these events have affected payments to CAF Rating evolution assigned by Moody s 7
8 CAF Overview Strong Fundamentals Agency Rating AA- (Stable) Remarks CAF has been able to operate without difficulty in successive periods of instability in the region due to conservative risk management policies and the member countries' support. Fitch, February, 2015 Aa3 (Stable) AA- (Neg) AA (Stable) CAF s credit strengths include a broad membership base, improved credit quality of members, increased portfolio diversification, robust asset quality, ample market access, and members strong willingness to provide support. - Moody s, September, 2014 Shareholders have reaffirmed CAF's public policy mandate through their several capital increases. The regular injections of new capital have reinforced CAF's ability to lend through the credit cycle and weaker economic conditions - Standard & Poor s, October, 2014 CAF s asset quality has been maintained extremely well... There has been no records of principal and interest payment delinquencies for more than 180 days in its public portfolio JCR, December,
9 Table of Contents CAF Overview Financial Highlights Funding Strategy Key Investment Factors 9
10 Financial Highlights Balance Sheet (in billions of US$) Assets Liabilities Liquidity $11.4 (35%) $22.4 (69%) Borrowings Loans Other (5%) Total $19.4 (60%) $8.8 (27%) US$ 32.4 US$ 32.4 Other (4%) Stockholders Equity Figures as of March 31,
11 Financial Highlights Liquid Assets (in billions of US$) Liquid Assets / Financial Liabilities 38.1% 41.2% 43.7% 48.5% 50.8% (*) (*) (*) Figures as of March 31,
12 Financial Highlights Improvement of Liquidity Ratios 48.5% 50.8% 43.7% 41.2% 38.1% 35.2% 33.3% 29.2% 30.3% 26.3% (*) CAF s new liquidity policy requires that it maintains sufficient liquid assets to cover at least twelve months of Net Cash Requirements. Liquid Assets/Financial Liabilities Liquid Assets/Total Assets (*) Figures as of March 31,
13 Financial Highlights Liquidity Portfolio Composition US Treasury, Corporate and Financial Bonds 15% CP's 21% *Others 2% Time Deposits 36% 97.1% of liquid assets are rated A- or above with an overall AA average 100% of instruments can be settled by T+3 Maximum duration: 1.5 years CD's 22% Present duration: 0.4 years (*)Others correspond to money market funds, liquidity funds and Supranationals securities Figures as of March 31,
14 Financial Highlights Loan Portfolio (in billions of US$) % 0.05% 0.00% 0.09% 0.09% (*) Loan Portfolio Non-accrual Loans / Loan Portfolio Compound annual growth rate ( ) : 8.5% (*) Figures as of March 31,
15 Financial Highlights Loan Portfolio by Country and Sector Argentina 14.1% Colombia 8.7% Uruguay 2.8% Private Sector 18% Brazil 10.1% Ecuador 14.6% Bolivia 9.9% Paraguay 1.4% Panama 6.5% Public Sector 82% Venezuela 15.3% Peru 12.3% Spain 1.0% Others 3.6% Figures as of March 31,
16 Financial Highlights Country with the highest participation 25.9% 22.3% 22.5% 19.8% 17.6% 17.7% 17.7% 17.2% 16.5% 15.7% Figures as of December of each year 16
17 Financial Highlights Loan Portfolio by Industry Water and Sanitation 6% Energy 28% Transportation 36% Others 8% Financial Intermediaries 11% Social Development 11% Social Development includes health, education and other social services Financial Intermediaries include commercial and development banks Others include mining activities, commerce and tourism among others Figures as of March 31,
18 Financial Highlights Stockholders Equity (in billions of US$) Retained Earnings and Reserves (US$2.6bn) Paid-in capital (US$6.2 bn) (*) In addition, member countries have subscribed US$1.6 bn in callable capital (*) Figures as of March 31,
19 Financial Highlights Continuous Support in Paid-in Capital Capital Contributions (in millions of US$) Payments US$2.0 bn Capital Increases $606 mn $435 mn $1.6 bn $2.2 bn $2.1 bn 19
20 Financial Highlights Consistent Profitability Profitability ratios and Benchmarks 4% 3% ROE Libor 6M 2% 1.9% 1% 0% % Net Income (in millions of US$) $153 $160 $206 $138 $164 (*) (*) Net income as of March 31, 2015 annualized 20
21 Financial Highlights Multilateral Financial Institution CAF s Ranking Ratings (Standard & Poor s) AA AAA AAA AAA AAA AAA Equity / Assets (%) 2nd Liquidity / Total Assets (%) 3rd Largest Exposure /Total Portfolio (%) 2nd Equity / Impaired Loans 1st N.A Return on Assets (%) 3rd Admin. Expenses / Total Assets (%) 1st Source: Standard & Poor s Supranational Special Edition Figures as of end of year
22 Table of Contents CAF Overview Financial Highlights Funding Strategy Key Investment Factors 22
23 Funding Strategy Diversified and competitive funding Composition of Financial Liabilities Long-term loans 7% Term Deposits 18% Bonds 66% CP's 9% Figures as of March 31,
24 sstand Investor presentation Funding Strategy Capital Market Programs US Shelf EMTN Japan Shelf AMTN Domestic Programs Schedule B Issuer US Dollar Benchmark deals (USD 1-2 Bn) Benchmark deals in different currencies EUR, CHF, GBP, RMB Institutional and Retail - Samurais Recently established Australian Dollar Benchmark deals Aimed to foster development of local financial markets Tenors 3-10 years Included in relevant indexes Listed in LSE exchange Targeted and custom made notes Tenors 2-30 years Listed (when required) Standard documentation Tenors 2-10 years Program size: AUD 2 Bn Targeted towards local and foreign investors Registered programs in Colombia, Peru, Mexico and Venezuela Alone Issues Schuldschein, other 24
25 Funding Strategy Active in Debt Capital Markets Bond Composition by Currency EUR 23% CHF 15% AUD 3% HKD 3% NOK 3% JPY 3% CNY 0,6% COP 1% MXN TRY 1% 0.5% CAF has USD 15.1 billion outstanding bonds composed of 13 different currencies. ZAR 0.1% PEN 0.2% USD 47% Figures as of March 31,
26 Funding Strategy Evolving Investor Base Banks 7% Central Banks / Public Financial Institutions 5% Pension Funds / Insurance Companies 20% Other 16% Fund Managers 52% Central Banks / Public Financial Institutions 38% Others 1% Fund Managers 28% Pension Funds / Insurance Companies 19% Banks 14% Bond issued June 15, 2012 for USD 1 BN compared with bond issued August 8, 2014 for USD1 BN 26
27 Funding Strategy Evolving Geographical Investor Base 2012 United States 59% Latin America 5% United States 33% 2014 Latin America 5% UK 17% Switzerland 13% Other Europe 9% Asia 2% Switzerland 6% UK 19% Nordic 6% Other Europe 8% Middle East 9% Asia 9% Bond issued June 15, 2012 for USD 1 BN compared with bond issued August 8, 2014 for USD1 BN 27
28 Funding Strategy Key Public Market Transactions Market: Swiss Amount: CHF 350 MM Date of issue: February 2015 Maturity: 2026 The largest non-domestic 10 yr trade Market: Australian Amount: AUD 225 MM Date of issue: June 2015 Maturity: 2025 This transaction represents CAF's return to this market since 2013 Market: Yankee Amount: USD 1 BN Date of issue: January 2015 Maturity: 2018 The largest SSA s FRN in the last 12 months Market: Uridashi Amount: TRY 157 MM and 253 ZAR MM Date of issue: December 2014 Maturity: 2018 First Latin American issuer in these currencies 28
29 Funding Strategy Key Private Placements Transactions Amount: USD 50 MM and USD 50 MM Date of issue: March 2015 and June 2015 Maturity: 2019 and 2020 respectively Amount: NOK 1,000 MM Date of issue: May 2015 Maturity: 2025 Amount: JPY 8,900 MM Dates of issue: March 2015 Maturity: 2025 Amount: HKD 1,257 MM Date of issue: February 2014 Maturity:
30 Funding Strategy Short-term Liabilities Term Deposits Clients: Corporate, Financial and Official institutions Amounts vary between US$1 300 million USCP and ECP programs Ratings A1+/P-1/F1+ Size: USCP USD 2.0 bn ECP USD 3.0 bn Tenors up to 1 year Dealers: Bank of America Barclays Goldman Sachs Credit Suisse Bloomberg CAF<GO> 30
31 Funding Strategy Long-term Loans Loans from Multilaterals and Export Credit Agencies Agence Française de Développement -AfD China Development Bank CDB India Exim Bank Instituto de Crédito Oficial de España ICO Japan Bank for International Cooperation JBIC KFW Bankengruppe Korea Exim Bank Nordic Investment Bank NIB Swedish Export Credit Corporation - SEK 31
32 Table of Contents CAF Overview Financial Highlights Funding Strategy Key Investment Factors 32
33 Key Investment Factors Key Investment Factors Credit Rating Evolution Aa2/AA Aa3/AA A1/A+ A2/A A3/A Baa1/BBB+ Baa2/BBB Baa3/BBB Solid Financial Profile Proven preferred creditor status for 45 years Upgraded thirteen times Currently rated AA-/Aa3 Investment in Latin America with limited risks Offers value compared to its peers S&P Moodys JCR Fitch 33
34 Thank you 34
35 Appendix Disclaimer This presentation is for informational purposes only; it does not constitute an offer to sell or solicitation of an offer to buy any of Corporación Andina de Fomento s securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation. The information contained in this document is subject to changes, modifications, additions, clarifications and/or substitutions. Corporación Andina de Fomento ( CAF ) is not responsible for the information contained in this presentation nor for the implications thereof that could be made. CAF does not guarantee, nor can it be held liable for, the content, or the accuracy, truthfulness or completeness, of the material in this document. Additionally, CAF shall under no circumstances be held liable for losses, damages, liabilities or expenses incurred or assumed as a result of the use of this document. CAF, in its sole discretion, may add, change or update this document and its contents without prior notice. ACCORDINGLY, THE USE OF THIS DOCUMENT AND ITS CONTENTS IS THE EXCLUSIVE RESPONSBILITY OF THE USER, AT ITS OWN RISK. Potential users should conduct their own appropriate investigations and consult their legal, accounting and tax advisors in order to make an independent determination of the accuracy, completeness and veracity of the data contained herein and of the suitability and consequences of any use thereof. Nothing in this presentation shall constitute nor shall be construed as a waiver of the immunities, privileges and exemptions granted to CAF by its Constitutive Agreement, by the agreements which CAF has entered or may enter with its shareholder countries, or by the legislation of those states. 35
Investor Presentation
Investor Presentation Table of Contents CAF Overview Financial Highlights Funding Strategy Key Investment Factors 2 CAF Overview The Development Bank of Latin America CAF is a Supranational financial institution
More informationInvestor Presentation. June 2017
Investor Presentation June 2017 Table of Contents CAF Overview Financial Highlights Funding Strategy Key Investment Factors CAF Overview The Development Bank of Latin America CAF is a Supranational financial
More informationManagement s Discussion and Analysis of Financial Condition
196 2013 CAF ANNUAL REPORT Management s Discussion and Analysis of Financial Condition CAF ANNUAL REPORT 2013 197 200 200 201 201 203 203 Summary of the financial statements Loan portfolio Liquid assets
More informationManagement s DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
206 2014 CAF ANNUAL REPORT Management s DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION Summary of financial statements Loan Portfolio Liquid assets Funding Capital Asset Liability Management CAF ANNUAL
More informationJULY 2010 USD 600 MM MATURITY 2016 EUR 100 MM COP 111,980 MM MATURITY 2014 AUGUST 2008 CHF 200 MM MATURITY 2013 MXN 750 MM
DECEMBER 2010 USD 50 MM NOVEMBER 2010 EUR 400 MM NOVEMBER 2010 CHF 250 MM 192 MATURITY 2018 MATURITY 2015 OCTOBER 2010 JPY 4,600 MM JULY 2010 USD 600 MM MAY 2010 USD 74 MM MATURITY 2015 MATURITY 2016 MARCH
More informationQuarterly Financial Report
Quarterly Financial Report March 31, 2018 Table of Contents I. Financial Statements 1 Balance Sheet Income Statements II. Main Financial Ratios 2 III. Details of Loan Portfolio 3 IV. Details of Paid-in
More informationQuarterly Financial Report
Quarterly Financial Report June 30, 2018 Table of Contents I. Financial Statements 1 Balance Sheet Income Statements II. Main Financial Ratios 2 III. Details of Loan Portfolio 3 IV. Details of Paid-in
More informationQuarterly Financial Report
Quarterly Financial Report June 30, 2017 Table of Contents I. Financial Statements 1 Balance Sheet Income Statements II. Main Financial Ratios 2 III. Details of Loan Portfolio 3 IV. Details of Paid-in
More informationQuarterly Financial Report
Quarterly Financial Report September 30, 2017 Table of Contents I. Financial Statements 1 Balance Sheet Income Statements II. Main Financial Ratios 2 III. Details of Loan Portfolio 3 IV. Details of Paid-in
More informationQuarterly Financial Report
Quarterly Financial Report September 30, 2018 Table of Contents I. Financial Statements 1 Balance Sheet Income Statements II. Main Financial Ratios 2 III. Details of Loan Portfolio 3 IV. Details of Paid-in
More informationInter-American Investment Corporation. Investor Presentation
Inter-American Investment Corporation Investor Presentation 3 4 $11.2 BILLION TOTAL ASSETS UNDER MANAGEMENT AS OF JUNE 30, 2017 $2.7 BILLION EQUITY AVAILABLE FOR FINANCING OVER THE NEXT TEN YEARS 26 IDB
More informationQuarterly Financial Report
Quarterly Financial Report March 31, 2011 Table of Contents I. Financial Statements 1 Balance Sheet Income Statements II. Main Financial Ratios 2 III. Details of Loan Portfolio 3 IV. Details of Paidin
More informationCredit Opinion: Corporación Andina de Fomento
Credit Opinion: Corporación Andina de Fomento Global Credit Research - 11 Jul 2014 Ratings Category Moody's Rating Outlook Stable Issuer Rating Aa3 Senior Secured Aa3 Senior Unsecured Aa3 Commercial Paper
More informationCorporacion Andina de Fomento Supranational
MAY 6, 2011 GLOBAL SOVEREIGN CREDIT ANALYSIS Corporacion Andina de Fomento Supranational Table of Contents: SUMMARY RATING RATIONALE 1 ORGANIZATIONAL STRUCTURE, MISSION AND STRATEGY 2 CURRENT STRATEGY
More informationCORPORACIÓN ANDINA DE FOMENTO
ACE BOWNE OF WASHINGTON 06/30/2010 19:58 NO MARKS NEXT PCN: 002.00.00.00 -- Page/graphics valid 06/30/2010 19:58 BOW X78691 001.00.00.00 11 This prospectus supplement relates to an effective registration
More informationPágina 1 de 102 $1,000,000,000 CORPORACIÓN ANDINA DE FOMENTO
Página 1 de 102 $1,000,000,000 Filed Pursuant to Rule 424(b)(3) Registration No. 333-159109 CORPORACIÓN ANDINA DE FOMENTO 8.125% Notes Due 2019 We will pay interest on the notes on June 4 and December
More information$250,000,000 CORPORACIÓN ANDINA DE FOMENTO
Página 1 de 93 Filed Pursuant to Rule 424(b)(3) Registration Number 333-148354 $250,000,000 CORPORACIÓN ANDINA DE FOMENTO 5.75% Notes Due 2017 We will pay interest on the notes on January 12 and July 12
More informationKfW Press Briefing Capital Markets 2017/2018. Frankfurt, 11 December 2017
KfW Press Briefing Capital Markets 2017/2018 Frankfurt, 11 December 2017 Key financial figures for KfW Group (IFRS) Business activities (in EUR bn) for the period 2015 2016 Q3 2017 Promotional business
More informationCorporación Andina de Fomento (CAF) Financial Statements As of and for the years ended December 31, 2009 and 2008
Corporación Andina de Fomento (CAF) Financial Statements As of and for the years ended December 31, 2009 and 2008 1. SIGNIFICANT ACCOUNTING POLICIES a. Description of Business Corporación Andina
More informationHow does the increasing global uncertainty affect Latin American ratings?
How does the increasing global uncertainty affect Latin American ratings? Sebastián Briozzo Sovereign Ratings, Standard and Poor s Santiago de Chile, October 2011 Copyright (c) 2006 Standard & Poor s,
More informationCorporación Andina de Fomento Outlook Revised To Negative On Likelihood Of Venezuela Nonpayment; Ratings Affirmed
Research Update: Corporación Andina de Fomento Outlook Revised To Negative On Likelihood Of Venezuela Nonpayment; Ratings Affirmed Primary Credit Analyst: Alexis Smith-juvelis, New York + 1 (212) 438 0639;
More informationContents. 1 Peru: Atractive economy and financial system 2 Organization 3 BBVA Continental vs. Peers 4 Social responsibility and Awards 5 Ratings
June 2014 Disclaimer This document has been elaborated as a part of the information policies and transparency of BBVA Continental and contains public information, own source and provided by third parties,
More informationContents. 1 Peru: Atractive economy and financial system 2 Organization 3 BBVA Continental vs. Peers 4 Social responsibility and Awards 5 Ratings
September 2014 Disclaimer This document has been elaborated as a part of the information policies and transparency of BBVA Continental and contains public information, own source and provided by third
More informationEAST BALT BAKERIES July 2017 ACQUISITION
EAST BALT BAKERIES July 2017 ACQUISITION E AST BA LT AT A G L A N C E Leading foodservice-focused company that supplies baked goods to Quick Service Restaurants ( QSR ) across the world Operates 21 bakeries
More informationINVESTOR PRESENTATION. August 2018
INVESTOR PRESENTATION August 2018 Table of contents I. Instituto de Crédito Oficial II. Funding profile 2 Table of contents I. Instituto de Crédito Oficial II. Funding profile 3 Instituto de Crédito Oficial
More informationEmerging Market Debt Outlook
Emerging Market Debt Outlook Live Webcast hosted by: Luz Padilla Portfolio Manager Emerging Markets Fixed Income Fund (DBLEX/DLENX) June 15, 2010 Fund Offerings Emerging Markets Fixed Income Fund Retail
More informationColombia s Sovereign Rating
Colombia s Sovereign Rating Sebastian Briozzo Analytical Manager Sovereign Ratings Group Standard & Poor s June 2015 Permission to reprint or distribute any content from this presentation requires the
More informationEmerging Markets Indices
Citi Fixed Income Indices Emerging Markets Indices Comprehensive coverage of growing economies. Citi Fixed Income Indices offers a comprehensive array of emerging markets indices aimed at international
More informationMicrofinance in Latin America and the Caribbean Data Update- April 5, 2008
-2008 Data Update- April 5, 2008 This note summarizes the results of a recently completed IDB survey of microfinance in the region. The survey includes information on microfinance activities in 25 countries
More informationContents. 1 Peru: Atractive economy and financial system 2 Organization 3 BBVA Continental vs. Peers 4 Social responsibility and Awards 5 Ratings
September 2012 Disclaimer This document has been elaborated as a part of the information policies and transparency of BBVA Continental and contains public information, own source and provided by third
More informationInvestment for development:
Investment for development: Towards a new generation of investment policies for inclusive growth and sustainable development Anabel González Minister of Foreign Trade, Costa Rica 59th Session Trade and
More informationContents. 1 Peru: Atractive economy and financial system 2 Organization 3 BBVA Continental vs. Peers 4 Social responsibility and Awards 5 Ratings
June 2012 Disclaimer This document has been elaborated as a part of the information policies and transparency of BBVA Continental and contains public information, own source and provided by third parties,
More informationCorporacion Andina de Fomento 'AA-/A-1+' Ratings Affirmed; Outlook Remains Negative
Research Update: Corporacion Andina de Fomento 'AA-/A-1+' Ratings Affirmed; Outlook Remains Negative Primary Credit Analyst: Delfina Cavanagh, Buenos Aires (54) 114-891-2153; delfina.cavanagh@spglobal.com
More informationPublic Procurement networks in Latin America and the Caribbean
Session #7: Cross regional Learning: Cases in Caribbean and Latin American Countries Public Procurement networks in Latin America and the Caribbean Asia Pacific Public Electronic Procurement Network 2nd
More informationSKAGEN Tellus Status Report December 2015
Torgeir Høien Lead Manager Jane Tvedt Co-manager SKAGEN Tellus Status Report December 2015 Key numbers as of 31.12.2015 SKAGEN Tellus was down 2.5% in EUR in December. The benchmark dropped 2%. Since inception
More informationNIB Annual Report 2006
24 NIB Annual Report 2006 NIB Annual Report 2006 25 Highest rating, high responsiveness to changing demands of investors 26 Financial operations Borrowing and treasury portfolio management NIB Annual Report
More information194 CAF Annual Report Audited. Financial Statements
194 CAF Annual Report 2011 2011 Audited Financial Statements Financial Statements Management Report on the Effectiveness of Internal Control over the Financial Information 197 Independent Public Accountants
More informationFranklin Templeton Investment Funds Templeton Emerging Markets Bond Fund - A (Qdis) USD
Templeton Global Macro Group Data as of 30 November 2018 Franklin Templeton Investment Funds - A (Qdis) USD Table of Contents Summary...3 What are the Key Risks?...4 Discrete Performance... 5 Historical
More informationPeru: and financial system
March 2015 Disclaimer This document has been elaborated as a part of the information policies and transparency of BBVA Continental and contains public information, own source and provided by third parties,
More informationPERIODIC INFORMATION CONCERNING LIQUIDITY RISK IN ACCORDANCE WITH FFFS 2010:7
PERIODIC INFORMATION CONCERNING LIQUIDITY RISK IN ACCORDANCE WITH FFFS 2010:7 This report provides information about SEK s liquidity position as of September 30, 2017. The contents of this report conform
More informationSKAGEN Tellus Statusrapport april 2017
SKAGEN Tellus Statusrapport april 2017 Key numbers as of 30 April 2017 (SEK, net of fees) April QTD YTD 1 years 3 years 5 years Since inception* SKAGEN Tellus 0,03% 0,03% 0,24% 9,31% 6,62% 6,06% 5,55%
More informationCapital Markets and Corporate Governance Service Line Capital Markets Practice, FPD
Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Emerging Capital Markets Update for July 2011 All data are as of Friday, July 29, 2011. The regional indices are based
More informationSKAGEN Tellus Status Report February 2017
SKAGEN Tellus Status Report February 2017 Key numbers as of 28 February 2017 EUR, net of fees February QTD 2016 1 years 3 years 5 years Since inception* SKAGEN Tellus 1,6% 0,7% 5,7% 5,5% 5,9% 4,7% 5,4%
More informationMULTILATERAL INVESTMENT GUARANTEE AGENCY WORLD BANK GROUP. Political Risk Considerations and Risk Mitigation
I N S U R I N G I N V E S T M E N T S E N S U R I N G O P P O R T U N I T I E S Political Risk Considerations and Risk Mitigation May 12, 2005 George Washington University Who is MIGA? MIGA s guarantees
More informationThreadneedle (Lux) Details before significant event. Name change Threadneedle (Lux) US Equities. Change of sub-advisor Walter Scott & Partners Limited
Details before Details after 01/12/2011 US Equities American 01/12/2011 Walter Scott & Partners Limited American 01/12/2011 The US Equities Portfolio seeks to achieve capital appreciation by investing
More informationMonetary Policy: A Key Driver for Long Term Macroeconomic Stability
Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Julio Velarde Governor Central Bank of Peru March 2016 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments
More informationForeign Exchange Interventions and the Growth of FX Reserves: Diversification Potential?
Adam Smith Seminars: 2016 AND BEYOND: WORLD ECONOMIC PROSPECTS (III) Foreign Exchange Interventions and the Growth of FX Reserves: Diversification Potential? Lubomír Lízal, Ph.D. Budapest, November 9,
More informationPENTA CLO 2 B.V. (the "Issuer")
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING
More informationSKAGEN Tellus Statusrapport maj 2017
SKAGEN Tellus Statusrapport maj 2017 Key numbers as of 31 May 2017 SEK, net of fees May QTD YTD 1 years 3 years 5 years Since inception* SKAGEN Tellus 0,37 % -1,9% 0,61 % 7,46 % 5,66 % 5,71 % 5,54 % JPM
More informationCurrent Asset Review Period ended 31 December 2018
Current Asset Review Period ended 1 December 018 NET ASSET VALUE ASSET CLASS Net Asset Value S$.1 million Net Asset Value S$9.41 million NET ASSET VALUE - CURRENCY Net Asset Value S$.1 million Net Asset
More informationDate of Latest Changes
Emerging Capital Markets Update for May 2011 All data are as of Tuesday, May 31, 2011. The regional indices are based on an average of major EM countries in each region where the data are available. Summary
More informationBLOOMBERG DOLLAR INDEX 2018 REBALANCE
BLOOMBERG DOLLAR INDEX 2018 REBALANCE 2018 REBALANCE HIGHLIGHTS Euro maintains largest weight 2018 BBDXY WEIGHTS Euro Canadian dollar largest percentage weight decrease Swiss franc has largest percentage
More informationFixed Income Presentation Q3 2017
Fixed Income Presentation Q3 2017 Daimler follows a conservative Financial Policy Clear commitment to a single A rating Balanced approach between shareholder interest and credit providers Dividend policy
More informationGBTA BTI Outlook: Brasil
GBTA BTI Outlook: Brasil 2 nd Half - 2016 Agenda GBTA BTI Outlook Brazil: Overview Methodology GBTA BTI : Global Context Brazil Business Travel Spending Details 2 Overview In 2017, completed 8 th Global
More informationCapital Market Press Conference 2013 / Frankfurt, 5 December 2013
Capital Market Press Conference 2013 / 2014 Frankfurt, 5 December 2013 Key financial figures of KfW Group (IFRS) 2013: Solid business performance, decreasing profit, very sound capital basis 2011 2012
More informationFondo Latinoamericano de Reservas
1 Finance and Development: Experiences in south-south collaboration from Africa, Asia, and Latin America United Nations Conference on Trade and Development (UNCTAD) South African Institute of International
More informationThink Global Invest Local
Think Global Invest Local Perspectives on Investment Opportunities in Latin America LABA Conference February 16 th, 2007 Guillermo Jasson Latin America Regional Head and Head of Investment Banking 1-212-761-7056
More informationFOREIGN ACTIVITY REPORT
FOREIGN ACTIVITY REPORT SECOND QUARTER 2012 TABLE OF CONTENTS Table of Contents... i All Securities Transactions... 2 Highlights... 2 U.S. Transactions in Foreign Securities... 2 Foreign Transactions in
More information1H08 BRSA RESULTS INVESTOR PRESENTATION
1H08 BRSA RESULTS INVESTOR PRESENTATION TSKB APPENDICES TSKB at a Glance... Ownership Structure* Main Subsidiaries Yatırım Finansman Securities İş Leasing Free Float** TSKB Real Estate Appraisal TSKB
More informationLow-carbon Development and Carbon Finance at the IDB Maria Netto Sustainable Energy and Climate Change Unit (ECC)
Low-carbon Development and Carbon Finance at the IDB Maria Netto Sustainable Energy and Climate Change Unit (ECC) 11th Annual Workshop on Greenhouse Gas Emission Trading Oct 3 rd, 2011 Context for IDB
More informationINDEX RULES ECPI GLOBAL BOND INDEX FAMILY
INDEX RULES ECPI GLOBAL BOND INDEX FAMILY NOVEMBER 2017 2 TABLE OF CONTENTS INTRODUCTION... 3 SELECTION CRITERIA... 5 PERIODIC REVIEW... 8 INDEX CALCULATION... 9 HEDGED INDICES... 11 INTRA MONTH EVENTS...
More informationShareholder Notification
Allianz Global Investors Fund Société d`investissement à Capital Variable Registered office: 6 A, route de Trèves, L-2633 Senningerberg R.C.S. Luxembourg B 71.182 Shareholder Notification The Board of
More informationChina: Beyond the headlines. Bill Maldonado HSBC Global Asset Management
China: Beyond the headlines Bill Maldonado HSBC Global Asset Management Are you a China Bull or a Bear? Source: Various news publications 2 Bear myth #1: Hard landing? GDP: Growth is slowing, but it s
More informationPERIODIC INFORMATION CONCERNING LIQUIDITY RISK IN ACCORDANCE WITH FFFS 2010:7
2016-09-30 2017-03-31 2017-09-30 2018-03-31 2018-09-30 2019-03-31 2019-09-30 2020-03-31 2020-09-30 2021-03-31 2021-09-30 2022-03-31 2022-09-30 2023-03-31 2023-09-30 2024-03-31 2024-09-30 2025-03-31 2025-09-30
More informationPIMCO Global Advantage Government Bond Index. Index Specification
PIMCO Global Advantage Government Bond Index January 2011 Contents 1 Index Overview... 3 2 Country Classification and Eligibility Rules... 5 2.1 Regional Classification... 5 2.2 Instrument Categories...
More informationFedEx International Priority. FedEx International Economy 3
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationRepublic of Panama Fiscal Performance Third Quarter 2016
Republic of Panama Fiscal Performance Third Quarter 2016 Dulcidio De La Guardia Minister of Economy and Finance Iván Zarak Vice Minister of Economy Eyda Varela de Chinchilla Vice Minister of Finance January
More informationIndicators of Technological Innovation by Regions
Indicators of Technological Innovation by Regions 215 i Indicators of Technological Innovation by Regions. 215 Editor: CAF CAF Energy Vice Presidency Hamilton Moss, Corporate Vice President Mauricio Garrón,
More informationSt. Martin 2013 SERVICES AND RATES
SERVICES AND RATES FedEx International Solutions for your business Whether you are shipping documents to meet a deadline, saving money on a regular shipment or moving freight, FedEx offers a suite of transportation
More informationBond Basics July 2007
Bond Basics: Emerging Market (External and Local Markets) Developing economies around the world, known to investors as emerging markets (EM), are rapidly maturing into key players in the global economy
More informationChile: Business Environment and Investment Opportunities
Chile: Business Environment and Investment Opportunities Guest Speaker 14:00 15:00 GUEST SPEAKER Martin Pathan Investment Officer Foreign Investment Committee Chile: business environment and investment
More informationCapital Markets and Corporate Governance Service Line Capital Markets Practice, FPD
Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Emerging Capital Markets Update for August 2011 All data are as of Wednesday, August 31, 2011. The regional indices are
More informationBanco Santander Chile Solid business and profitability trends
Investor Relations Santiago, Chile Banco Santander Chile Solid business and profitability trends November 2017 Simple Personal Fair Important information Banco Santander Chile caution that this presentation
More informationJPMorgan Funds statistics report: Emerging Markets Debt Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Debt Fund Data as of November 30, 2016 Must be preceded or accompanied by a prospectus. jpmorganfunds.com
More informationCaribbean Development Bank Long-Term Rating Raised To 'AA+' On Strengthening Business Profile; Outlook Is Stable
Research Update: Caribbean Development Bank Long-Term Rating Raised To 'AA+' On Strengthening Business Profile; Outlook Is Stable Primary Credit Analyst: Abril A Canizares, Mexico City (52) 55-5081-4417;
More informationBBVA, better placed in the current environment
BBVA, better placed in the current environment March 2012 1 Disclaimer This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or
More informationSFIL The French leading local Government and Export Agency. Investor Presentation June
SFIL The French leading local Government and Export Agency Investor Presentation June 2016 www.sfil.fr Agenda 1. A public set up with two public policy missions 2. High quality assets and stringent financial
More informationKfW Press Material Financial Markets 2018/2019. December 2018
KfW Press Material Financial Markets 218/219 December 218 KfW s ratings Financial & ESG Rating Financial Rating Long-term Rating Aaa AAA AAA Outlook Short-term Rating stable P-1 stable S-1+ stable A-1+
More informationSession 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of
More informationAsian Development Bank
Asian Development Bank FIGHTING POVERTY IN ASIA AND THE PACIFIC Bretton Woods: Multilateral Roundtable Discussion by Thierry de Longuemar Vice President for Finance and Risk Management 15 February 2013
More informationApril 21, U.S. equities 4 International equities 4 Sector Performance 5
April 21, 2017 Cross Market Overview 2 Equity Markets U.S. equities 4 International equities 4 Sector Performance 5 Fixed Income Markets U.S. fixed income returns 6 U.S. fixed income spreads 7 U.S equity
More informationContents. 1 Peru: Atractive economy and financial system 2 Organization 3 BBVA Continental vs. Peers 4 Social responsibility and Awards 5 Ratings
September 2013 Disclaimer This document has been elaborated as a part of the information policies and transparency of BBVA Continental and contains public information, own source and provided by third
More informationGermany s Development Agency for Agribusiness
Germany s Development Agency for Agribusiness Table of Contents 1. Promotional Mandate and Agricultural Sector 3 2. Promotional Activities for Agribusiness 6 3. Added Value for Investors 10 4. Funding
More informationMerrill Lynch. Banking & Insurance CEO Conference 2007 BBVA
Merrill Lynch Banking & Insurance CEO Conference 2007 BBVA London, 4 th October 2007 Disclaimer This document is only provided for information purposes and does not constitute, nor must it be interpreted
More informationCharting Mexico s Economy
Charting Mexico s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationOverview of Goldman Sachs. November 2017
Overview of Goldman Sachs November 207 Cautionary Note on Forward-Looking Statements This presentation may include forward-looking statements. These statements are not historical facts, but instead represent
More information2007 BRSA RESULTS INVESTOR PRESENTATION
2007 BRSA RESULTS INVESTOR PRESENTATION TSKB APPENDICES TSKB at a Glance... Ownership Structure* Main Subsidiaries 50.1% 8.4% 41.5% Free Float** Yatırım Finansman Securities İş Leasing TSKB Real Estate
More informationAs close as you need, as far as you go
As close as you need, as far as you go BBVA, a global group For more than 150 years our clients have been the centre of our business. Now as a highly solvent international financial group we offer clients
More informationNEUBERGER BERMAN INVESTMENT FUNDS PLC
The Directors of the Company whose names appear in the Management and Administration section of the Prospectus accept responsibility for the information contained in this document. To the best of the knowledge
More informationCanada Jumps on the Bilateral Bandwagon
Canada Jumps on the Bilateral Bandwagon John W. Boscariol and Orlando E. Silva* Following in the footsteps of the United States and other major trading partners, the Canadian government has been actively
More informationIndian Perspective. J. B. Chemicals & Pharmaceuticals Ltd. Dr Milind Joshi Global Regulatory Management 28 June 07
President Dr Milind Joshi Global Regulatory Management 28 June 07 Drug Regulatory Process Indian Perspective Latin America www.jbcpl.com Copyright 2005 J. B. Chemicals Pvt. Ltd. Regulation Product regulation
More informationCompare Countries. Latin America Heat map. In Latin America. Last Updated: December 2010
Compare Countries Latin America Heat map In Latin America BUSINESS ENVIRONMENT 01 2010 GDP 02 2015 GDP 03 2010 Population 04 2015 Population 05 2010 GDP per capita 06 2015 GDP per capita 0.31 671 1436
More informationProgram Budget
Special Advisory Commission on Management Issues (SACMI) 2020-2021 Program Budget IICA/CCEAG/DT-02 (19) San Jose, Costa Rica 8 May 2019 Draft Program Budget 2020-2021 Inter-American Institute for Cooperation
More informationLatin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns
Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment
More informationSOVEREIGN ISSUES PLURINATIONAL STATE OF BOLIVIA
SOVEREIGN ISSUES PLURINATIONAL STATE OF BOLIVIA Presented by Roger Edwin Rojas Ulo Vice Minister of the Treasury and Public Credit Ministry of Economy and Public Finance Brussels, 4 April 2014 Bolivia
More informationFixed Income Investor Presentation. Fourth Quarter, 2014
Fixed Income Investor Presentation Fourth Quarter, 2014 Caution Regarding Forward-Looking Statements Our public communications often include oral or written forward looking statements. Statements of this
More informationSwiss Global Finance. Facts and Figures
Swiss Global Finance Facts and Figures Latin America Bilateral Economic Relations Switzerland s Main Trading Partners in Latin America Share of Total Goods Exports (in % of total Swiss exports to Latin
More informationInvesting for Impact 1
Investing for Impact 1 Investing for Impact Contents Overview of IFC Financial Strength Funding Program Contacts 2 2 Overview of IFC 3 5 Overview of IFC IFC: A Member of the World Bank Group The World
More informationTotal tax contribution in 2012 A report on the economic contribution made by BBVA Group to public finances
1 Index 1 Introduction 2 Distribution of BBVA Group's tax payments by geographical area 3 Tax responsibility 4 5 Tax charged in the financial statements in 2012 6 Main conclusions 2 1 Introduction Tax
More informationThe Greek Bond Market in 2007
The Greek Bond Market in 2007 15 YEAR BENCHMARK ISSUE MAY 2007 MARKET ANALYSIS +30 210 326 2070, marketanalysis@alpha.gr Financial Markets Group Planning Department Please refer to important Disclaimer
More information