1. Status!of!Funding!for!African!Mortgage!Markets! 2. KfW s!approach!to!harness!local!capital!markets:!the!
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1 African Local Currency Bond Fund (ALCB Fund) Durban,! 26 October 2015 an Initiative by KfW and BMZ AGENDA 1. Status!of!Funding!for!African!Mortgage!Markets! 2. KfW s!approach!to!harness!local!capital!markets:!the! African!Local!Currency!Bond!Fund!(ALCB!Fund)! 3. Your!Next!Steps!to!Approach!KfW s!alcb!fund! 2!
2 Mortgage.Lending.extremely.limited 90! 80! 70! 60! 50! 40! 30! 20! 10! 0! Mortgage!to!GDP!RaUo! Financial!Sector!related!reasons:! Lack!of!longVterm!local!currency!funding!for!banks! Risk!of!currency!and!maturity!mismatch!on!banks!balance!sheets! 3! But.Local.Funding.poten=ally.available Local!InsUtuUonal!Investors!(Pension!Funds!etc.):!! So!far!invest!mainly!in!commercial!real!estate!and!government!bonds!! But:!! Interest!in!new!asset!classes,!to!meet!diversificaUon!targets! However,!slow!to!embrace!new!assets,!but!change!starUng! Example:!!!! Africa!50!etc.! 4!
3 The.Solu=on:.Issue.Local.Currency.Bonds Anchor'Investor' African!Local!Currency! Bond!Fund!(KfW)! Other'Investors' Pension!Funds,!Mutual! Funds,!Insurance!Cos.,!etc.! LC!Bond! Issuer' Mortgage!Bank! Mortgagor' House!Buyer!I! Mortgagor' House!Buyer!II! Mortgagor' House!Buyer!III! The.ALCB.Fund:.The.Anchor.to.your.Issue Terms'of'investment'! Market!pricing!reflecUng!Fund s! return!and!diversificauon!targets!! Fund:!set!up!in!2012!in! MauriUus,!iniUal!size!USD!50!mn.!! Sponsor:!KfW!and!BMZ!! Products:!listed!bonds,!private! placements,!club!deals!! Target'investment'size:'typically! USD!2V5!million!! senior!debt,!subordinated!debt! may!be!considered!!! Investment!always!alongside! other!local!investors!!! not!more!than!30%!of!an!issue,! or!sell!down!strategy!or!part!of! MTN! 6!
4 Your.are.not.alone:.ALCB.Fund.Technical.Assistance. Facility! USD!2!million!TA!Facility!for!advisers!to!ensure!bankable! deals!come!to!market!!! DealVspecific!support!to!issuers!for!legal!advice,!credit! raungs,!road!shows!and!other!costs,!based!on!cost!share!! Support!to!issuers!to!improve!management!capacity,! reporung!and!governance!! Standardised!procurement!process,!low!administraUve! complexity!! The.suprana=onal.issuer:.. Shelter.Afrique KES210MN (USD2.4MN) INVESTMENT IN SHELTER AFRIQUE BOND ISSUE KEY TERMS Issuer Shelter Afrique (Kenya) FIT FOR ALCB FUND CRITERIA " Location: Kenya " Use of proceeds: Housing projects targeted at mid-low income Instrume nt Tenor and structure KES40bn floating rate bond issue Listed on Nairobi Stock Exchange 5 year tenor (due Sept 2018) Principal amortises semi-annually from month 30 " Instrument: Local currency bond issue " Asset/liability matching: Currency and tenor match Shelter s projects " Market development: Shelter Afrique is key non-government issuer; its bond issues are broadly distributed, and relatively liquid in secondary markets " Credit quality: Good
5 The.regional.issuer:.. CRRHLUEMOA CFA1.5BN (USD3.1MN) INVESTMENT IN CRRH BOND ISSUE KEY TERMS FIT FOR ALCB FUND CRITERIA Issuer Instrume nt Tenor and structure Caisse Regionale de Refinancement Hypothecaire de l UEMOA (HQ in Togo) CFA20bn fixed rate bond issue (6% coupon), Listed on West African Stock Exchange 10 year tenor (due Oct 2023) Principal amortises semi-annually from month 6 " Location: West African Monetary Union region " Use of proceeds: Refinancing of mortgage loans extended by 7 of CRRH s shareholder banks " Instrument: Local currency bond issue " Asset/liability matching: Currency and tenor match profile of mortgage portfolios being refinanced " Market development: CRRH is an innovative issuer set up to facilitate capital markets access for its shareholder banks " Credit quality: Good The.local.issuer:. HFC.Bank,.Ghana GHS5MN (USD2.2MN) INVESTMENT IN HFC BANK BOND ISSUE KEY TERMS Issuer Instrume nt HFC Bank Ghana GHS80mn floating rate bond issue Unlisted FIT FOR ALCB FUND CRITERIA " Location: Ghana " Use of proceeds: Funding asset expansion of the Bank (mainly SME loans and mortgages) " Instrument: Local currency privately placed bond issue " Asset/liability matching: Currency and tenor match customer loans Tenor and structure 3 year tenor (due Dec 2016) Principal amortises in three equal annual instalments " Market development: HFC is a regular issuer in USD, but has rarely issued in GHS where non- sovereign bond issues are rare given high interest rates. The issue may encourage other issuers to access the market " Credit quality: Good
6 Beyond.Housing:.ALCB.Fund.target. transac=ons Geography'! African!countries!with!the! excepuon!of!south!africa!! With!enabling!environment!for! local!currency!bonds! Issuers'! Targeted!at!nonVsovereign!first! Ume!or!innovaUve!issuers!! Proceeds!to!be!used!in!housing,!RE,! MSME,!Agri!and!other!sectors! Beneficiaries'! MSMEs!and!lower!income! households!! Fund!works!with!issuers,!investors! and!intermediaries! 11! Your.next.steps.to.approach.the.ALCB.Fund 1. Evaluate!your!appeUte!and!market!for!mortgage!lending! 2. Check!market!condiUons!for!local!currency!bond!issues! 3. Review!need!for!Technical!Assistance! 4. Approach!ALCB!Fund!Fund!Manager!Lion s!head!for!ta!and! 12!
7 Summary:.winLwin.for.all.stakeholders Macro:!increase!housing!stock,!deepen!capital!markets! Banks:!new!clients,!risk!reducUon,!TA!support! Investors:!new!asset!classes,!beeer!diversificaUon! ALCB!Fund:!your!partner!to!house!Africa! 13!
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