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Commercial Microfinance investments The experience of BlueOrchard Finance 商业小额信贷投资 —— 蓝色果园基金的经验

Commercial Microfinance investments The experience of BlueOrchard Finance 商业小额信贷投资 —— 蓝色果园基金的经验 Asia Microfinance Forum Beijing, March 2006 亚洲小额信贷论坛 北京 2006 年 3 月. Microfinance 小额信贷

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Commercial Microfinance investments The experience of BlueOrchard Finance 商业小额信贷投资 —— 蓝色果园基金的经验

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  1. Commercial Microfinance investments The experience of BlueOrchard Finance 商业小额信贷投资——蓝色果园基金的经验 Asia Microfinance Forum Beijing, March 2006 亚洲小额信贷论坛 北京2006年3月

  2. Microfinance小额信贷 • No charity, but the provision of financial services (credit, savings, insurance, etc) to a specific business segment of emerging markets : the micro-enterprises • 并非施舍，而是提供金融服务（信用，储蓄，保险等）给特定用户即微型企业的新兴市场 • Powerful tool to lift people out of poverty : small business growth, job creation, positive spill-over on health, education, housing and dynamic inter-generation progress • 使人们脱离贫困的有利工具：发展小商业，创造就业机会，对健康的积极影响，教育，住房与动态的代际发展 • No contradiction between desired social impact and commercial approach: profitability is key to sustainable and growing outreach of microfinance • 在预期的社会影响与商业途径之间不存在矛盾：利润是小额信贷覆盖人口增长与可持续发展的关键

  3. International capital markets国际资本市场 • Microfinance market is huge and needs are largely unmet. The only long term source of funding able to meet global demand is the capital markets. Donor money and public subsidies will not be sufficient. • 小额信贷市场庞大且很大需求仍未得到满足。资本市场是唯一能够长期满足全球需求的资金来源。捐款资金与公共补贴则是非常有限的。 • While domestic capital markets should become the main driver of growth of local microfinance, international capital markets do play an important role (complementary offering, diversification, international awareness, image building, catalytic effect) • 国内资本市场将会成为本地小额信贷增长的主要驱动，国际资本市场扮演了重要的角色（供给补充，多样化，国际认可，形象建设，催化影响）

  4. BlueOrchard Finance –mission • 蓝色果园基金—使命 • To contribute to the development of a fairer world for all through support to the expansion of microfinance worldwide… • 致力于通过推进小额信贷的全球化，创造一个更公平的世界… • By bridging the gap between microfinance field operators and international capital markets • 架接小额信贷操作者与国际资本市场的桥梁

  5. BlueOrchard Finance – a focused approach • 蓝色果园基金—重点方针 • To strive to be a leading global private commercial asset management company specialized in Microfinance investments • 努力成为专注于小额信贷投资的全球领先的国际私人商业资产管理公司 • To create and develop financial investment products meeting the needs and requirements of both microfinance institutions and commercial investors • 创造和发展金融投资产品以满足小额信贷机构和商业投资者的需要

  6. BlueOrchard Finance – a solid and fast growing company • 蓝色果园基金—一个稳固、迅速发展的公司 • Staff of 10 finance professionals with presence in Geneva and New-York; A stable and committed shareholders’ base and board • 10名驻日内瓦与纽约的金融专家；有一个稳固且尽职的股东基础 • Total current assets under management of $300 million invested in over 23 countries in more than 60 microfinance institutions. • 目前总共有3亿美金投资在了超过23个国家的60多个小额信贷机构 • Five investment products and partnerships with leading financial institutions, a pioneering philosophy. • 五个投资产品以及与领先的金融机构合作：一种开拓性的事业 • A robust investment track-record : over 350 loans made in more than five years, without any defaults to date • 一个健康的投资信贷记录：在5年多时间内发放了超过350笔贷款，至今未出现任何差错

  7. BlueOrchard Finance – product range 蓝色果园基金—产品范围 • Different microfinance institutions’ segments with different financial needs • 不同小额信贷机构群体有不同金融需求 稳固的，管理良好的，盈利的，快速增长的 小额信贷机构 Solid, well managed, profitable, fast growing MFI 守信的，变化的，增长的 Promising, transforming, growing MFI 初创的，非政府组织的，小规模的，试验性 Start-up, NGO, small scale, niche player MFI

  8. BlueOrchard Finance – current products (I) 蓝色果园基金—现有产品（1） • Dexia Micro-Credit Fund (Co-Manager) • Dexia小额信贷基金（共同管理） • Luxembourg SICAV part 2, launched in September 1998 by Dexia-BIL • 卢森堡不定额投资基金第二期，由Dexia-BIL 于1998年9月投放市场 • Targeting leading and transforming MFI with short term debt (max. 3 years); • 针对主要的和转型中的小额信贷机构提供短期债（最长期限为三年） • 7-year track record, over 300 loans made, no default, net USD return 40% • 七年的记录，超过300笔贷款，无拖欠，净收益40% • Expected net annual return : $ Libor 6M + 2% • 预期年净收益（美元）：6.2％ • Total assets : $ 90 million, 57 MFIs, 23 countries • 总资产9000万美金，57个小额信贷机构，23个国家

  9. BlueOrchard Finance – current products (II) 蓝色果园基金—现有产品（2） • ResponsAbility Global Microfinance Fund(Main partner) • ResponsAbility全球小额信贷基金（主要合作伙伴） • Luxembourg registered FCP, 2-year track record • 卢森堡注册的共同投资基金，2年的良好信贷记录 • Short-term debt to leading and transforming MFI (BlueOrchard focus) • 向主要的和转型中的小额信贷机构提供短期债（蓝色果园基金的主营业务） • Total assets : $ 46 million; 55 MFI, 24 countries • 总资产4亿6千万美元；24个国家的55个小额信贷机构 • Fund sponsor : Crédit Suisse Bank • 资金赞助： Crédit Suisse银行 • Cumulated net $ return since inception (Nov. 2003) : 6.05% • 成立后（2003年11月）累计净收益率（美元）：6.05％

  10. BlueOrchard Finance – current products (III) 蓝色果园基金—现有产品（3） • Saint-Honoré Microfinance fund (Co-Manager) • Saint-Honore小额信贷基金（共同管理） • Luxembourg SICAV part 2, 3-month track record • 卢森堡不定额投资基金第2期，3个月的良好信贷记录 • Fund of funds approach : local – regional microfinance funds • 基金的基金：当地区域小额信贷机构基金 • Objective 1 : strengthen local / regional investment capabilities • 目标1：增强当地/区域投资能力 • Objective 2 : target indirectly the smaller MFI segment • 目标2：间接服务较小的小额信贷机构群体 • Sponsor: La compagnie Financière Edmond de Rothschild Banque – Franc • 捐助者：法国La compagnie Financière Edmond de Rothschild Banque金融公司 • Expected AUM 2006 : EUR 20 million • 2006年预期旗下管理资产 ：2000万欧元 • Expected net annual return : monetary rates • 预期年净收益：货币利率

  11. BlueOrchard Finance – current products (IV) 蓝色果园基金—现有产品（4） • BlueOrchard Microfinance Securities I, LLC (Manager) • 蓝色果园小额信贷证券I，LLC（经纪人） • Delaware (USA) Special Purpose Vehicle, July 04 and May 05 • 美国特拉华州交通专项特别证券，04年7月和05年5月 • Targeting the best MFI worldwide with 7-year debt at fixed rate • 针对全球最佳的小额信贷机构的七年期固定利率贷款 • First securitization of portfolio of international loans to MFI • 第一种针对国际小额信贷机构借款的证券投资组合 • Total assets: $ 87 million, 14 MFI, 7 countries • 总资产8700万美元,14个IMF,7个国家 • In collaboration with DWM, OPIC and JPMorgan Securities • 与DWM,OPIC,JPMorgan三个券商的合作

  12. BlueOrchard Finance – current products (V) 蓝色果园基金—现有产品（5） • BlueOrchard Microfinance loans for development – BOLD (Manager) • 蓝色果园小额信贷发展贷款—BOLD（经纪人） • Luxembourg SPV, March 2006 • 2006年3月在卢森堡进行了资产证券化 • Targeting the best MFI worldwide with 5-year debt at fixed rate • 针对全球最好的小额信贷机构的5年期固定利率贷款 • 30% of portfolio extended in local currency, fully hedged for investor • 30％的投资组合面向当地货币，投资者完全对冲 • Total assets: $ 106 million, 22 MFI, 13 countries • 总资产1亿600万美元,22个MFI,13个国家 • Access to mainstream institutional investors • 面向主流和机构投资者 • In collaboration with Morgan Stanley • 与摩根斯坦利合作

  13. Microfinance – theinvestors’ perspective、 小额信贷—投资者的视角 • Very strong credit quality of selected microfinance institutions • 所选小额信贷机构强有力的信誉品质 • Outstanding loan portfolio quality, strong balance sheet metrics • 出色贷款组合质量，资产负债表的稳固平衡 • Some insulation of microfinance industry from macroeconomic shocks • 小额信贷产业与宏观经济波动的隔离 • Examples of resilience of microfinance in situation of severe financial crisis • 举例说明小额信贷在严重金融危机之下的的恢复力 • Fast growing emerging market segment • 迅速增长的新兴市场 • Average annual growth rate of BlueOrchard MFI pool over last 3 years : 40%过去三年蓝色果园小额信贷市场的平均增长率为40% • De-correlation of microfinance with other asset classes • 小额信贷与其它资产类型的非相关性 • Excellent opportunity for portfolio diversification • 投资组合多样化的良好机会 • Double bottom line returns : social and financial • 双重目标：社会与经济 • Very appealing product for “socially responsible investors” • 对具有社会责任感的投资者而言是非常有吸引力的产品

  14. BlueOrchard Finance – future developments • 蓝色果园基金——未来的发展 • Investment funds: local currency debt offering will be top priority • 投资资金：提供本地货币债务会成为重中之重 • Greater access to many countries worldwide • 进入全世界更多国家 • Deeper market penetration possible (smaller institutions) • 更深入地突破可能的市场（更小的机构） • Better service to Microfinance institutions • 对小额信贷机构更好的服务 • Higher competitiveness of international funding in front of domestic offer • 国内供给外更高的国际融资竞争 • Structured finance products: we will seek to improve our CLOs • 结构化的金融产品：我们将改进我们的信贷资产证券化 • Include more MFI and countries, increase AUM and diversification • 包含更多的小额信贷机构和国家，增加旗下管理资产和多样性 • Get at least senior piece rated by a mainstream rating agency • 至少获得一个主流评级机构地高级别评级 • Expand local currency offering • 扩大本地资本供应

  15. BlueOrchard Finance – China • 蓝色果园基金－中国 • Microfinance would seem like a great tool to use within China, especially when it comes to strengthening rural economic development • 当小额信贷能够促进农村经济的发展时，它在中国会成为一个有力的工具 • BlueOrchard would be very interested in supporting microfinance initiatives in China through our existing products or a new venture • 蓝色果园非常愿意通过我们现有的和新的产品支持中国的小额信贷事业

  16. Questions（问题） : Jean-Philippe de Schrevel BlueOrchard Finance SA Phone : + 41 22 339 0892 Jean-philippe@blueorchard.ch www.blueorchard.ch

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