SOURCING SERVICING TRADING SYNDICATION STRUCTURING Setting-up a pan- European market platform for all Microfinance professional.

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Presentation transcript:

SOURCING SERVICING TRADING SYNDICATION STRUCTURING Setting-up a pan- European market platform for all Microfinance professional investors 30 November 2010 Luxembourg

Capitalizing on current market conditions to address structural issues and pave the way for future sustainable growth  Lessons learnt from the Financial Crisis: - no asset class without any liquidity mechanism - no liquidity without any market place - no market place without any organized market infrastructure and cooperation between players  Improving market infrastructure could free-up the market without any regulatory change needed

Why and how liquidity is a structural issue evidenced by facts?  French example: Regulators and asset managers are reluctant to develop new vehicles (unless 10% AUM) because: - underlying assets are not securities thus not easily transferable - partial transfers are difficult to secure - limited number of eligible counterparts, especially if no partial transfer (multiple counterparts) - no fair and transparent price mechanism  Funds are thus: - obliged to keep a strong cash pocket - unable to optimize their asset allocation after an investment is booked

How creating a cost efficient market place ?  An open architecture for the benefit of the whole Financial Community: - turning loans (promissory Notes) into securities (bonds) through a technical securitization process - promote both new issues (primary) and monetization (secondary) through transparent syndication mechanisms open to all - provide permanent information disclosure  Leveraging existing framework: - partnership with a recognized and regulated exchange ( NYSE EURONEXT ) - using existing (thus proven and well known) legal and technical infrastructure (thus changing underlying assets risk positioning)

How it works? SOURCING SERVICING TRADING SYNDICATION STRUCTURING 4. Listing and trading of resulting securities 5. Follow up and information disclosure 3. Issuing securities (bonds) through the Securitization Vehicle and delivery against payment 1.Assessing eligible underlying assets through advisors (primary market) or potential vendors (secondary) 2. Assessing securitization options (single or multi issuers) and swap and conditional syndication among members

To acquire assets: - Any registered MIV or institutional investor - Fixed price or Floating price syndication (private placement) To provide new assets: - Any advisor - Originator agent agreement To monetize existing assets : - Any registered MIV or institutional investor - Floating price syndication offer To share investments: - Any registered MIV or institutional investor - Fixed price syndication offer To price assets: - Any registered MIV or institutional investor - Listing request Why & How to participate ?